Sokhna: Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), Walid Gamal El-Din, observed the foundation stone ceremony for the “FBB Tech” project, a collaboration between Chinese electronics company FBB Holding and Hisense, at the industrial zone in Sokhna. The project involves a $38 million investment, covering 110,000 square meters, with plans to produce one million units annually and create 337 jobs. This event was attended by Mr. Tsao Hui, Managing Director of Teda Egypt, Mr. Osama Faris, Chairman of FBB, and several executive leaders from the authority.

According to State Information Service Egypt, Mr. Walid Gamal El-Din emphasized the strategic location of the Sokhna industrial area, which is equipped with integrated infrastructure and provides access to various markets via the ports of the economic zone. He highlighted the ongoing construction of 120 factories within the Suez Canal Economic Zone, showcasing investor confidence in the region’s economic potential.

Mr. Walid Gam
al El-Din also noted that the “FBB Tech” project aligns with Egypt’s goals for sustainable development and investment in key sectors such as electronics. The project aims to produce one million units annually, with 30% of sales for the local market and 70% for export to Europe, North, and East Africa. This collaboration with Chinese investments aims to expand production capacities and enhance the export base globally. The project symbolizes a partnership between the economic zone, Emirati investments, and Chinese expertise.

Mr. Tsao Hui remarked that the project signifies a new phase in economic cooperation between China and Egypt. He stated that with support from both governments and corporate trust, Teda Egypt has established an industrial cluster of 180 companies with investments over $3 billion, involved in various industries such as modern building materials, textiles, and solar energy.

Representing FBB, Mr. Wael Amer expressed his satisfaction with the new industrial development, thanking supporters o
f the project, and underscored the significance of the partnership between Arab investments and Hisense technology. Hisense, established in 1969, is recognized as one of the top 10 global companies in television and screen production.

FBB Holding, a global trading company founded in 2019 and headquartered in Dubai, UAE, has a successful track record with a diverse portfolio across sectors in Belgium, Germany, Libya, Egypt, Cyprus, Jordan, Bahrain, and the UAE.