The company announced its intention to establish a new spinning and weaving factory spanning 200,000 square meters within a Free Zone or Special Economic Zone. The project is expected to involve an investment estimated at $100 million and create approximately 1,500 direct jobs.
The new facility is intended to serve as a center for fabric
manufacturing and export to the European and African markets.
Heiba affirmed Egypt's industrial readiness to receive new
investments, noting that the state has injected over $4 billion into
modernizing public sector factories, including importing advanced European
equipment. He highlighted flexible partnership models available to foreign
investors, such as ownership, leasing, and usufruct rights.
Heiba emphasized that Egypt’s strategic location, free trade
agreements, and competitive labor market make it an ideal destination for
export-oriented textile industries. He stressed the potential for new
investments to integrate with the strong existing industrial capacities in
areas like Mahalla El Kubra to maximize industrial synergy.
Representatives from Fountain Set Limited expressed their appreciation for Egypt's stimulating investment environment and their eagerness to commence executive procedures for the new project as soon as possible. GAFI also reviewed expansion plans for Elegance Apparel Garments Freezone, which operates in the Shebin El-Kom Free Zone.