Xinfeng Group officially launched construction of its US$1.65 billion equipment and steel manufacturing center in the Suez Canal Economic Zone, Egypt. A groundbreaking ceremony was held on April 28.

The 3.75 million square meter facility will include nine modern factories, a solid waste treatment workshop, and an R&D and training center, creating over 8,000 direct and 60,000 indirect jobs. The construction is planned to be completed in two phases in five years.

Focusing on appliance, automotive, and construction machinery parts, the project is in line with Egypt's Vision 2030 for local manufacturing upgrading, export earnings expansion, and employment increase.