Egypt announces €1 billion tire factory to be built in the Suez Canal Economic Zone

Cairo, Egypt – Egypt’s Main Development Company for the Suez Canal Economic Zone (SCZONE) signed a contract with Rolling Plus for chemical industries to build a tire manufacturing plant for passenger cars and light and heavy vehicles with €1 billion ($1.07 billion) investments in Ain Sokhna, read an official statement on Wednesday.

The factory is expected to produce seven million tyres annually and create 1,000 direct and indirect jobs.

The factory is scheduled to be implemented in three phases. The first phase will witness the building of production lines for automotive tyres, with an annual capacity of 2.5 million units, 50 percent of which will be supplied to the local market.

The second phase will see the additional manufacturing of light vehicle tires, producing 3.5 million tires per year, of which 40 percent will be sold in the local market.

By the third phase, the annual production will rise to seven million tires, and a production line will be added for manufacturing heavy vehicle tires