During a ceremony at the China-Africa Cooperation Forum in Beijing, witnessed by Egyptian Prime Minister Mostafa Madbouly, Egypt's Suez Canal Economic Zone (SCZone) signed contracts valued at $1.067 billion.
These agreements aim to establish a series of projects focused on chemical manufacturing, food products, and renewable energy components.
The contracts were signed with Shandong Tianyi Chemicals, a key player in the industry, for the development of a global industrial complex dedicated to bromine extraction using by-products from seawater desalination.
This initiative, highlighted by Walid Gamal El-Din, marks the first of its kind in the Middle East and Africa.
The project, endorsed by President Abdel Fattah el-Sisi to localize bromine production, covers an area of 120,000 square meters and represents a total investment of $110 million.
The framework agreement also includes a contract for the supply of highly saline water necessary for production, signed by Maoan Lee, Chairman of Shandong Tianyi Chemicals.
Additionally, the agreement secures an 80,000 square meter land lease near a seawater desalination plant for constructing a raw bromine production facility.
This land use agreement was signed by Walid Gamal El-Din and Maoan Lee.
Moreover, the comprehensive deal includes another land use agreement between Shandong Tianyi Chemicals and the industrial developer TEDA Egypt to establish a bromine products factory within the developer's designated area covering 40,000 square meters.
This contract was signed by Maoan Lee and Li DaiXin, Chairman of both TEDA Egypt and TEDA China Africa.
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