The Suez Canal Economic Zone (SCZONE) has signed agreements for two new plug-and-play textile manufacturing and printing projects in Sokhna Industrial Zone. Developed by Main Development Company (MDC) – the development arm of SCZONE – the project, with total investments exceeding $3 million and covering an area of 3,450 sq m, is expected to create about 80 job openings.
The contracts were signed between MDC Managing Director Major General Waleid Youssef and Velvet Company and Legend Company Chairman Hussein Akar. Waleid Gamaleldien, Chairman, SCZONE, witnessed the signing, which was held at the SCZONE’s headquarters in New Administrative Capital.
The Velvet project has a 2,300 sq m factory equipped with machinery valued at about $2 million, specialising in the manufacture of carpets, prayer rugs, velvet fabrics, and woven fabrics. The export target for the 2025 fiscal year is projected to be $6 million.
With investments of $1 million, the Legend project will produce fabrics in a 1,150 sq m factory equipped with 20 circular knitting machines, a printing machine, and a packaging machine, with a targeted export volume of $4 million for 2025.
“MDC serves as the development arm of SCZONE, with the economic zone holding more than 75% stake in the company. We are fully committed in supporting MDC’s plug-and-play factories built on an area spanning 2,22,000 sq m, offering around 150 units. The project will be completed in three phases at an estimated cost of 1 billion Egyptian pounds. All the 14 factories completed in the first phase with a total investment of 150 million pounds have been fully contracted, demonstrating significant success. The second phase, which is currently underway, offers 60 plug-and-play units with an estimated investment of around 350 million pounds, followed by the third phase offering 76 additional units with around 500 million pounds in investment. The plug-and-play factories are very efficient in accelerating the pace of production and supporting investors to fulfill their commitments towards various global markets,” says SCZONE Chairman Gamaleldien.
The plug-and-play units represent an ideal solution for investors in small and medium enterprises (SMEs), as they provide a fully-equipped work environment with all the necessary infrastructure and represent a good option for investors seeking to expand and grow in the market quickly and efficiently.
