Daily Newsletter

15 January 2024

Daily Newsletter

15 January 2024

Egypt set to unveil ‘world’s largest’ textile factory in February

Egypt is opening what it claims to be the world's largest spinning and weaving factory next month with investments exceeding $38bn, according to local news reports.

Isatou Ndure January 12 2024

Mahmoud Esmat, the minister of the public business sector, told local news publication Arab Finance the factory is set to commence operations in the city of Mahalla al-Kubra during the next month as part of Egypt's national project to develop the textile industry.

The development project's primary objective is said to be to boost annual yarn production to 188,000 tonnes and textiles to 198m metres. Additionally, the facility aims to yield 15,000 tonnes of lint and manufacture 50m pieces of clothing annually.

The Holding Company for Spinning and Weaving, which is affiliated with the public business sector is said to be preparing to operate the factory.

Esmat also told Arab Finance Egypt's ministry is looking forward to offering a bundle of investment opportunities at its affiliated firms for partnership with the private sector within 2024.

Speaking about the investment prospects Esmat told the publication: "The ministry of business sector has an investment map with the most important opportunities available in affiliated companies... and we presented it in all forums and business gatherings to private companies within the framework of the state ownership policy document."

The publication also shared the Ministry of Public Business Sector oversees six holding companies spanning several industries including textiles. Collectively, these companies encompass approximately 121 subsidiaries, employing a workforce of 214,000 individuals.

In October, sustainable textile manufacturer, Ventile partnered with the Egyptian Biodynamic Association (EBDA) to promote sustainable agricultural practices through biodynamic farming in the Nile Delta region of Egypt.

Global menswear market dynamics

Global menswear market is expected to grow at a CAGR of more than 4% by 2027, as consumer confidence takes time to rebuild following inflationary pressures. The popularity of the resale market will also somewhat hinder menswear retail growth, as more shoppers will divert spend away from traditional retailers and brands to secondhand channels, in a bid to save money and protect the planet.

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