Arab Finance: Egyptian Prime Minister Mostafa Madbouly inaugurated F-TEX International Co., Ltd’s $10 million polyester yarn factory in the Sokhna Integrated Industrial Zone, which operates under the General Authority for the Suez Canal Economic Zone (SCZONE), as per a statement.

The factory spans 55,000 square meters and has an annual production capacity of 65,520 tons. It provides 150 direct jobs and 250 indirect jobs within the industrial zone developed by TEDA Egypt.

Madbouly toured the facility’s raw material, processing, manufacturing, finished-product, and packaging areas. 

The prime minister said Egypt is continuing to localize intermediate industries, which supply essential inputs to downstream manufacturers, increase the share of locally produced components, and help complete industrial value chains.

He added that new spinning and textile projects would contribute to establishing a production base capable of serving the domestic market and expanding into overseas markets.

Moustafa Shaikhon, chairman of SCZONE, said the project strengthens the zone’s intermediate industries and supports its strategy to develop integrated value chains.

Shaikhon added that the factory would improve coordination among spinning and weaving manufacturers operating in the Sokhna and Qantara West industrial zones while expanding access to the production inputs required by factories across SCZONE.