Minister of Trade and Industry Tareq Qabil on Monday announced the establishment of Damietta furniture city with an authorized capital of EGP 5 billions and issued capitals of EGP 521 millions, after the approval of General Authority For Investment (GAFI).

The company that will be built on 331 acres will make a quantum leap in the furniture industry in Damietta, Qabil said during a joint press conference held to reveal the details of establishing the company and results of its first board meeting.

The contributors of the new company includes National Investment Bank, Damietta governorate, the General Authority for the Implementation of Industrial and Mining Projects as as well as Ayady Egypt for industrial development, the minister added.

The planned city is to contribute to environment protection and the creation of some 100,000 direct and indirect job opportunities, he further noted.