Egypt’s government is reportedly planning to build a tyre factory that would be the biggest in the Middle East.
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State news agency MENA cited remarks from a state industry executive over the weekend.
“Domestic tyre exports face big problems due to the entrance of Chinese producers in African markets, particularly the COMESA nations, at very low prices,” the agency quoted Taher Salama, head of the state-owned Transport and Engineering Company as saying.
COMESA is the Common Market for Eastern and Southern Africa.
The report said that the new facility would be able to produce 1.5 million tyres annually.
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By GlobalDataThe report also said that the plant will take two years to build and will be located west of the port city of Alexandria.
Egyptian, Arab and foreign investors will take part in the factory’s financing, the report said without naming specific investors.
