Canadian textile manufacturer Avelon has signed an agreement with East Port Said Development Company to establish an industrial project specialized in producing technical textiles used in the construction materials sector within the East Port Said Industrial Zone.

According to a statement issued by the Suez Canal Economic Zone on Thursday, the first phase of the project will be developed over an area of 24,183 square meters, with investments amounting to $27 million, equivalent to around EGP 1.4 billion. The project’s entire production will be directed toward exports, with 100% of output targeting markets in the United States and Europe.

The investment plan also includes a second expansion phase, which is currently under study, within the scope of East Port Said Development Company as the industrial developer.

Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone, said that Avelon’s project reflects the success of the East Port Said Industrial Zone in attracting high-value, export-oriented industrial investments.

He noted that the zone enjoys integrated competitive advantages that make it one of Egypt’s most promising destinations for industrial investment.

Gamal El-Din added that the integration between East Port Said Industrial Zone and East Port Said Port, which has cemented its position among the world’s leading container-handling ports, provides investors with significant logistical advantages.

These advantages help reduce transportation, shipping, and supply chain costs, while also accelerating access to global markets. This, in turn, enhances the competitiveness of products manufactured within the zone and supports the authority’s strategy to localize export-oriented industries and deepen industrial value chains.