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Arab Finance: The Cabinet approved a draft resolution to establish a new project under the special free zone system, named Karnak Garments, to engage in the manufacturing of various types of ready-made garments, as per a statement.
The project will occupy an area of 31,535 square meters in Sadat City, Menoufia Governorate.
The project's investment costs are estimated at approximately $15 million. It is scheduled to commence operations in May 2027 and aims to create 3,500 job opportunities.
The project also aims to utilize local components for at least 50% of its production inputs and to export 100% of its products to the EU and the US.
