Back to the complete issue
Tuesday, 16 April 2019

Egypt launches plan to promote spinning and weaving

Topic #1 on the airwaves last night- Gov’t launches plan to promote spinning and weaving: President Abdel Fattah El Sisi summoned Prime Minister Moustafa Madbouly, Public Enterprise Minister Hisham Tawfik, and other senior officials to discuss a plan to improve efficiency in state-owned spinning and weaving factories (watch, runtime: 1:07). Heads of holding companies and seven EU-based textile majors were also in attendance.

State-owned spinning and weaving factories will soon be getting north of EGP 10 bn-worth of machinery, Tawfik told Al Hayah Al Youm’s Khaled Abu Bakr in a phone-in (watch, runtime 6:24). “We are in the process, and have installed the first [modern] cotton mill,” Tawfik added, noting that there’s a parallel move to sell unused state-owned land for funding. The overall plan is expected to cost some EGP 20 bn as it will involve civil, renovation, and utility works in factories. The government will receive the first shipment of machinery in early 2020, with the plan slated for completion in 2.5 years. The plan will also see 23 companies merged into 10.

Another popular topic was agricultural exports. El Hekaya’s Amr Adib presented a recent government infographic showing a boom in Egyptian agricultural exports (watch, runtime: 3:18). We have the key figures in Diplomacy + Foreign Trade, below.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.