Gov’t announces USD 2 bn textiles city: Trade and Industry Minister Tarek Kabil announced plans yesterday to establish Egypt’s largest textile project on a 3.1 mn sqm area in Sadat City, Al Mal reports. The project is expected to cost USD 2 bn to develop and will house 568 factories. 87% of the factories will be geared towards foreign investors, with the project expected to generate some USD 9 bn in annual revenues once it’s fully operational and completed by 2020, according to Kabil. President Abdel Fattah El Sisi also commented on the textile city, saying that the government could foot up to 50% of funding for the project.

Tags: