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Egypt’s Cabinet nods to establishment of 2 free zone companies

Egypt’s Cabinet nods to establishment of 2 free zone companies

Arab Finance: The Egyptian Cabinet has approved the draft law regarding the establishment of a private free zone under the name of Volo Textile as a joint stock company, according to an official statement on September 22nd.

The new company will be built in Ismailia governorate on an area of 69,215 square meters (sqm) for the operation of a spinning, dyeing, and printing factory.

The factory is expected to offer up to 1,010 job opportunities and it targets the production of 8,400 tons in the first year of operation to reach 10,800 tons in the following year.

Moreover, the cabinet endorsed the submitted request to the General Authority for Investment and Free Zones for the construction of a new free zone project under the name of CFC for fodders and chemicals in the governorate of Qena.

Planned to be established on an area of 368,118 sqm, this project will be the first industrial zone for the production of fodders and chemicals in Africa and the Middle East.

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