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Sunday, 4 February 2018

Oriental Weavers looking at Indonesia and Brazil for a carpet factory

Oriental Weavers is looking to establish a new factory to produce carpet fibre in either Brazil or Indonesia, Chairman Mohamed Farid Khamis said yesterday, Al Borsa reports. The company is also close to finalizing feasibility studies for a USD 1.1 bn polypropylene plant in Port Said and is planning to soon launch a USD 160 mn project to grow plants and herbs used in medical production and perfumes. Khamis had said last month that his company was also spending EGP 120 mn to set up new production lines that will be funded through a EUR 9 mn loan from QNB Alahli.

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