Egypt's largest carpet-maker, Oriental Weavers has announced it plans to invest [AGK1] over $1.1 billion ($164 million) over five years.

The company said in a release published on Egypt's stock market website that it will finalise a 2008-drafted plan to build two carpet factories in the industrial city of 10th of Ramadan with total investments accumulating to LE695 ($97.8 million).

The release said the investments are in response to "increasing demand in the international market and the expected recovery of the local market."

Oriental Weavers will also construct a filaments factory worth LE470 million ($66 million).

The company will self-finance 50 percent of the expansions, while it will seek medium term bank loans to complete the remaining necessary fundraising.

Oriental Weavers opened its King Tut factory for filaments Monday morning with LE450 investments, finalising the first phase of a plan to build an industrial complex.

The carpet-maker announced in November a plan to invest LE100 million ($14 million) in 2015 to purchase new looms.

Oriental Weavers' third-quarter net profit nudged down to LE71.19 million ($10 million) from LE72.26 million a year earlier. However, sales grew to LE1.5 billion in the quarter from LE1.28 billion over the same period.