Emad el-Din Moustafa, Chairman of the Chemical Industries Holding Company (CIHC) revealed that the company intends to start the executive steps to inaugurate two tire factories in Egypt with investments amounting to about $900 million next June.
In a statement on Sunday, he indicated that the company is looking forward in the coming days to begin drafting the technical studies necessary to inaugurate the first tire plant in Al Amreya industrial zone on an area of 150,000 square meters.
Sokhna Tire plant
Meantime, studies to set up a second factory in Ain Sokhna have been completed. The Sokhna plant will be established on an area of 450,000 sqm in alliance with the Arab Organization for Industrialization (AOI).
Moustafa added that the company aims to conduct offerings to accelerate the implementation of the tire manufacturing project in late June, stressing that the two projects are an essential pillar to deepen the auto industry within the local market during the coming period.
It is worth mentioning that the CIHC owns 17 subsidiaries in several sectors, including fertilizers, basic chemicals, paper, cardboard, tobacco, cigarettes, silicon magnesium alloy, salt, agricultural equipment, as well as tractors and plows.
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