Canada’s Avelon to set up USD 27 mn technical textiles plant in East Port Said

Canadian firm Avelon is setting up a USD 27 mn technical textiles manufacturing facility in the East Port Said Industrial Zone, according to an SCZone statement. The facility, spanning some 24.2k sqm, will produce specialized materials for waterproofing, building protection, soil reinforcement, and infrastructure, with 100% of its output earmarked for export to US and European markets.

Why it matters: The SCZone has been flooded with Chinese and Turkish firms focused on low-margin, ready-made garments, but Avelon breaks this mold by bringing a high-value, specialized industrial input to the table. The Canadian firm is leveraging the industrial zone’s direct integration with the port to slash supply chain costs and lock in a logistics advantage for its Western-bound exports.

Indian fabrics in Qantara West

The SCZone also inked a contract with Indian textile manufacturer Prestige Denim Mills to build a USD 20 mn fully integrated denim fabric facility on a 100k sqm plot in Qantara West, according to an SCZone statement. The plant will produce up to 20 mn meters of denim fabric annually, integrating weaving, dyeing, and finishing operations, with 70% of output earmarked for export.

LimeVest mulls Saudi factory

Homegrown healthcare investment firm LimeVest is looking to invest up to USD 70 mn to set up a pharma factory in Saudi Arabia, the Arabic press reported, citing founder and chairman Sharif El Akhdar. The move coincides with its subsidiary LVP Pharma upping its stake in EGX-listed Rameda to 31.5% following an EGP 847 mn share purchase last week.