JADE Textile ready to expand investments in Egypt to $220 million: GM

Ahram Online , Tuesday 6 Dec 2022

General Manager of JADE Textile Egypt Selim Sankaya said that the company is ready to increase its investments in the Egyptian weaving sector to $70 million and to up its total investments in the weaving and textiles industry to $220 million.

GAFI CEO Mohamed Abdel-Wahab in his meeting with the General Manager of JADE Textile Egypt Selim Sankaya on Tuesday. Photo : Egyptian Cabinet.

Sankaya's announcement came during a meeting with Mohamed Abdel-Wahab, the CEO of the General Authority for Investment and Free Zones (GAFI), to discuss means of expanding the company's investments in Egypt.

Sankaya noted that JADE Textile operates five factories for ready-to-wear clothes in the Egyptian market with investments of up to $150 million.

The factories have already established partnerships with international brands.

During the meeting, Abdel-Wahab noted that GAFI is keen on extending all types of support to new investments in the textiles and ready-to-wear clothes sectors as they provide a large number of job opportunities.  

He noted that JADE Textile would be able to create 12,000 job opportunities in the country in addition to indirect jobs in its expansion.

He also noted that the company has been able to export all its products at $180 million annually through these partnerships.

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