Cairo: Prime Minister witnesses the signing of an agreement to establish two companies. Egypt's Misr Artificial Silk and Polyester Fibers Company signed a shareholder agreement with UAE-based Usman International to establish two recycling-based industrial projects worth a combined 1.7 billion Egyptian pounds, the Egyptian Cabinet said on Monday.

According to State Information Service Egypt, the partnership aims to build two new companies that will recycle plastic and fabric waste into polyester fibre and industrial felt, targeting local and global markets with environmentally sustainable products.

The first project, set to be built on a 25,000-square-metre site, will utilize European technology to produce 30,000 tons annually of polyester fibre from recycled plastic. With 80 per cent of its output slated for export, the projected annual sales are estimated at 800 million pounds.

A second project will focus on recycling fabric waste into industrial felt, which will be used in the automotive, aviation, and furniture sectors. The 20,000-square-metre facility will require an investment of 600 million pounds and aims to produce 30,000 tons per year. With 52 per cent of its output earmarked for export, annual sales are projected at 230 million pounds.

Both projects will be located in Kafr El-Dawar and are expected to transform the city into a regional hub for recycling and alternative raw material manufacturing. This initiative aligns with Egypt's broader goals to grow value-added industries, reduce emissions, and boost exports.

Misr Artificial Silk and Polyester Fibers Company operates as a subsidiary of Egypt's Holding Company for Cotton, Spinning, Weaving, and Clothing.