Arab Finance: Mohamed Awad, CEO of the General Authority for Investment and Free Zones (GAFI), met with a delegation from Poland's furniture producer Padma Group to discuss expediting the Yada Egypt project in New Alamein City, according to a statement.

Aligning with the directives of the Minister of Investment and Foreign Trade Mohamed Farid to continuously monitor the progress of industrial projects and provide an attractive environment for investors, Awad discussed accelerating the implementation process of Yada Egypt with the delegation.

Chairman of Padma Dariusz Krupa noted that the group has completed about 60% of the construction work and expects to finalize all preparations by the end of 2026, with actual production commencing in the first quarter (Q1) of 2027.

Located on 460,000 square meters in New Alamein City, the investment cost of the project is €70 million.

Having secured a golden license in 2025, the Yada Egypt complex will export 100% of its production to IKEA outlets in the EU and the US.

Awad affirmed that GAFI will continue providing full support for the project, as it is expected to create 6,350 direct and indirect job opportunities and boost foreign currency revenues from furniture exports.

He added that the project also backs the state’s plans to position the North Coast region as a key driver of economic growth by attracting labor-intensive industrial investments.