Egypt-based Oriental Weavers Company has begun constructing a new industrial city in Ain Sokhna “Masnaay,” to be developed and managed by its subsidiary Orientals for Industrial Development and would cater to both small and medium enterprises (SMEs) and heavy industries, Thomson Reuters Projects reports.

“Construction work on the project has started under another subsidiary company, Orientals for Urban Development,” Head of Sales Division Shady El-Zayat was quoted as saying by Thomson Reuters Projects on November 26.

“The factories are due to be delivered after three years and the company provides payment systems for five years,” he noted.

The company’s official refused to disclose the development costs, yet he said the industrial project would encompass factories for various industries, facilities for stores, workshops, and training centers, as well as housing area for workers, a port, and a hotel.

According to El-Zayat, Oriental Weavers, the world’s largest producer of synthetic carpets, is set to deliver the fully equipped factories with licenses on a turnkey basis. However, for heavy industries, “the factory owners themselves would be required to obtain the necessary licenses.”