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Thursday, 11 July 2019

Al Sahab Real Estate to set up USD 300 mn wholesale clothing market

INVESTMENT WATCH- Al Sahab to set up USD 300 mn wholesale clothing market: The Supply Ministry’s Internal Trade Development Authority (ITDA) signed yesterday a cooperation protocol with Al Sahab Real Estate Investment to set up a USD 300 mn wholesale clothes market in Obour City, according to a Cabinet statement. The market will house 1000 shops for clothing manufacturers to sell their goods, 80% of which will be earmarked for export, according to ITDA boss Ibrahim Ashmawy. The project will be funded by Emirati, Saudi, and Egyptian investors, and should be complete within four years, according to Al Sahab Chairman Fouad Hodroj.

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