Elsewedy Industrial Development has reached an agreement with Bony, one of the leading Turkish industrial companies, to purchase a 120,000-square-meter industrial plot in the “Industria El Asher” project in 10th of Ramadan City.
This land will first be converted into a special free zone, after which an integrated factory will be established for the production of high-quality textile products.
An estimated investment of approximately USD 100 million is expected. This marks an important step toward positioning Egypt as a regional hub in the textile industry.
Institutional Support for the Partnership
The project is a joint effort supported by the General Authority for Investment and Free Zones (GAFI) and the Egyptian Commercial Office in Istanbul.
The signing ceremony was attended by Mr. Hossam Heiba, CEO of GAFI; Eng. Ahmed Elsewedy, CEO and Board Member of Elsewedy Electric; Mr. Salih Mutlu Şen, Turkish Ambassador to Egypt; and Dr. Alaa El Baily, Egyptian Commercial Counselor.
Bony Textile’s Vision for Investment in Egypt
Mr. Hasan Celokkaya, CEO of Bony Textile, expressed his pride in establishing this partnership and in choosing Egypt as a strategic investment center.
He announced that the new factory would create approximately 2,500 direct and indirect jobs, with an investment of around USD 100 million, and that production is scheduled to begin in the final quarter of 2026.
He emphasized that this investment would support the Egyptian economy and enhance exports to both European and African markets.
Facilitating Investment through Diplomatic and Commercial Channels
Dr. Abdel Aziz El Sherif, Head of the Egyptian Commercial Office, congratulated Eng. Ahmed Elsewedy and the stakeholders for launching their new investments in Egypt.
He noted that the Commercial Office contributed to the agreement by providing ongoing support, offering essential information regarding Egypt’s various investment systems, legislations, and incentives, and helping the investors reach a final decision.
Egypt’s Broader Strategy for Industrial and Textile Growth
Mr. Hossam Heiba, CEO of GAFI, stated that the Egyptian government is making strong efforts to respond to the growing demand for investment in sectors such as textiles and ready-made garments, which play a key role in job creation.
He added that many industrial zones in cities like 10th of Ramadan, Sadat, Suez, and Minya have been developed and equipped to meet the increasing production needs of investors.