Egypt and China plan $2 billion aluminum plant in Suez Canal Economic Zone
via Egypt Today2 min read
Egyptian Prime Minister Mostafa Madbouly met with Chi Hongsong, Chairman of the Chinese Henan Zhongfu Industrial Co Ltd, to discuss plans for a $2 billion aluminum plant in East Port Said, within the Suez Canal Economic Zone. The project is expected to create approximately 3,000 direct jobs and generate significant economic returns through sales and exports, aligning with the government's efforts to boost employment, especially for residents of Sinai and Suez Canal cities. Deputy Prime Minister for Economic Affairs Hussein Eissa and Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone, also attended the meeting. Madbouly reaffirmed the government's commitment to supporting the project, emphasizing the industrial sector's strategic importance. Eissa highlighted the project's role in supplying aluminum products to various industries and suggested potential cooperation with Egypt Aluminum Company. Gamal El-Din noted that the plant, spanning up to one million square meters, would be the first of its kind in East Port Said, strengthening the zone's position as a global industrial and logistics hub. He added that it would localize high-value aluminum industries, meet domestic demand, and enhance Egypt's competitiveness in regional and global markets, including Africa, the Middle East, and Europe. Chi Hongsong expressed appreciation for the cooperation, praising Egypt's investment climate and the strong relations between the two countries. He detail
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UN General Assembly President Annalena Baerbock and Egyptian Minister of Planning and Economic Development Ahmed Rostom engaged in a football-inspired discussion during high-level UN Development Programme meetings. Baerbock used a World Cup analogy to encourage support for sustainable development, emphasizing perseverance and the importance of fair application of global rules. She noted that many matches are won in the final minutes, relating this to achieving the 2030 development goals. Rostom responded by extending the metaphor, highlighting the need for fair competition and adherence to rules, subtly referencing Egypt's recent controversial World Cup exit. Egypt had lost a match to Argentina after holding a 2-0 lead until the 78th minute, conceding three goals under disputed officiating. Rostom's comments about "fair competition" and stopping "at the 79th minute" alluded to the officiating that cost Egypt the match, including a disallowed goal and an uncalled foul. He concluded by linking these sporting grievances to global policy, advocating for collaborative, unbiased systems to prevent any nation from being structurally disadvantaged in development.
Must ReadEgypt has condemned repeated Iranian attacks targeting Kuwait, Bahrain, Oman, and Jordan, stating that these actions violate state sovereignty. In a statement, the Egyptian Foreign Ministry described the hostile actions against the four Arab nations and their regional infrastructure as an unacceptable threat to Arab national security and territorial integrity. Cairo warned that such maneuvers are a dangerous escalation that could widen the conflict and fuel instability in the Middle East. Egypt reaffirmed its rejection of hostile practices that jeopardize the safety of neighboring populations or critical state assets, emphasizing its solidarity with the impacted nations and pledging full support for their domestic stability. Egypt called for an immediate cessation of all hostile operations, urging regional actors to respect international law, uphold good neighborliness, and prevent further military escalation.
Prime Minister Mostafa Madbouly chaired a meeting to monitor the progress of Egypt's state asset divestment program, part of the second edition of the State Ownership Policy document for 2026-2030. The program aims to increase private sector participation, maximize returns on state assets, improve management, attract investments, and strengthen business confidence. The Prime Minister noted that 20 of the 30 companies announced under the government's initial public offering program have secured temporary listings on the Egyptian Exchange, with procedures underway for four more. These include 10 companies from the petroleum sector and 10 from the public business sector. Temporary listing is the first step, followed by valuation studies, registration with the Financial Regulatory Authority, and final listing and trading. The government plans to begin registration of the first temporarily listed companies with the regulator before year-end. The Deputy Prime Minister for Economic Affairs discussed the institutional framework for implementing the State Ownership Policy, while the Investment Minister reviewed preparations for offering a stake in Misr Life Insurance.