CAIRO – 8 April 2024: The Suez Canal Economic Zone (SCZone) signed a contract with the Turkish DNM Eroglu group to establish a jeans factory in the Qantara West Industrial Area with investments of $40 million, as stated by the SCZone.
The main aim of the project is to produce 7.2 million pieces of jeans, to export 70 percent of the total production, and allocate 30 percent for the local market.
According to the report, the factory will cover an area of 62 thousand square meters and is expected to create approximately 2,750 job opportunities.
Construction of the factory is scheduled to commence in June of this year, with operations inside the facility set to begin in early 2025, according to Nurettin Eroglu, the Chairman of the Eroglu Group.
This agreement results from SCZone's recent efforts to attract investments to the West Qantara Industrial Area, as noted by Walid Gamal El-Din, the Chairman of SCZone.
He further emphasized that this project demonstrates the successful partnership between the economic zone and Turkish investments, particularly in the textile and ready-made clothing industries.
In a previous announcement made in March, El-Din revealed that the SCZone had secured a total of 127 projects, with investments amounting to approximately $2.8 billion, between July 2023 and March 21, 2024.
Of the 127 projects, 61 have received final approvals, with foreign investments accounting for 49 percent of the total. Additionally, initial approvals were granted to 66 projects, with a foreign investment rate of 39 percent.
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