Cairo – Mubasher: A four-company consortium in coordination with Tahya Misr 'Long Live Egypt' Fund submitted a request to the General Authority For Investment and Free Zones (GAFI) to establish a textile city in the Upper Egypt governorate of El Minya.

The four companies comprise Arafa for Investment and Consultancies, Dice Sport and Casual Wear, Giza Spinning and Weaving Co, and Nile Co.

The consortium aims at setting up the 306-acre project with up to $324 million in investments, in order to export textile products overseas, according to Almal News.

The alliance is in talks with Chinese businessmen to invest in the new city, the newspaper added, pointing out that it plans to establish a joint firm to manage the textile city in which all parties will hold equal shares.

In December 2016, Egypt’s trade minister Tarek Kabil said that the ministry aims at building 10 industrial cities specialised in the textile industry within five years.