SCZone & Chinese Textile Company Invest USD 10 Million in New Factory
The new ready-made garment factory in Qantara West industrial zone will be dedicated entirely to exports.
Mar 19, 2025
The Suez Canal Economic Zone (SCZone) has signed a land usufruct agreement with Jiangsu Guotai, a leading Chinese textile and garment company, to establish a ready-made garment factory in the West Qantara Industrial Zone. The facility will be dedicated entirely to exports.
With a USD 10 million investment, the factory is expected to generate 2,000 direct jobs, further strengthening Egypt's position as a regional textile hub. This project is part of a larger expansion in West Qantara, where 15 other usufruct agreements have been finalised, bringing total investments to over USD 490 million. Spanning 1.031 million square metres, these projects are set to create more than 20,000 jobs.
West Qantara is poised to become a key hub for textile exports, with 80% of its production destined for European and American markets through West Port Said. Alongside these agreements, SCZone has launched the construction of five additional factories, with the first two in West Qantara expected to be operational in the second half of 2025.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
8 hours ago
- See - Sada Elbalad
ُEU Helps Boosting Egypt's Green Transition
By Ahmad El-Assasy On 15 June, the European Union and the Government of Egypt will launch the EU-Egypt Investment Guarantee for Development Mechanism. This platform will attract investments to high impact projects in areas such as clean energy, water and wastewater management and sustainable agriculture. It will also support digital transformation, and the development of small and medium-sized enterprises (SMEs). The platform aims to mobilise up to €5 billion in investments by 2027. This includes €1.8 billion announced as part of the EU-Egypt Strategic and Comprehensive Partnership. To achieve this, the platform will leverage EU resources from the European Fund for Sustainable Development Plus (EFSD+). It will also draw resources from European and International Financial Institutions (IFIs) that implement EU guarantees in close coordination with Member States and the private sector. It marks a key milestone under the EU-Egypt Strategic and Comprehensive Partnership and contributes to the EU's Global Gateway strategy. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
Egypt Independent
18 hours ago
- Egypt Independent
The UK, Germany and Canada have slashed foreign aid this year, deepening damage done by US cuts, analysis shows
London CNN — Western countries have slashed foreign aid budgets this year and reductions will steepen in 2026, with the United States, United Kingdom, Germany and Canada cutting the most, according to a new analysis from the Center for Global Development (CGD). The aid cuts will mean 'significant losses' for many developing nations, according to the analysis from the DC-based think tank, shared exclusively with CNN. Ethiopia is projected to lose the most aid in nominal terms, with Jordan, Afghanistan and the Democratic Republic of Congo also hit particularly hard. Smaller nations will also be hammered by the reduction in foreign aid, with Lesotho, Micronesia and Eswatini each losing around 50 percent of their aid. 'It's setting fire to the bold ambitions to solve poverty and transform developing countries,' Lee Crawfurd, one of the authors of the report, told CNN. 'It's some of the poorest, most fragile places in the world that are going to be hardest hit.' The analysis looked at projections of bilateral aid – money provided directly to another country rather than routed through multilateral organizations such as United Nations agencies or the World Bank – for 2025 and 2026. The US is projected to cut the most, with a projected 56 percent reduction compared to levels two years ago. The Trump administration's gutting of the US Agency for International Development (USAID) earlier this year has already left a hole in many international aid budgets, and several other Western nations are following suit rather than filling the void. 'A big, big chunk of overall cuts in the next couple of years are going to be from the US pulling out, rather than other countries. But these other countries are making things worse,' said Crawfurd, a senior research fellow at the CGD. The UK aid cuts are estimated to represent a roughly 39 percent reduction compared to 2023 levels of spending. Meanwhile, Germany is cutting about 27 percent, Canada 25 percent and France 19 percent of their international aid budgets. The true level of aid cuts remains unclear, as the Trump administration's proposed budget and other government proposals are still making their way through legislatures. But some funding cuts are almost guaranteed. British Prime Minister Keir Starmer announced in February that his government would increase the UK's defense spending by cutting its aid budget to 0.3 percent of gross national income in 2027, its lowest level since 1999. Many organizations and aid workers have raised alarm about European governments pitting aid budgets against defense spending. 'Cutting the already lean aid budget is a false economy and will only increase division and amounts to a betrayal of the world's most vulnerable people,' said Halima Begum, head of Oxfam GB. 'It is a false dichotomy to pit international cooperation to tackle poverty against national security interests in order to avoid tax increases.' A sign for GIZ, Germany's international development agency, is seen in February 2017. Michael Gottschalk/Photothek/Getty Images Crawfurd said that bilateral aid is a 'really small part of government budgets' and the money for defense or security could be found elsewhere. 'It's a choice… it's a political choice,' he added. The think tank wrote in its analysis that 'one striking takeaway is that some countries are projected to lose large amounts of ODA (official development assistance) simply because of who their main donors are – while others are projected to lose very little' – a game of chance, with losses not matching up to the recipient country's needs. Yemen, for example, is projected to experience a 19 percent fall in its bilateral funding compared to 2023, while its 'comparable' neighbor country Somalia is projected to lose about 39 percent. The UN Office for the Coordination of Humanitarian Affairs (OCHA) has also warned that multilateral aid cuts are threatening efforts to tackle 44 of the highest-priority, protracted humanitarian crises. As of April, only 11.9 percent of the funding for UN response plans had been covered. 'Every year, the UN has been helping more than 100 million people in the world as they go through the worst time of their lives in wars and disasters. But let's be clear: we won't reach the level of funding in 2025 that we've seen in previous years,' Anja Nitzsche, OCHA's chief of partnerships and resource mobilization told CNN in a statement. 'Vulnerable families are being left without food, clean water, healthcare, shelter or protection in places such as Sudan, Yemen, Ukraine, Myanmar and Afghanistan.' Minimizing the damage The CGD is urging Western donors to reallocate aid to the poorest countries to try to 'ensure that resources are directed to populations in greatest need.' Western countries also need to improve coordination to mitigate further damage, especially as they are withdrawing from countries receiving aid, the think tank said. In some countries, the cuts will change who the largest donor is, which 'can lead to major shifts in what gets funded and how,' according to the CGD. For example, Portugal will likely overtake the US in aid to Angola, and Japan is projected to overtake France in Egypt. 'A new lead donor may not continue the same programs' or may take time to get up and running, according to the analysis. Giving a larger share of aid to multilateral organizations can also help improve international cooperation and cut down on duplication of aid efforts. 'Coordination is an ongoing challenge,' Crawfurd told CNN. 'The easiest way to do that is just to fund big multilateral funds like the World Bank.'
Mid East Info
a day ago
- Mid East Info
Sunrise Capital breaks ground on Bellagio by Sunrise - Middle East Business News and Information
The landmark AED 400 million ultra-luxury development in Al Wasl Gate gets underway June 2025, Dubai, UAE: Sunrise Capital has officially commenced construction on its flagship luxury project, Bellagio by Sunrise. The groundbreaking ceremony was attended by leaders from Sunrise Capital and project consultants featuring traditional soil turning to mark this significant milestone. Located in up-and-coming Wasl Gate, this ultra-luxury residential development is valued at AED 400 million (USD 109 million) and boasts exceptional craftsmanship, visionary architecture, with sustainability at its core. 'We are thrilled to see Bellagio by Sunrise officially get underway as this spectacular new project represents a new era in luxury and elevated community living,' stated Yogesh Bulchandani, Founder & CEO of Sunrise Capital. 'This groundbreaking symbolises our commitment to quality and lifestyle excellence.' The development will showcase exclusive residences featuring panoramic views, smart technology, and wellness amenities. Reflecting Sunrise Capital's dedication to innovation and corporate social responsibility, the project adheres to green licensing protocols and inclusive site practices. Sunrise Capital continues to strengthen its reputation as a developer committed to timely delivery and excellence. About Sunrise Capital: Established in 2016, Sunrise Capital is a premier real estate developer in Dubai, dedicated to redefining luxury living. With a commitment to excellence, innovation, and sustainability, we craft exceptional residential, commercial, and retail spaces that go beyond expectations. Our award-winning developments, including Legend by Sunrise Capital and Legacy by Sunrise Capital, set new benchmarks in quality and design. At Sunrise Capital, we don't just build properties—we create thriving communities and iconic landmarks that enrich lives.
