Egypt announced on Wednesday that it is evaluating a proposal from an Italian company to establish a comprehensive industrial complex for advanced iron and steel products, with investments amounting to $4 billion.
The Egyptian government revealed in a statement that the initiative aims to attract investors to build a green hydrogen production facility, estimated to cost between $2 to $3 billion.
The statement clarified that the proposed integrated industrial complex for clean iron and steel manufacturing is intended to localize the advanced iron industry by leveraging international expertise and exporting its products to global markets, particularly Europe.
“The proposal submitted by the Italian company Danieli includes the establishment of several specialized factories for producing sponge iron, seamless steel pipes, and steel flats,” the government added.
The Italian firm has committed to setting up an international training center in the Arab Republic to train engineers and technicians from around the world for any global projects undertaken by the company.
Furthermore, the company pledged to develop Egyptian ore mines to increase the local content of steel products.
The Egyptian statement also noted that the project is expected to create 17,000 direct and indirect job opportunities.
According to the statement, Egyptian Prime Minister Mostafa Madbouly has directed the preparation of a final concept for the project proposal, highlighting the government’s keen interest in advancing the nation’s industrial sector and expanding its export capabilities.
Madbouli recently witnessed the signing of a $150 billion investment agreement with the UAE, marking the largest investment of its kind in Egypt’s history.
The deal was formalized by Egypt’s Housing Minister, Assem El-Gazzar, and the UAE’s Investment Minister, Mohamed Al Suwaidi, in Egypt’s New Administrative Capital.
The collaboration between the Arab Republic and the Gulf country aims to develop a new, state-of-the-art urban, commercial, and tourism hub named Ras Al-Hekma on Egypt’s North Coast, just west of Alexandria.
