Egypt - Oriental Weavers announced on Wednesday that it intends to withdraw its investments in China after the company’s Board of Directors approved the liquidation of its assets in the country after a study was conducted. She added that the company intends to invest $10m in 2022 in the company’s expansion operations to increase production capacity and keep pace with demand. Al-Gohary also pointed out that the proportion of raw materials that the company imports from China amounts to 5% of its total imported raw materials. Oriental Weavers owns a giant factory network that includes 31 industrial facilities distributed across Egypt, China, and the US, with Egypt accounting for 95% of the production operations. Mubasher Securities Research said that Oriental Weavers is currently building a new production facility called ‘Nefertari’ that includes 22 looms and a carpet finishing area at a total investment cost of $50m.

Source: Daily News Egypt August 12, 2022 12:28 UTC