Damietta Furniture City, is going to be the first and the biggest furniture industrial zone and feeding industries in the Middle East.
The furniture production sector is considered to be one of the most promising sectors in Egypt today. Furthermore Egypt has an international reputation for furniture production and craftsmanship. Besides this, the local market has a gap in demand covered by imported products with around 20% of the market share. Damietta Furniture City is expected to participate in boosting exports of furniture sector with more than US$200million.
Minister of Trade and Industry Tarek Kabil announced that Damietta Furniture City will be officially inaugurated within a year! Construction of the furniture technology centre is scheduled to be completed within a month in preparation for transferring equipment and devices to test the quality of the furniture.
At the signing of the cooperation protocol between the Damietta Furniture City company and Banque Misr to finance junior craftsmen, Kabil noted that this protocol is Damietta Furniture City’s first activity since its establishment in July. In addition, this protocol is one of the outcomes of the Central Bank of Egypt’s (CBE) initiative to finance small- and medium-sized enterprises (SMEs).
The cooperation protocol aims to provide the funding necessary to enable junior craftsmen to own units and equip them with the latest equipment with the aim of developing and modernising Egypt’s furniture industry, in addition to stimulating exports. Ossama Saleh, chairperson of Damietta Furniture City, said that his company and Banque Misr are conducting the final arrangements to finance the development and construction of the city with up to EGP 1.5bn.
Finally is important to say, that the city is built on 331 acres and includes 2,000 workshops, 55 factories, and provides 20,000 job opportunities.