Published in: Industria Asher

Elsewedy Industrial Development Attracts New Turkish Investment to Strengthen Egypt’s Promising Textile Industry in Collaboration with the Egyptian Commercial Service

A New Step Forward for Egypt’s Textile Industry and Export Growth

Elsewedy Industrial Development, a subsidiary of Elsewedy Electric Group, has signed an agreement with Turkish company Bony—one of the world’s largest textile manufacturers—to acquire a 120,000-square-meter industrial plot within “Industria Asher” project in 10th of Ramadan City. The site will be designated as a private free zone for the establishment of an integrated high-quality textile manufacturing facility, with total investments estimated at approximately USD 100 million. This move reinforces Egypt’s position as a regional hub for the textile industry.

This significant development is supported by the Egyptian Commercial Service Office in Istanbul and the General Authority for Investment and Free Zones (GAFI). It marks another success in Egypt’s efforts to attract foreign investment, particularly in the textile sector, which is a key contributor to export growth and job creation in the near future.

The signing ceremony was attended by Mr. Hossam Heiba, CEO of GAFI, Eng. Ahmed Elsewedy, CEO and Managing Director of Elsewedy Electric, H.E. Ambassador Salih Mutlu Şen, Ambassador of Turkey to Cairo, and Mr. Alaa El-Baili, Minister Plenipotentiary for Trade and Director of Investment Affairs at the Egyptian Commercial Service.

The agreement was signed by Eng. Mohamed AlKammah, CEO of Elsewedy Industrial Development, and Mr. Hassan Gulukaya, CEO of Bony Textile.

Eng. Mohamed AlKammah emphasized that the agreement reflects international investors’ confidence in the integrated services and advanced infrastructure provided by Elsewedy Industrial Development within its industrial cities. These cities are purpose-built to meet investor needs and support their growth and expansion goals.

He added that “Industria Asher” project offers a conducive business environment that enables investors to focus on their operations and achieve optimal productivity. He affirmed the company’s commitment to continuously supporting its clients with smart solutions, integrated utility networks, and professional operational services that meet the highest international standards, ensuring the success and expansion of industrial partners in both the Egyptian and international markets.

Mr. Hassan Gulukaya expressed pride in the partnership with Elsewedy Industrial Development and in selecting Egypt as a strategic investment destination. He noted that the new factory will create approximately 2,500 direct and indirect job opportunities, with investments around USD 100 million. The facility is expected to begin operations by the end of 2026, contributing to the Egyptian economy and boosting exports to European and African markets.

Dr. Abdel Aziz El-Sherif, Head of the Egyptian Commercial Service, extended his congratulations to Eng. Ahmed Elsewedy, Elsewedy Industrial Development, and Bony Textile on the commencement of their new investment in Egypt. He highlighted the crucial role played by the Commercial Service Office in Istanbul in facilitating the agreement through continuous engagement and meetings with Bony at the office’s premises in Istanbul. The office provided necessary support and detailed information on Egypt’s various investment systems, legislations, and incentives, aiding Bony in its decision to invest in Egypt.

Furthermore, in coordination between Elsewedy Industrial Development and the Commercial Service, the final stages of the agreement were concluded during Elsewedy’s promotional mission to Istanbul, led by Eng. Ahmed Elsewedy from June 17–20, in collaboration with the Egyptian Commercial Office in Istanbul.

Mr. Hossam Heiba noted that the Egyptian government is exerting considerable efforts to meet the growing demand for investment in the country, especially in the textile and ready-made garments sector. This sector is a key priority for the government due to its substantial contribution to employment. He added that there is close coordination with industrial developers to prepare and equip industrial zones in 10th of Ramadan, Sadat, Suez, and Minya to meet the increasing manufacturing needs of incoming textile and garment investments.

Mr. Heiba reaffirmed GAFI’s ongoing partnership with private sector entities, including Elsewedy Group, to promote investment activities in Egypt. This collaboration helps shape policies aligned with investor needs and adds hundreds of new opportunities to Egypt’s investment map.