Egypt has started construction of the biggest city for textiles and clothing in the country in Al-Sadat city. The textile city, with 568 factories and $2 billion paid capital to be invested during seven years with 87 per cent foreign investment, will cover 3.1 million cubic meters.
The new city in the Monufiya governorate will offer 160,000 jobs with an estimated annual production worth $9 billion, Kabil said in the presence of President Abdel Fatah al-Sisi during the latter’s recent visit to Al-Sadat city.
The project will be implemented in five phases by Chinese firm Man Kay, which owns 25 affiliated companies, according to media reports from Egypt. The first phase is expected to be finished by 2020 with 57 factories and investments worth $230 million, while the last phase is scheduled to be completed in 2024, Kabil said.