Cady Textiles officials lay foundation stone for a fabric factory in Egypt. Cabinet.
The new factory is expected to produce 50,000 tons of textiles and 8 million pieces of clothing annually.
The project's first phase begins construction immediately and will be completed in 2024.
Cady plans to invest $60 million in Egypt and hopes to generate $150 million in annual sales.
Egypt Cady Textile Company was established in December 2020 by Chinese investors. The company specializes in the manufacture and dyeing of all types of fabrics, home textiles, clothing and elastics.
Founded in 2008 by China's Tianjin TEDA Investment Holding Co., the TEDA Cooperation Zone is located in Ain Sokhna, Suez Governorate, over 120 kilometres from Cairo.
Since its inception, TEDA-Egypt has attracted investments worth $1.6 billion from some 140 companies.
During the fiscal year 2021/2022, Chinese investments in Egypt totalled $563.4 million, a 16.1 percent increase from the previous year's $485.2 million.