{"id":610928,"date":"2023-11-29T00:00:00","date_gmt":"2023-11-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/29\/turkish-textile-firm-to-invest-usd-500-mn-in-new-egypt-factory\/"},"modified":"2023-11-29T00:00:00","modified_gmt":"2023-11-29T00:00:00","slug":"turkish-textile-firm-to-invest-usd-500-mn-in-new-egypt-factory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/29\/turkish-textile-firm-to-invest-usd-500-mn-in-new-egypt-factory\/","title":{"rendered":"Turkish textile firm to invest USD 500 mn in new Egypt factory"},"content":{"rendered":"

This Turkish textiles producer is expanding its footprint in Egypt: <\/strong>Turkish textile manufacturer K\u00fc\u00e7\u00fck\u00e7alik Group is planning to start work on a USD 500 mn synthetic fibers factory in the Suez Canal Economic Zone (SCZone) in January, a move that could lower the country\u2019s annual import bill by USD 1 bn, the Arab World News Agency<\/a> reported yesterday, citing an unnamed government official. <\/p>\n

The details: <\/strong>The company will establish the factory through its local subsidiary KC<\/a>G Textile<\/a>Egy<\/a>pt<\/a>, and is working on obtaining a 250k sq m land plot in the zone. It will produce 500 tons of fibers a year when it becomes operational in 2025, before increasing output to 2.5k tons.<\/p>\n

Localizing the industry:<\/strong> KCG is planning to cover a quarter of Egypt\u2019s domestic demand for fibers within two years of operation, the official said. Egypt spends around USD 1 bn a year importing fibers.<\/p>\n

K\u00fc\u00e7\u00fck\u00e7alik is no stranger to Egypt:<\/strong> KCG has been operating in Egypt since 2007 when it set up a textile factory<\/a> in Tenth of Ramadan. The factory generates USD 65 mn in annual revenues and works with brands such as Ikea and Zara. The company has invested USD 75 mn in the project.<\/p>\n","protected":false},"excerpt":{"rendered":"

The factory could lower the country\u2019s import bill by USD 1 bn a year<\/p>\n","protected":false},"author":1,"featured_media":610929,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[72,125,11789,131,2080,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam","tag-investment-watch","tag-kcg-textile","tag-manufacturing","tag-textiles","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"4e04dbee-df0c-4f9b-80d0-9cbf854828db","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1592.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Turkish textile firm to invest USD 500 mn in new Egypt factory","related_issue":[610921],"teaser":"The factory could lower the country\u2019s import bill by USD 1 bn a year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.09da50ec-8b97-4d4a-a8e7-37fd107b1adb.mp3"},"yoast_head":"\nTurkish textile firm to invest USD 500 mn in new Egypt factory - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/29\/turkish-textile-firm-to-invest-usd-500-mn-in-new-egypt-factory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turkish textile firm to invest USD 500 mn in new Egypt factory\" \/>\n<meta property=\"og:description\" content=\"The factory could lower the country\u2019s import bill by USD 1 bn a year\" 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