ElSewedy Industrial Development Company, a subsidiary of Elsewedy Electric, and Futur Vert Egypt, a subsidiary of the Emirati company Sharqia Holding Limited, have signed a contract to allocate an industrial plot of land for a project to produce an agricultural nutrients complex with international specifications compatible with the environment.
The project will be located in the integrated Sokhna region of the Suez Canal Economic Zone (SCZONE) and will span over 127,000 sqm. The expected investments for the first and second phases are $50m.
Mohamed AlKammah, the CEO of ElSewedy Industrial Development Company, said that the project aims to localize and export industries, as well as enhance environmental sustainability. He said that the project will use green and environmentally friendly solutions, reduce negative emissions by 90%, and recycle industrial waste. He added that the project will create 500 new job opportunities and produce about 300,000 tonnes of agricultural nutrients in the first phase.
AlKammah also stated that the company has recently commissioned a pivot irrigation factory, which is the first project of its kind in Egypt, and is working on a large number of projects in the region. He said that the company is following the directives of President Abdel Fattah Al-Sisi to encourage development endeavors and entrepreneurship among Egyptians.
Additionally, ElSewedy Industrial Development Company has contracted with China Jushi Company, a giant company in the production of fiberglass, to establish an extension to the current factory within the Sokhna economic zone. The cooperation aims to establish an industrial complex on an area of 60,000 sqm, as an extension of the current factory for Jushi’s sustainable, environmentally friendly products and a logistics center for export to global markets.
Ma Xinyao, the General Manager of Jushi, said that the company is investing up to $8m to establish another project as an extension of the Jushi factory in Sokhna. He expressed his aspiration for more cooperation to invest in Egypt, given the success and achievements of the company there. He said that the company has made Egypt the fourth largest market for supplying fiberglass in the world, according to the production capacity of Jushi Egypt Company operating within the Sokhna Integrated Zone affiliated with the SCZONE.
He added that the current project consists of four production lines, with an investment cost of $920m, and a production capacity of 350,000 tonnes annually, providing about 2000 job opportunities.