Italian Gherardi, Egypt’s Arafa Holding create joint venture in Dubai

Big 5

Arafa Holding, the Egyptian maker of clothes for global brands, and Italian men shirts manufacturer Gherardi S.r.l. have launched a joint venture in Dubai, with 100,000 UAE dirhams ($27,225) to invest.

Arafa’s ready-made garments subsidiary will take a 40 percent stake in the joint venture, Gherardi a 50 percent, and a strategic investor the rest, the Egyptian company said in a statement.

The venture, Italian Shirts DMCC, will trade in and market the two companies’ ready-made garments products in Dubai Multi Commodities Centre (DMCC), the company added.