Egypt launches 2 integrated textile cities in Minya, Fayoum with $3.5bln investment
The cities will be established in partnership with the private sector through the industrial developer system, covering a total area of 11 million square meters, with each city occupying 5.5 million square meters.
Minister of Industry and Transport Kamel El-Wazir stated that the Wadi Al-Saririya city in Minya will be the first textile city in Upper Egypt, with an investment of EGP 12 billion.
The second city in North Fayoum will cost EGP 15 billion.
These cities will be designed to serve as models for industrial cities specializing in the textile industry, including service and logistics zones.
Minya and Fayoum were chosen due to their favorable investment conditions, including infrastructure improvements such as roads, dry and sea ports, and railways, which have been developed since 2014, the statement noted.
The targeted investment for these cities is expected to reach up to $3.5 billion, with a focus on increasing Egypt's textile exports.
Current textile exports are valued at $2.8 billion, but with the new projects, the goal is to raise this figure to $11.5 billion annually by 2030.
The two cities will create a total of 400,000 direct and indirect job opportunities, benefiting both local and foreign investments.
The cities will also feature specialized facilities for all stages of textile manufacturing, including spinning, weaving, dyeing, and ready-made garments. They will adhere to international sustainability and environmental standards, aiming to improve the global competitiveness of Egyptian products.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
a day ago
- Al Etihad
TRENDS to participate in the 2025 Arab Youth Media Creativity Summit
15 Aug 2025 11:29 ABU DHABI (ALETIHAD)TRENDS Research & Advisory will participate, through its virtual office in Egypt, in the second edition of the Arab Youth Media Creativity Summit 2025, scheduled to take place from 19th to 21st August in New Alamein City, summit, themed 'Innovative Media... Pioneering Work', is organised by the Arab Academy for Science, Technology and Maritime Transport under the auspices of the General Secretariat of the League of Arab States and the Egyptian event will explore the evolving role of media in shaping the future of industries and businesses across the Middle East. It will also include the signing of cooperation and partnership agreements, as well as panel discussions on the future of journalism, television, podcasts, digital platforms, and the use of artificial intelligence in various business Mohammed Abdullah Al-Ali, CEO of TRENDS, emphasised that the centre's participation reflects its strategic commitment to empowering youth and enhancing their creative capacities in both research and media. He noted that young people are central to TRENDS' mission, as the centre aims to maximise their role in shaping the future through science, knowledge, and added that the summit's second edition places strong emphasis on discovering youth potential and promoting effective communication among Arab youth, while also raising awareness on modern technologies and AI applications in media and research — objectives that align with TRENDS' ongoing contributions to regional and global forums to foster dialogue and intellectual exchange between peoples and Al-Hosani, Deputy Head of the Media Sector at TRENDS, stated that the centre's participation supports its mission to empower young people and enhance their creative, media, and intellectual skills. She highlighted TRENDS' ongoing efforts to build youth capacity in research and innovation and support them in shaping the future through training, mentoring, and the use of advanced technological pointed out that TRENDS attaches particular importance to the role of youth in shaping the future of digital media and seeks to actively engage them in this field through participation in youth-focused events, panel discussions, conferences, and seminars aimed at exchanging expertise and perspectives on various media and knowledge-related Al-Suwaidi, spokesperson for TRENDS, affirmed that the centre's participation in the Arab Youth Media Innovation Summit 2025 includes contributions from young researchers in the panel discussions focused on the future of media. He added that they will be actively engaged in workshops centred on the creation of meaningful and constructive digital content, as well as in discussions about the role of artificial intelligence in shaping the contemporary Arab media landscape and the impact of emerging technologies on the media sector. Al-Suwaidi further explained that the centre is also participating in the summit's accompanying exhibition with a wide range of its most prominent research and knowledge publications, including key studies and scientific series, particularly in the fields of artificial intelligence, economic development, energy and natural resources, environment and sustainable development, and Middle East security, among others.
Zawya
a day ago
- Zawya
Egypt: EFG Holding generates $41mln in H1 2025 consolidated profits
Arab Finance: The consolidated net profits attributable to the owners of EFG Holding dropped by 22.91% to EGP 2 billion in the first half (H1) of 2025 from EGP 2.603 billion in H1 2024, the financial results showed. Revenues fell to EGP 11.528 billion in H1 2025 form EGP 13.592 billion a year earlier, whereas the earnings per share (EPS) declined to EGP 1.37 from EGP 1.79. As for the standalone business, the net profits increased to EGP 1.927 billion in the first six months of 2025 from EGP 879.747 million in H1 2024. Non-consolidated EPS jumped to EGP 1.32 from EGP 0.60, while the total revenues soared to EGP 3.734 billion from EGP 2.393 billion. Karim Awad, Group CEO of EFG Holding, commented: 'EFG Holding's first half of 2025 has been defined by meaningful milestones and strong momentum.' 'Foremost among these is Valu's listing on the Egyptian Exchange (EGX) in June, complemented by Amazon's decision to exercise its Option Agreement with EFG Holding to acquire a direct stake in Valu,' Awad noted. He added: 'The period's financial results highlight the standout performance of EFG Finance, driven by Valu and Bank NXT. Our Asset Management platform continues to expand, with assets under management growing, while the Investment Banking division closed transactions totaling more than $1 billion in the quarter. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Zawya
Egypt: Palm Hills records 28.8% YoY higher consolidated profits in H1 2025
Arab Finance: Palm Hills Development Company logged net profits after tax and minority interest amounting to EGP 2.443 billion in the first half (H1) of 2025, according to the financial statements. The recorded earnings were higher by 28.8% year-on-year (YoY) than EGP 1.703 billion. Earnings per share (EPS) increased to EGP 0.849 at the end of June 2025 from EGP 0.579 in the year-ago period, while the sales jumped by 42.4% to EGP 15.579 billion from EGP 10.938 billion. As for the standalone business, the group turned to net losses valued at EGP 753.368 million in H1 2025, compared to net profits amounting to EGP 501.030 million in H1 2024. Non-consolidated loss per share reached EGP 0.263 in the first six months of 2025, against a profit per share of EGP 0.170 a year earlier. The revenues dropped to EGP 1.821 billion from EGP 4.180 billion. Yasseen Mansour, Executive Chairman of Palm Hills, commented: 'Palm Hills achieved its highest-ever first-half new sales in 2025, reaching EGP 143 billion compared to EGP 65.6 billion in the first half of 2024, growing 2.2x year-on-year. ' 'Building on this remarkable sales momentum, the company delivered another solid set of financial results, ending the first half with top and bottom lines of EGP 15.6 billion and EGP 2.4 billion, growing by 42% and 44% respectively over last year,' he noted. Mansour noted: 'For the remainder of the year, we remain positive about the market outlook in Egypt. Furthermore, our confirmed regional expansion is fully underway and targeting to launch Abu Dhabi project-which is expected to generate EGP300 billion in sales-before year end or first quarter next year.' © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
