In a strategic move to boost its industrial sector, Egypt has announced ambitious initiatives, including the establishment of a specialized tire manufacturing city in Ain Sokhna and a concerted push towards green hydrogen production. The Arab Organization for Industrialization plans to partner with a leading Chinese tire manufacturer to develop this comprehensive tire manufacturing hub, featuring multiple factories. This city will encompass three tire plants, a factory for tire production equipment, a steel wire factory, a white carbon factory, and a rubber and tire technology R&D center, with the first phase of the project expected to begin within a year.
The Ministerial Group for Industrial Development, led by Deputy Prime Minister and Minister of Industry and Transport Kamel Al-Wazir, announced these significant developments. They are also planning to modernize the Nasr Tire Factory in Alexandria through European collaboration, with the goal of starting production in the next two years. Complementing these efforts, additional projects include a car tire factory in Al-Amreya in partnership with a Chinese firm, a solar panel glass manufacturing collaboration with an Emirati company, and battery production for minibuses by El Nasr Automotive. These initiatives represent a broad, strategic effort to enhance Egypt’s industrial capacities through international cooperation.
Moreover, Minister Al-Wazir has directed the Maritime and Land Transport Holding Company to coordinate with El Nasr Automotive to provide luxury buses for high-speed train stations in new cities. The group also explored ways to promote green hydrogen production, addressing key challenges such as land allocation for renewable energy sources and electricity supply. These green initiatives reflect Egypt’s commitment to leading in sustainable energy and reducing its carbon footprint in line with global trends.
Egyptian banks are playing a pivotal role in this industrial push by supporting loan applications totaling EGP 7.776 billion under a 15% financing initiative. Al-Wazir also announced an upcoming Central Bank initiative aimed at establishing a fund to support producers across various sectors, particularly within the industrial field. These financial measures demonstrate a robust commitment to fostering industrial growth and ensuring that strategic projects receive the necessary backing.
Through these comprehensive efforts, Egypt aims to accelerate its industrial development by forming strategic international partnerships, modernizing existing facilities, and prioritizing green energy initiatives. This multi-faceted approach is expected to not only enhance the country’s industrial capabilities but also contribute to its economic growth and sustainability targets, positioning Egypt as a key player in the global industrial landscape.
