CAIRO – 13 November 2024: Minister of Investment and Foreign Trade, Hassan El-Khatib, recently held discussions with Darek Krupa, Chairman of PADMA, and his team to review plans for establishing a €70 million furniture production complex in New Alamein City.
This project, set to begin operations in early 2026, aims to export all production to European and American markets, targeting annual exports of around €250 million.
The first phase of the project will include a €70 million investment with an initial local content target of 40 percent, expected to rise to 80 percent over five years.
El-Khatib reaffirmed the ministry’s dedication to supporting PADMA in this venture, emphasizing New Alamein’s strategic potential as a hub for investment, industry, and tourism.
He further outlined Egypt’s ongoing financial and trade policy reforms, designed to attract foreign investment, enhance Egyptian exports, and ease trade processes.
Highlighting the nation’s competitive advantages, El-Khatib pointed to Egypt’s skilled workforce, outstanding engineering talent, and competitive wage structure as key factors in drawing international investment.
Expressing gratitude for Egypt’s supportive environment, Krupa announced that construction on the 400,000-square-meter site has already begun.
The company is actively training its technical staff in preparation for production launch.
Additionally, PADMA has plans to expand its presence in Egypt with further projects in the New Administrative Capital, Port Said, Toshka, and Damietta, aiming to deepen its investment in Egypt’s growing industrial sector.
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