Egypt's SCZONE inks deals for 2 textile factories at $3 mn investment

SCZONE chairman Walid Gamal El-Din attended the signing of the Velvet project, which spans 2,300 square metres and features advanced machinery valued at $2 million. The factory will specialise in prayer rugs, velvet fabrics, and woven textiles, with a target of $6 million in exports by 2025, while creating 50 job opportunities, according to Egyptian media reports.

The Legend project agreement was also finalised, encompassing 1,150 square metres with a $1 million investment. The facility will be equipped with 20 circular knitting machines, a printing machine, and a packaging unit to enhance textile production. With a target export volume of $4 million by 2025, the project is set to create 30 job opportunities.

The chairman highlighted that MDC operates as the developmental arm of SCZONE, with the authority holding a 75 per cent stake in the company. He reiterated SCZONE’s commitment to supporting MDC, particularly in the plug-and-play ready-made factories project, which covers 222,000 square metres and aims to develop 150 factory units in three phases, with a total investment of 1 billion Egyptian pounds (LE).

The first phase of the project, which involved the construction of 14 factories with a total investment of LE 150 million, has been fully contracted. Meanwhile, the second phase, currently in progress, includes the development of 60 ready-made factories at an estimated cost of LE 350 million. The third phase will introduce 76 additional units with a projected investment of LE 500 million.

Fibre2Fashion News Desk (SG)