Oriental Weavers inject LE 324M investments in 2017: Khamis

CAIRO – 25 November 2017: Oriental Weavers Carpet CO. (OWC) started its plan to invest LE 550 million ($31 million) during 2017 and 2018, Founder of Oriental Weavers Mohamed Farid khamis told Egypt Today.

Investments of year 2017 have been allocated to establish a new factory in the 10th of Ramadan City, purchasing eight loom machines and pieces of equipment with a value of LE 324 million Khamis added.

The OWC’s owner remarks came on the side lines of his meeting with an official delegation from Djibouti headed by the Djibouti minister trade, Industry, tourism and SME’s in the presence of the Djibouti ambassador to Egypt.

“The remaining part of the investment will be allocated for buying eight or ten additional looms at a value ranging between €10 million to €12 million.” He said.

OWC is an Egypt-based company that is principally engaged in the production and sale of machine-woven carpets and rugs for the residential, commercial and hospitality industries.

The Company offers various lines of area rugs, as well as manufactures woven goblins and tapestries.

The Company operates through its subsidiaries include Oriental Weavers USA Inc., Oriental Weavers International, Oriental Weavers Fibers Company, Egyptian Fiber Company (EFCO), Oriental Weaves China, New Mac, EFCO Modern Fiber and MAC Carpet.

Khamis said that Egypt started a take off stage of economic growth; however it is still in need to very big support in the SME’S sector, adding that developing SME’S in Egypt requires setting up huge industrial complexes including marketing centers for these projects in addition to providing financial and technical aid.

He pointed out that the government has already started establishing such complexes in Badr city referring to Al robiky city for leather manufacturing and another city for furniture in Damietta.

On another hand Khamis announced forming a bilateral working group between businessmen from Egypt and Djibouti noting to the significance of Africa for Egypt and exploring new opportunities there.