The Arab Organization for Industrialization has started two new giant national projects, one of which is to manufacture nearly 10 million vehicle tires of various types annually. The second is to produce “stainless steel” in large quantities, said Lieutenant-General Abdel Moneim Al-Terras, Chairman of the Authority’s Board of Directors, and in statements during his participation in the activities of the Islamic Development Bank Group meeting held in Sharm El-Sheikh.

The Arab Organization for Industrialization has begun establishing the first factory to produce stainless steel in the Middle East, implemented within the Suez Canal Economic Zone in Ain Sukhna; this product will be used for multiple industrial purposes.

The head of the authority said that an “English expert office” had been hired that worked on completing the market feasibility studies for the project.

Several negotiations were conducted with companies and international entities to complete and implement the project.

In the first phase of the project, the authority aims to produce cold-rolled stainless steel plates with up to 150,000 tonnes production capacity annually.

According to the “Terrace Team”, work on the second phase of the project for hot-rolling stainless steel has been scheduled.