Monday, 25 May 2026
Turkey’s Bony and El Sewedy sign $100m textile factory deal in Egypt
El Sewedy Industrial Development, a subsidiary of El Sewedy Electric Group, has signed a landmark agreement with Bony, one of Turkey’s leading textile companies, to establish a major new textile manufacturing facility in Egypt. The deal, announced in a statement by the General Authority for Investment and Free Zones (GAFI), includes the purchase of a 120,000-square-meter industrial plot within the “Industria Asher” project in 10th of Ramadan City. The new facility will operate as a private free zone, with investments estimated at $100 million.
This strategic partnership highlights Egypt’s growing status as a regional hub in the textile industry and reinforces the country’s success in attracting significant foreign direct investment. Supported by the Egyptian Commercial Office in Istanbul and GAFI, the agreement aims to further strengthen the textile sector—a key driver of exports and job creation in Egypt.
The agreement was signed in the presence of several dignitaries, including Hossam Heiba, CEO of GAFI; Eng. Ahmed El Sewedy, CEO and Managing Director of El Sewedy Electric; Ambassador Salih Mutlu Sen, the Turkish Ambassador to Cairo; and Ala’a El-Baily, Minister Plenipotentiary for Investment Affairs, among others. The contract was officially signed by Eng. Mohamed El Komah, CEO of El Sewedy Industrial Development, and Mr. Hasan Gülkaya, CEO of Bony Textile.
Eng. Mohamed El Komah emphasized that the agreement reflects international investors’ confidence in El Sewedy Industrial Development’s world-class infrastructure and integrated services designed to meet global investors’ needs and growth ambitions.
“Our ‘Industria Asher’ project offers a dynamic business environment, intelligent solutions, and comprehensive utility networks to ensure the success and targets of our industrial partners in both the Egyptian and export markets,” El Komah stated.
Mr. Hasan Gülkaya, CEO of Bony, expressed pride in partnering with El Sewedy and choosing Egypt as a strategic investment destination, noting that the new factory is expected to generate around 2,500 direct and indirect jobs and begin operations by the end of 2026. He added that the investment would contribute to Egypt’s economy and enhance exports to both European and African markets.
Dr. Abdel Aziz El Sherif, Head of the Egyptian Commercial Service, congratulated all parties, highlighting the pivotal support provided by the Commercial Office in Istanbul throughout the investment decision and negotiation process, and reaffirmed the positive climate for foreign investors in Egypt.
Hossam Heiba, GAFI’s CEO, reiterated Egypt’s commitment to supporting growing investor demand, particularly in the textile and ready-made garments sector, citing coordinated national efforts to prepare and equip industrial zones for expanding investments.
In his speech during the ceremony, the Turkey’s Ambassador stated that the investment of Bony Socks in Egypt represents a mutually beneficial opportunity for both countries.
He noted that Turkish companies benefit from enhanced competitiveness in various global markets and gain access to regional markets through Egypt. As a result, Turkish investments in Egypt have witnessed remarkable growth due to increased production capacity and capital investments.
He emphasized that Turkish companies not only create job opportunities, but also contribute to Egypt’s innovation and production capabilities. He expressed his appreciation for these advantages, highlighting that Turkish companies in Egypt are distinguished by their expertise, quality, and efficiency.
This milestone agreement showcases Egypt’s ongoing collaboration with global partners, further advancing the country’s position as a welcoming and competitive investment destination in the region.