Arab Finance: Al -Arjani Group accounted for 50% of Rolling Plus Chemical Industries with the aim of reviving a car tires factory project with investments of one billion euros in the economic zone of the Suez Canal in partnership with Conakrit Plus, which previously owned 70% of Rolling Plus, according to the East economy.
Rolling Plus signed the joint project between Concurs Plus and a number of Gulf shareholders, a contract in September 2023 to establish a tire factory of one billion euros in the industrial zone in Ain Sukhna to produce about 7 million frameworks, but the implementation of the project has not made any progress since then, which prompted the company to conclude an agreement with Al -Arjani Group earlier this year to contribute half of the company's capital.
The project is expected to launch its operations in three stages, the first begins with an investment ranging between 400-450 million euros, during which the factory produces 3 million frameworks annually, while the factory is expected to expand production by the second stage, to reach the production capacity of the factory during the third stage to 7 million frameworks annually, including heavy tires and bus tires.
Half of the factory production is scheduled for export purposes, Al -Arjani Group plans to invest one billion dollars in the automotive and tourism sectors during the next five years, with these investments distributed equally between the two sectors.
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