07:31 AM EST, 12/24/2024 (MT Newswires) -- BAIYU Holdings (BYU) said Tuesday it signed an agreement with Adler International to establish a renewable energy free-trade zone and logistics park in Egypt.

The agreement includes the creation of a 666.67 hectares, or 1,640 acres, renewable energy industrial free-trade zone in Cairo and a 200 hectares bonded warehouse and logistics park in the Port of Alexandria or other nearby dock areas in Egypt.

BAIYU said the Egyptian government has designated the new energy industrial and logistics parks as bonded free-trade zones and will offer incentives for local recruitment and training.

The company said it will also provide supply chain procurement services for new energy vehicle manufacturing in Egypt. The vehicles manufactured in the facility can be exported to Egypt and other markets in Africa, Europe, the Middle East, and the Mediterranean. In addition, BAIYU plans to enter the charging pile and lithium battery industries in Egypt, overseeing production, manufacturing, and sales under its brand.