Suez Canal Economic Zone (SCZONE) has signed a usufruct agreement with Thailand’s HiTech Apparel Company to establish a sportswear factory over 64,000 square metres of land in the Qantara West (Abu Khalifa) industrial zone.

The total investment in the factory would $20 million, SCZONE said in a press statement.

The planned factory will be the Thai company's first unit in the Middle East and Africa region and will generate 1,500 jobs.

Wason Vitanakorn, CEO of HiTech said the company expects to lay the foundation stone for the factory in the second half of 2024 with operations scheduled to begin in the second half of 2025.

The Thai company, which makes sportswear products for major international brands like Nike, operates 10 factories in 4 countries and has annual revenues of more than $220 million.

(Writing by Eman Hamed; Editing by Anoop Menon)


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