Chinese firm plans to build $0.5B complex in Egypt

CAIRO – 8 August 2024: Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba met Wednesday with the chairman of a Chinese firm to discuss its plan to establish a $0.5-billion spinning and weaving complex in Egypt.

The complex is expected to span over 350,000 square meters, and produce textiles and ready-made garments. Ninety percent of the output will be exported leveraging the country's location that is close to various markets as well as its trade agreements with many states.