Turkey’s DNM inks contract to set up denim factory in Egypt

Turkey’s DNM inks contract for denim factory: The General Authority of the Suez Canal Economic Zone (SCZone) andthe Turkish DNM Textile for Spinning, Weaving and Dyeing have signed the contract under which DNM will set up a USD 40 mn denim factory in Qantara West Industrial Zone, according to a statement. The company — an investment venture of Turkish clothing firm Eroglu Holding — plans to begin construction of the factory in June and begin operations in early 2025, the statement read.

ICYMI: DNM last month received approval to move forward with the denim factory as well as an industrial complex for spinning, weaving, clothing, mattress, and furnisher production. Some 70% of the denim factory’s production will be exported. This came after Eroglu Egypt — the local arm of the Turkish Eroglu Holding — received approval to build a USD 150 mn ready-made clothing factory in Qantara West Industrial Zone, under a framework agreement inked with the SCZone.

REAL ESTATE-

Heliopolis Housing lines up four offers for New Heliopolis project: Heliopolis Housing and Development (HHD) has received offers from local developers Hyde Park Developments, La Vista Developments, Madinet Masr, and Mountain View to develop 500 feddans in New Heliopolis, sources with knowledge of the matter reportedly told Asharq Business. The project will be built on land worth EGP 10 bn, the sources said, adding that HHD will review the offers next week.

Sound familiar? CEO Sameh El Sayed said in March that HHD had received four offers for the project without providing the names of the firms and adding that an unnamed UK firm wants to build an outlet mall for commercial brands in New Heliopolis. Madinet Masr also submitted an offer to develop three land plots in New Heliopolis last month.

STARTUPS-

InDrive to invest in local startups: Global ride-hailing app InDrive is looking to invest some USD 10 mn in Egyptian startups “in the coming period,” Chief Growth Officer Evgenia Matrosova told Al Arabiya Business. The firm has a department dedicated to finding promising startups that it could invest in or acquire, Matrosova explained.