Mohamed El Dib, chairperson and managing director of QNB Alahli, and Al-Moataz Mohamed Bahaa ElDin, CEO and managing director of Damietta Furniture Company, signed a cooperation protocol to develop the Damietta furniture project, the first and largest industrial zone specialised in furniture and complementary industries in the Middle East.
The aim of this cooperation is to transform Damietta into an integrated and specialised city in the furniture industry, through modernizing and promoting the industry, in accordance with the latest international developments. This will be accomplished especially with regard to the design and production lines, and will create export opportunities for them, enabling them to compete regionally and internationally, in addition to providing direct and indirect employment opportunities.
The signing of this protocol comes within the framework of QNB Alahli’s role as a bank supporting the Egyptian economy, especially micro and small enterprises.
According to El Dib, this agreement is an extension of the bank’s role in the development of society and providing means of support at the economic and social levels, in order to benefit the national economy and develop society as a whole.
He added that cooperation with the Damietta Furniture Company is in line with the bank’s ambitions to support economic and business development, with a special focus on the development of the micro and small enterprises sector in Egypt.
According to Bahaa Eldin, the Damietta furniture project is a national project aimed to create an integrated city specialised in manufacturing furniture and all related crafts as well as small and medium-sized industries.
He explained that the project includes 1,400 workshops for small manufacturers, lands for industrial purposes on 600,000 sqm, a commercial and marketing zone of 400 exhibitions, an exhibition hall, a 4-star hotel, a 3-star hotel, an international conference centre, several administrative facilities, a hospital, a technological centre, a technical institute for design and vocational training, and other complementary services.