Oriental Weavers Plans New Industrial Complex

Cairo, Egypt, March 3, 2008--Oriental Weavers said it would build an industrial complex for more than $237 million to meet rising demand.

The company said it had seen a 60 percent rise in signed contracts at international carpet fairs.

The first phase is set to start by the end of next year, and would produce rugs.

The second phase would add fiber extrusion and additional rug capacity.

Oriental Weavers said the project will include 17 new facilities over 190,000 square meters, would be financed through 55 percent debt and 45 percent equity.