Chairman of the Suez Canal Economic Zone (SCZone), Walid Gamal El-Din and Atef Sherikji chairman of Turkey’s Şirikçioğlu Grubu Textile company during the signing ceremony of the deal. Photo courtesy of Egyptian cabinet.
The factory will span 16,700 square meters and is expected to produce 18 million pieces of fabric annually. According to an SCZone statement on Monday, half of the output will be exported, while the rest will be supplied to factories inside Egypt.
The project, the 25th to be established in Qantara West, is expected to create 500 direct jobs, bringing the total investment in the area to $681.5 million.
Şirikçioğlu, founded in 1997, is a prominent Turkish denim yarns and fabrics producer and supplies several global brands.
SCZone head Walid Gamal El-Din said the zone is working to attract more investment in targeted manufacturing sectors and improve connectivity between industrial areas and ports on the Red Sea and the Mediterranean.
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