Arab Finance: Elsewedy Industrial Development, a subsidiary of Elsewedy Electric, has signed an agreement with Kingdom Holdings Limited, a Chinese textile company, to establish a private free zone in Industria Sadat city, according to a press release.

The Chinese company will invest $60 million in the project, set to span 50,000 square meters, marking its first textile factory in Egypt.

The Egyptian Commercial Services (ECS) is facilitating this agreement, which is supported by the General Authority for Investment and Free Zones (GAFI).

Kingdom Group’s investment aligns with Egypt’s efforts to develop the textile sector and attract foreign investments.

The factory will use modern production technologies to contribute to industrial development and increase Egyptian exports.

The facility, expected to begin operations in 2026, will produce 5,000 tons of flax yarn annually, generate $300 million in sales, and create 1,500 jobs.

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