The Holding Company for Cotton, Spinning, Weaving and Garments has signed a deal to build the largest spinning factory in the world right here in Egypt, at Misr Spinning and Weaving Company in El-Mahalla El-Kubra.

A statement by Ministry of Public Business Sector announced on Thursday. This comes in light of the Ministry’s plan to implement a comprehensive development plan for cotton and weaving industries.

The statement also indicated that the factory will be established on an area of ​​about 62,500 square meters, with the ability to accommodate more than 182 thousand spinners, with an average production capacity of 30 tons/day.

The construction work will begin soon and shall take around 14 months, with an estimate cost of around LE 780 million.

The contract was signed by Chairman of the Board of Directors of the Holding Company for Spinning and Weaving, Ahmed Mustafa, and Vice Chairman of the Board of Gamma Construction Ayman Saad.

“The plan to develop cotton and spinning and weaving companies takes about two and a half years at a cost that exceeds LE 21 billion, and includes a complete modernization in construction and machinery – which was contracted to supply from major international companies – and a comprehensive development in management, marketing and training systems,” the ministry added.

The aim of this ambitious plan is to turn 10 companies into strong entities, in order to double their current production capacity by 3 times. This way, these entities will be able to compete on a higher level.

Egypt will install a smart system on roads nationwide to monitor any violations and the traffic!

In a meeting with transport officials that was held yesterday, Egypt’s transport minister Kamel El-Wazir discussed implementing a smart system for roads nationwide.

This comes in light of the government’s plan that aims at improving road safety.

The project’s first phase includes six highways: the Cairo-Suez road, Cairo-Ismailia-Port Said road, the Regional Ring Road, Katameya-Ain Sokhna road, Shubra-Benha freeway and Cairo-Alexandria desert road, the ministry said.

In the second phase of the project, the new system will have covered around 20 of Egypt’s main roads.

“All roads joining the smart system will be monitored by a network of cameras that monitors traffic 24/7… and registers any violations,” the minister said.

Italian oil company Eni has announced about a new gas discovery off the coast of the Egyptian Nile Delta, in a statement released on Wednesday.

The Italian oil and gas company Eni said that it succeeded in drilling the first exploration well in Egypt’s Nile Delta waters, this comes in cooperation with contractor members of BP and Total.

The new discovery, which is at the Bashrush prospect, is located at a depth of 22 metres, and is 11 km from the coast.

According to the company, which holds 37.5 percent interest of the North El Hammad concession, there’s a possibility of discovering a gas column with a thickness of 152 meters within the Messinian age sandstones of the Abu Madi formation with “excellent petrophysical properties.”

“The discovery of Bashrush is further demonstration of the effectiveness of Eni’s ‘incremental’ exploration strategy, aimed at selecting high value opportunities and ensuring fast development of the new discoveries through existing infrastructures,” the company said in a statement.

The three firms will wok together with Egypt’s petroleum authorities in order to start looking into the development options for the new discovery, with the aim of “fast tracking” production, the statement said.