Egyptian Prime Minister Mostafa Madbouly on Friday witnessed a billion dollar project signing ceremony in the Chinese capital Beijing, on the sidelines of the China-Africa Cooperation Forum.
The Egyptian Prime Minister’s office in a statement explained that the Suez Canal economic zone in Egypt has signed contracts worth US$1.067 billion for a package of projects to manufacture chemicals, food products and renewable energy components during the China-Africa Cooperation Forum.
A contract was signed with the “Shandong Tianyi Chemical” company in the economic zone of the Suez Canal, which aims to establish a global industrial complex to extract the bromine material by relying on the use of sea water desalination products.
The head of the SCZone Walid Jamal Eddin explained that this project is the first of its kind in the Middle East and Africa, and that it comes under President Abdel Fattah al-Sisi’s orders to localize the bromine industry.
The project is built on an area of 120,000 square meters, with a total investment of US$110 million, he said.
The agreement includes a high salt-water supply contract for production, as signed by the President of Shandong Tianyi Chemical company, Maon Lee.
It also includes the signing of a contract for a use of a land area of 80,000 square meters, to establish a bromine crude production plant next to the seawater desalination plant.
And it includes the signing of a contract for use of land between the company Shandong Tianyi and the industrial developer “Teda – Egypt” to establish a bromine products factory inside the developer area on an area of 40,000 square meters.
