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FINANCIAL NEWS
ME’s largest textile factory opened in Fujairah
12 Jun 2012
(MENAFN) Sheikh Hamad bin Mohammed Al Sharqi, ruler of Fujairah, UAE opened the Middle East’s largest textiles factory which will target markets in Europe and the US, state news agency WAM reported.
The United Textiles factory, which was built in the Fujairah Free Zone at a total cost of USD61.25 million, was funded by the Fujairah government-owned Fujairah Investment Company and a number of investors from Azerbaijan.
The factory will secure 225 jobs, according to Sharif Al Awadhi, director of Fujairah Free Zone.
He also said that the plant will have an annual output capacity of 10,000 metric tonnes of materials for textile industries in the GCC, Middle East, Europe and the US.
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