Turkiye-based subsidiary of Eroglu Holdling, DNM Denim Company has received approval from Egypt-based Suez Canal Economic Board (SCZone) to develop two textile and apparel-related projects in the country with a combined investment totaling $40 million.
The first project entails the establishment of a jeans clothing factory across 62,000 sq m in the Western Qantara Industrial area. The factory will produce approximately 7.2 million units of jeans, of which 70 per cent will be intended for export and the remaining 30 per cent for domestic sales.
For this project, DNM will leverage locally-sourced raw materials from Damietta province, fostering regional economic integration, and create approximately 2,750 job opportunities.
The second project involves the development of an extensive industrial complex spanning 400,000 sq m for the production of yarn, textiles, clothing, mattresses, and furniture.
The SCZone's approval of these projects aligns with its broader strategy to encourage investment and economic growth in the region. In total, the SCZone has approved 125 new projects across various sectors, amounting to $2.56 billion in investments and anticipated to generate over 21,000 direct and indirect job opportunities.
Additionally, Egypt also plans to inaugurate the world's largest spinning and weaving factory, with investments worth$38 billion. Slated to commence operations in February, this factory will help Egypt's advance its textile industry and foster economic development.
