Kemet and Al Qalaa Red Flag will spend $3.5 billion in Ain Sokhna in the Suez Canal Economic Zone, according to a statement

The Egyptian Kemet Industries Group and the Emirati-Chinese Al Qalaa Red Flag group agreed to work together on three industrial projects in the Ain Sokhna Industrial Zone of the Suez Canal Economic Zone, according to a statement from SCZONE Thursday.

The three planned projects under this cooperation are likely to cost a total of about $3.5 billion in investments, the statement said.