Arab Finance: India-based textile manufacturer Prestige Denim Mills signed a deal with the Suez Canal Economic Zone (SCZONE) to develop a denim fabric production facility in the West Qantara Industrial Zone, according to a statement.

With investments totaling $20 million (EGP 1 billion), the integrated industrial project will span 100,000 square meters and is expected to create 1,000 direct jobs.

The facility will produce 20 million meters of denim fabric annually, allocating 70% of output to foreign markets, while the remaining 30% will be dedicated to the local market.

For his part, SCZONE's Chairman Waleid Gamal El-Dien noted that the project marks the first Indian investment in the industrial zone, reflecting international investors’ confidence in Egypt’s investment climate.

The chairman affirmed that the zone has become a key hub for international investments in Egypt's textiles and ready-made garments sector, following the authority's success in overcoming infrastructure challenges. This falls within its strategy to localize integrated industries and deepen local manufacturing, thereby supporting national industry and enhancing the competitiveness of Egyptian exports.

Gamal El-Dien noted that the zone possesses all the required infrastructure to become one of the most important regional centers for textiles and ready-made garments.

Total investments in the textiles and ready-made garments sector in the Qantara West Industrial Zone exceeded $1 billion through projects by companies of various nationalities.