Turkey’s EROĞLU Global Holding has signed an agreement with Suez Canal Economic Zone (SCZONE) to establish a $175 million carton and packaging factory in Qantara West Industrial Zone.

The facility, which will span an area of 70,000 square metres (sqm), will export 50 percent of its output, SCZONE said in a press statement.

Project timelines weren't disclosed.

With the new plant, its fourth in Qantara, EROĞLU has emerged as industrial zone’s biggest investor.

The latest investment brings the total number of industrial projects in Qantara West Industrial Zone to 52, spanning a total area of 3,537,100 sqm, and representing $1.531 billion in cumulative investments and 72,665 direct jobs.

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com) 

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