Giza Spinning and Weaving injects $15mln for five new factories

Giza Spinning and Weaving, a major Egyptian textile company, is set to invest $15 million to establish five new factories specializing in dyeing, spinning, and weaving over the next five years. The announcement was made by Chairman Fadel Marzouk in an interview with Al Borsa News. The expansion will focus on Upper Egypt, with the first factory scheduled to be operational by 2025. The company aims to enhance its annual production capacity from 25 million to 28 million pieces, anticipating a 20% increase in sales by 2025. A significant aspect of Giza Spinning's growth strategy involves boosting exports, particularly to the US market, which currently makes up 60% of its production under the Qualified Industrial Zones agreement. Additionally, plans are in place to widen their presence in Europe, Arab nations, and Brazil. The company, founded in 1979 by Mohamed Marzouk, looks to reach at least a 10% growth in export revenues next year, supported by increased production. In preparation for its expansion plans, Giza Spinning undertook a significant restructuring in 2022, aiming for a future stock market listing.