Egypt is opening what it claims to be the world's
largest spinning and weaving factory next month with investments exceeding
£30bn ($38bn), according to local news reports.
Mahmoud
Esmat, the minister of the public business sector, told local news publication Arab Finance the factory is set to
commence operations in the city of Mahalla al-Kubra during the next month as
part of Egypt’s national project to develop the textile industry.
The development project’s primary objective
is said to be to boost annual yarn production to 188,000 tonnes and textiles to
198m metres. Additionally, the facility aims to yield 15,000 tonnes of lint and
manufacture 50m pieces of clothing annually.
The Holding Company for Spinning and
Weaving, which is affiliated with the public business sector is said to be
preparing to operate the factory.
Esmat also told Arab Finance Egypt’s ministry is looking forward to offering
a bundle of investment opportunities at its affiliated firms for partnership
with the private sector within 2024.
Speaking about the investment prospects
Esmat told the publication: “The ministry of business sector has an investment
map with the most important opportunities available in affiliated companies…
and we presented it in all forums and business gatherings to private companies
within the framework of the state ownership policy document.”
The publication also shared the Ministry of
Public Business Sector oversees six holding companies spanning several
industries including textiles. Collectively, these companies encompass
approximately 121 subsidiaries, employing a workforce of 214,000 individuals.
