“Nile Holding com. for Jeans wear manufacturing and Giza Spinning & Weaving com. have agreed to set up a vertically integrated textile manufacturing facility in Minya Governorate with an initial investment of 45 Million USD….Galal Al-Zorba, Chairman of the Nile Holding Company, told “that the factory will be in partnership with Giza Spinning and Weaving Company owned by businessman Mohamed Marzouk. It is planned to be built on an area of 80,000 SQM and provides 1500 direct and indirect jobs.”..He estimated the production capacity of the new plant at about 70,000 tons annually, which will reduce the volume of Egypt‘s imports. The factory will direct 70% of its production to the local market. He explained that the partnership agreement is preliminary. The two companies did not specify their share in the new factory yet, while the largest share of the investment cost will be managed from their own resources, in addition to obtaining part of the financing from the banking sector… ..It is known that the two companies are among the largest garment exporters to the US market according to the QIZ agreement…Nile Holding for Clothes has several companies operating in the textile field, including the Egypt clothing company, Maytex and Technotex, and the company‘s factories are working for many international brands including Express Banana, PVH and Levi‘s. During the first nine months of this year, Nile Holding‘s exports amounted to 50 Million USD… ..Giza Spinning & Weaving Company was established in 1979 and has three affiliated companies, El Nile for Spinning in El Sadat City, El Nile Spinning & Weaving in Kafr Hakim, Giza, and Ghazal for Spinning Industry in Cairo, employing 4,200 workers. The company‘s sales last year amounted to 60 Million USD….Source: AlborsaNews.com”.
Date:11/20/2017
Source:The Local.se