SCZONE signs a contract for the Eroğlu Global Holding A.S. project in Qantara West With investments of $40 million

The General Authority for the Suez Canal Economic Zone (SCZONE) signed, at its headquarters in the Administrative Capital, a contract for the Eroğlu jeans factory project in the Qantara West Industrial Zone with the Turkish group Eroğlu Global Holding A.S. The contract was signed by Mr. Waleid Gamal El-Dien, chairman of SCZONE, and Mr. Nurettin Eroğlu, Chairman of the Eroğlu Group. The project covers an area of 62 thousand square meters, and its investment cost is $40 million. It also will provide about 2,750 job opportunities, targeting the production of 7.2 million pieces of jeans, and a plan to export 70% of production abroad and allocate 30% of production to the local market.

“The promotional efforts undertaken by SCZONE in the past period were crowned with success, as SCZONE succeeded in attracting several investments to the West Qantara Industrial Zone, which are projects that are in turn labor-intensive and contribute directly to achieving development. The clothing factory project, whose contracts were signed, is an example of the success of the promising partnership between SCZONE and Turkish investments, especially in the field of textile and ready-made garments industries, which reflects the trust in SCZONE to become the ideal investment destination in the next stage.” Mr. Waleid Gamal El-Dien, chairman of SCZONE declared.

“We are glad about the partnership with SCZONE, as the Eroğlu Factory project is distinguished by its reliance on raw materials of fabrics that are produced locally at the company’s factory in Damietta Governorate. It is planned to begin construction of the factory next June; the factory operation will start in 2025. The company, with its more than 40 years of experience in the field of textile and garments production, aims for the factory to be an export base for global markets.” Mr. Nurettin Eroğlu, Chairman of the Eroğlu Group said.

It is worth noting that SCZONE witnessed, during the period from January to March 2024, the contracting of 37 various projects at an investment cost amounting to about $894 million, of which 13 projects received final approval, and 24 projects received initial approval, which represents a new investment leap in addition to SCZONE’s successes, in fulfillment of the Egyptian state’s development plans.