SCZone, Turkish Eroglu ink $40M deal for jeans factory in Qantara West industrial zone
Updated 4/8/2024 4:48:00 AM
Arab Finance: The Suez Canal Economic Zone (SCZone) has penned a contract worth $40 million with the Turkish Eroglu Holding Group to establish a jeans factory within the Qantara West industrial zone, as per a statement.
Spanning an expansive area of 62,000 square meters, the factory is poised to provide 2,750 job opportunities.
With a targeted production capacity of 7.2 million pieces of jeans, the project sets its sights on catering to both domestic and international markets, earmarking 70% of its output for exports while allocating the remaining 30% for local consumption.
During the first quarter (Q1) of this year, the SCZone has contracted for 37 various projects at an investment cost amounting to about $894 million, of which 13 projects received final approval, and 24 projects received initial ones.
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