Egypt: SCZone, ULUSOY Tekstil ink $18mln deal to establish yarn manufacturing project in Qantara West
Arab Finance: The Chairman of the General Authority of the Suez Canal Economic Zone (SCZone) Waleid Gamal El-Dien signed a contract with Turkish company ULUSOY Tekstil San. Tic. A.? to establish a yarn and thread manufacturing project in the Qantara West Industrial Zone, as per a statement.
The factory will span 35,000 square meters, with investments amounting to $18 million, approximately EGP 902 million. It is expected to provide around 855 direct job opportunities.
The project will produce a variety of yarns, including carpet yarns, hand-knitting yarns, knitting yarns, and crochet yarns, as well as garments, with 80% of production allocated for export and 20% for the local market.
Gamal El-Dien emphasized that spinning and weaving projects continue to consolidate Qantara West's position as a regional hub for the yarn and ready-made garment industries.
He noted the area's strategic location, connected infrastructure, and integrated supply chains as key enablers for attracting specialized, export-oriented investments.
With this latest addition, the number of contracted projects in Qantara West has reached 24, bringing total investments to $661.5 million and generating 34,455 direct job opportunities.
The initiative is part of the authority's broader strategy to support export industries, deepen local manufacturing, and localize supply chains, enhancing the industrial sector's contribution to Egypt's gross domestic product (GDP).
ULUSOY Tekstil, founded in Turkiya in 1986, operates two major industrial facilities and is considered one of Europe's largest producers of luxury yarns, with a monthly output exceeding 1,000 tons exported globally.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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