Damietta Furniture City was established with an authorized capital that reaches 5 billion Egyptian Pounds, with a 521 million Egyptian Pound capital value and a 100% Egyptian capital contribution, after the incorporation decision decreed by the General Authority for Investment in July 2016.
Shareholders: The National Investment Bank, Damietta Governorate, the Industrial and Mining Projects Authority. Ayady Egypt for Industrial Development – one of Ayady Egypt’s companies for investment and development – which is doing its part as one of the sponsors of the project ;in addition to being one of the investors, while NI Capital (the investment arm of the National Investment Bank) as a financial consultant for the company.
An industrial area built on 331 acres according to the appropriation resolution No. 999 for the year 2015 issued by the Prime Minister, To establish furniture industries of different size and complementary industries and provide the infrastructure, services and facilities needed by those industries.
Damietta Furniture City is the most rigor national projects of Egypt, complementing the old city of Damietta, which is famous for the furniture industry. It is allocated 20 minutes away from Damietta city and is near the entrance of Damietta governorate in Shata area. The new city will make a qualitative leap to transform the local furniture industry into a global one. 1500 small and medium workshops of 50 to 150 meters with about 150 large and complete factories, besides the establishment of the furniture technology center in Damietta to prepare marketing studies for the furniture factories and test furniture before exportation.
The center will include an educational and academic institution for design and innovation, as well as exhibition halls aimed at promoting the city’s furniture products locally and internationally, in order to provide opportunities for the promotion of Damietta furniture. In addition to hotels and a complex of government and administrative services and an integrated services area, , warehouses, financial institutions, banks, a hospital and a house of worship.
The project aims to create an integrated furniture city that acts as an investment catalyst to compete in the global market through the construction of an industrial city serving the local market, create access to the international market and increase exports. The project also aims to transform Damietta city into an integrated city specialized in the furniture industry by deepening and promoting this industry. For the latest international developments, especially with regard to the design and development of production lines, as well as the creation of export opportunities to qualify them to compete regionally and internationally, in addition to providing more direct and indirect employment, which is expected to exceed 25,000 employment opportunities.
|Service Area||Investment Zone||Industrial Zone|
|DFC prepares lands and builds most of the components of the mentioned area, noting that this area will be for the public benefit and will not achieve any profit.||The company provides the infrastructure for the project, then sells part of the land or participates with external investors in order to develop it in light of the general perception of the project.||The company creates workshops and factories, and then sells them at reasonable prices to owners of small and medium workshops through bank financing facilitators for 10 years with a grace period. The land is being procured and sold as a vacant parcel to investors.|