SCZONE lays foundation stone for Cady's textile factory in Egypt

31 Aug '23

2 min read

Pic: The Suez Canal Economic Zone (SCZONE)

Insights

The General Authority of the SCZONE has announced the laying of the foundation stone for Cady's textile factory in the Sokhna Integrated Industrial Zone in Egypt.
The facility aims to become a leader in producing high-end, eco-friendly fabrics and seamlessly manufactured garments.
It will be the largest establishment under TEDA-Egypt, an industrial developer.

The General Authority of the Suez Canal Economic Zone (SCZONE) has formally declared the laying of the foundation stone for Cady’s state-of-the-art textile factory. Situated in the Sokhna Integrated Industrial Zone in Egypt, the facility will focus on creating high-end, environmentally friendly fabrics and intelligent manufacturing of seamless garments.

Spanning 145,500 square metres, the factory is set to be the largest within the remit of TEDA-Egypt, an industrial developer. This project signifies a crucial step in the burgeoning economic collaboration between SCZONE and Chinese investments. TEDA-Egypt hosts over 130 industrial and service facilities with a total investment of $1.6 billion, according to a press release by SCZONE.

The factory will be erected in three phases. The first phase will commence in 2023 and is slated for completion by the end of 2024. Post-construction, the factory is expected to produce roughly 50,000 tonnes of green fabrics and textiles annually, along with 8 million pieces of seamless clothing. The company’s planned investment in Egypt is set at $60 million, and it anticipates an estimated annual sales volume of $150 million.

“We are proud of the diversity of the projects being held within SCZONE, especially the fruitful partnership with Chinese investments, which is expected to witness more cooperation in the coming months. We are keen on supporting the textile sector, for which SCZONE provides the infrastructure, legislative frameworks, and trade agreements that allow access to neighbouring markets,” said Waleid Gamal El-Dien, chairman of SCZONE.

“I’m happy to lay the foundation stone for the Cady Egypt project. The company was able to be listed on the Shanghai Stock Exchange market, which expresses the strength of this company. I want to thank SCZONE for creating a favourable work environment and supporting Chinese companies, in coinciding with the 15th anniversary of the industrial developer TEDA Egypt’s existence and the 10th anniversary of the Belt and Road Initiative,” said Lai Siqing, vice chairman of TEDA China–Africa.

“The company specialises in the manufacture of polyester fabrics, dyeing, and printing works for polyester textiles. The company’s total production capacity is about 10 million pieces annually. In light of the existence of the Belt and Road Initiative, our decision was that Egypt would be the first station for our foreign investments. The company aims to work on high-end environmentally friendly fabrics,” said Shi Yi, CEO of Zhejiang Cady Industrial Company.

Fibre2Fashion News Desk (NB)

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