Orascom Construction has signed an engineering, procurement, and construction (EPC) contract to build seven new factories in Egypt in favour of state-owned Misr for Spinning and Weaving Company and Damietta Spinning and Weaving Company.
The factories will be built at a cost of 2.6 billion Egyptian pounds ($166 million) under a contract Orascom signed with the Egyptian Ministry of Public Enterprise Sector’s Cotton and Textile Industries Holding Company.
The contract was signed by Ahmed Mostafa, chairman of Cotton and Textile Industries Holding Company, and Osama Beshay, chairman of Orascom Construction. The signing ceremony was attended by Public Sector Minister Hisham Tawfik.
The new factories are part of Egyptian government’s plan to streamline state-owned spinning and weaving companies by merging companies, selling assets, and buying new machinery and equipment.
