Chinese Cady Textiles has laid the foundation stone of the Chinese eco-friendly textile factory, Egypt Cady, according to a statement issued by the Suez Canal Economic Zone (SCZONE) on Monday.
The factory will be located in Sokhna Industrial Zone with a worth of $60 million in investments. It spans over an area of 145,500-square-meter within the scope of the industrial developer TEDA-Egypt.
The establishment of the first phase is set to start this year, to be completed by the end of 2024. The project is a three-phase project with a total capacity of around 50,000 tons and eight million pieces a year.
The factory will target exporting its production to the U.S. and Europe. The project’s sales are estimated to reach around $150 million.
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