Usufruct Rights of Suez Canal-Owned Land Transferred to Chinese Firm

Usufruct rights for Suez Canal-owned land, estimated at a 270,000 square metre area within the Tida Industrial Zone, have been transferred to the Chinese renovation and construction company Shin Xing. The signing aims to establish a ductile iron pipes project, involving investments of USD 146 million, a production capacity of 250,000 tons annually, and an annual production value of about USD 1.2 billion.

The land will be utilised in heavy, medium, and light industries and logistic services, including business activities, research and development, equipment, and auxiliary services production. It will also be used to establish industrial activities, including the production and sale of centrifugally cast ductile iron pipes and fittings, production of new composite pipe fittings and pipe support fittings, related casting products and machinery, mechanical equipment, oxygen production and its by-products, argon and nitrogen.

On top of that, the land will be used for technology development, as well as the import and land transportation of raw materials and related intermediates.