Egypt's SCZONE signs $18mln agreement with Turkish Ulusoy to establish yarn factory in West Qantara
Egypt - Waleid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), signed an agreement on Wednesday with Turkish company Ulusoy Tekstil San. Tic. A.Ş to establish a yarn and textile production factory in the West Qantara Industrial Zone.
Spanning 35,000 square metres, the project will see total investments of $18m (approximately EGP 902m), fully self-financed by Ulusoy. It is expected to create around 855 direct job opportunities.
The new factory will produce a variety of yarns—including fibre yarns, carpet yarns, hand-knitting yarns, tricot yarns, and household crochet yarns—alongside the manufacturing and weaving of ready-made garments. The company plans to allocate 80% of its production for export and 20% to the domestic market.
The agreement was signed by Mohamed Ulusoy, legal representative of the company, in the presence of several SCZONE officials and company executives.
Gamal El-Din praised the growing status of the West Qantara Industrial Zone as a regional hub for the textile, spinning, and ready-made garment industries. He highlighted the zone's strategic advantages, including an integrated supply chain, robust infrastructure, and a prime location connected to SCZONE's port network and logistics corridors.
He noted that this project builds on the zone's success in attracting high-quality international investments, citing Egypt's stable business environment and the attractive incentives offered by SCZONE.
'This investment reflects the zone's appeal to labour-intensive, export-oriented industries that generate local added value,' he said.
The Ulusoy project is the 24th agreement signed within the West Qantara Industrial Zone, raising total investments in the area to $661.5 million and bringing the number of direct jobs created to 34,455. Gamal El-Din said the deal demonstrates the success of SCZONE's strategy to support export-driven industries, deepen local manufacturing, and localise supply chains across the textile sector—from raw materials to yarn, textiles, and finished garments.
Founded in 1986, Ulusoy is one of Europe's largest producers of high-quality yarns. It operates two fully integrated production facilities in Turkey: one in Adana Hacı Sabancı Industrial Zone covering 180,000 sqm, and another in Osmaniye Industrial City spanning 90,000 sqm. The company has a monthly production capacity of over 1,000 tonnes and exports its products to global markets.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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