Egypt’s Minister of the Public Enterprises Sector Hisham Tawfik announced that his country is set to open the world’s largest spinning factory of its kind by 2Q 2022 worth EGP 7bn investment.
Speaking to Egypt’s media, Tawfik said, “The construction works of the world’s largest spinning and weaving facility in El-Mahalla El-Kubra is likely to be completed in the second half of 2022.”
“There’s a lot of work going on in this massive project,” he said. “We have been developing 23 spinning and weaving companies alongside three cotton ginning companies at a LE21 billion cost.”
“The new factory includes about 65 buildings from construction to restoration, at an estimated cost of about EGP 7bn,” he added
Last year, the minister has inspected the executive situation of the massive project to develop the factories of the Holding Company for cotton, spinning, weaving, and garments, which involves the construction of new factories and developing existing ones.