China’s ManKai invests EGP2.8bln in Egypt’s textile city

Big 5

The Chinese firm ManKai Investment, has pumped investments of 2.8 billion pounds to establish the infrastructure of the first phase of textile city in Sadat City spread over 650,000 metre square, according to its Chairman Ma Yaojin.

The Chinese company ManKai for investment that has been working in the textile manufacturing field for more than 10 decades; the company owns 25 affiliated Chinese companies.

The project in the city will be spread over an area of 3.1 million sq. mt. and house 568 factories, offer employment to more than 160,000 workers and technicians with a total annual production value of US $ 9 billion.

The Chairman told Amwal Al Ghad that the company has signed initial sale contracts for 48 factories to Chinese companies, while promoting for the project in other states in China.

Yaojin further added that 25 perceny of  the new city’s production will cover the local market while 75 percent of the production will be directed to exportation.

On the Other hand, The Egyptian Minister of Trade said that the trial operation of the first phase will start in May 2019. The first phase of the project is set to be completed the end of 2019,  it includes implementing  150 factories.