Arab Finance: The General Authority for the Suez Canal Economic Zone (SCZONE) has laid the foundation stone of the textiles production factory of China’s Zhejiang Hengsheng Dyeing and Finishing Company in East Qantara industrial zone, as per a statement.

Worth $70 million in investments, the factory will be established on a 200,000-square-meter area in two phases, 100,000 square meters for each phase.

Also, the project is set to provide around 1,500 direct job opportunities.

Last year, SCZONE’s Chairman Waleid Gamal El-Dein signed a land usufruct right contract with the Zhejiang Hengsheng Dyeing and Finishing to set up the textiles production factory.

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