Egyptian textile firm, CWA will invest 970 million Egyptian pounds ($19.9 million) to build a textile manufacturing facility in Sokhna Industrial Zone within the Main Development Company's (MDC) scope, the Suez Canal Economic Zone (SCZONE) said Wednesday. The 15,000-square-metre facility, fully financed by CWA, will be implemented in several stages and is due to start production in the third quarter of 2026. It will create about 200 direct jobs initially, rising to 500 within five years. The plant will produce textiles, floor coverings and related products for domestic and export markets. CWA aims to generate at least $10 million in export revenues in its first year of operations, growing to $30 million within five years. SCZONE Chairman Waleid Gamal El-Dien witnessed the signing ceremony of the new investment contract between MDC Managing Director Waleid Youssef and CWA President Ashraf Abou El-Einen. "The project represents a significant step toward deepening local manufacturing within SCZONE, as SCZONE continues to attract sustainable industrial investments that enhance the added value of Egyptian products and increase their competitiveness in regional and global markets." Gamal El-Dien said. He added that "the integrated infrastructure, strategic location, and seamless connection between industrial zones and ports within SCZONE create an attractive environment for serious investors." "The textile sector is among the promising industries prioritised by SCZONE in its strategic plans, given its key role in substituting imported goods, supporting supply chains for industries such as ready-made garments and home textiles, MDC operates within the Suez Canal Economic Zone and is targeting investments that boost local manufacturing, replace imports and strengthen Egypt's role in regional supply chains. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
