By Mohamed Ayyad and Mohamed Mostafa Oriental Weavers sales are expected to reach EGP 5.8bn this year, compared to EGP 5.5bn in 2013, according to the company's founder Mohamed Farid Khamis. Khamis said that expected sales, including textile production, would reach EGP 6bn by the end of the year compared to EGP 5.6bn in 2013. He added that last year exports reached EGP3.9bn, representing 65% of sales. Khamis also revealed that two new factories to be located in 10th of Ramadan City, one is under construction and the other's completion is expected in five years with investments worth EGP695m. He said that the new factories, which will sit on an area of 103,000 sqm and cost EGP2.1bn, are expected to export EGP1.4bn worth of goods. During Monday's announcement of the company's future expansions, made in the presence of Investment Minister Ashraf Salman, the two factories are expected to accommodate 2,800 employees. Salman said that Egypt is in urgent need of expanding local industry, especially the petrochemical industry, which is the key to national progress. Salman said that domestic investment is the basis for attracting foreign and Arab investment, which the government is working hard to achieve by removing all obstacles to reassure investors locally. Egypt lacks economic institutional entities and the nation must continue working to encourage investors to work with an institutional culture, Salman said.
