Half a billion pounds in capital for new Egyptian textiles company

The first investment Company in the Suez Gulf, Oriental For Development, was established to work in the fabric and textile field. The company's capital is half a billion pounds, said Abd El-Hakim Hajaj, head of the holding company for textiles.

Hajaj told ArabicNews.com that Oriental, in which the Egypt - Iran Company for Textiles participates with 15% and the Bank of the Suez Canal with 10% in addition to the Oriental Weavers Company and the Korean Hyundai company.

Hajaj said the new company will commence its actual production within two years, and all its products will be specified for export. He said, "The executive steps for establishing the company will take place during the coming days."