Egypt’s Prime Minister Sherif Ismail talks during an interview with Reuters at his office in Cairo September 22, 2014. REUTERS/Amr Abdallah Dalsh
CAIRO – 1 April 2018: Prime Minister Sherif Ismail issued a decision on Sunday to establish a specialized investment zone on area of 331 feddans in Damietta.
The zone will be dedicated to setting up an integrated city for furniture manufacturing that will include all related feeding industries.
The decision authorizes the Damietta Furniture City (DFC) company to establish and operate the investment zone.
DFC was established in 2016 with LE 5 billion in authorized capital, with the aim of developing Egypt’s furniture sector, attracting investment to it and raising the added value of the final product through development and innovation.
Egypt plans to build a furniture city in Damietta. In May 2017, President Abdel-Fatah al-Sis inaugurated the first phase of the city, and later in December, Damietta governorate launched the second phase of land plots for the project.
The building of the city will cost some LE 5 billion and will provide 25,000 job opportunities. The city is expected to have 2,000 workshops and 55 factories and aims at developing the furniture industry through using modern technology.
Damietta is known to be the Egyptian hub for the furniture industry, where 70 percent of exported furniture comes from the city.
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