The Board of Directors of the Suez Canal Economic Board (SCZone) in Egypt has approved two projects in the Western Qantara Industrial area for Türkiye's DNM Denim company, owned by the clothing firm Eroğlu Holding.
DNM will invest $40m to set up a jeans clothing factory across 62,000 square meters of area. According to the Board of directors of the Economic Zone, the target is to manufacture 7.2 million units of jeans, with 70% earmarked for export and 30% for sale in the local market.
The board explained that DNM will rely on locally-sourced raw materials from within Damietta province and expects the creation of around 2,750 jobs as a result.
The other half of the project includes establishment of an industrial complex spanning 400,000 square meters for the production of yarn, textiles, clothes, mattresses and furniture.
The Suez Canal Economic Board announced its approval of 125 new projects in various sectors, totaling $2.56bn in investments. The Board further forsees these ventures generating over 21,000 direct and indirect job opportunities.
A local news report said the transcontinental country is opening what it claimed to be the world's largest spinning and weaving factory in February with investments exceeding $38bn.
Mahmoud Esmat, the minister of the public business sector, told local news publication Arab Finance at the time, that the factory is set to commence operations in the city of Mahalla al-Kubra during February, as part of Egypt’s national project to develop the textile industry.
