Oriental Weavers to invest EGP 120 mn in production lines and equipment

Oriental Weavers is planning on spending EGP 120 mn on new production lines, machinery, and equipment over the next year, Founder Mohamed Khamis tells Al Shorouk. The investments are part of the company’s expansion strategy, which will be financed through a EUR 9 mn loan agreement with QNB Alahli. The company had announced plans in November to add 8-10 weaving looms by end-2018.