Financial Times FT.com

Israel deal saves ailing Egyptian industry

By William Wallis

Published: April 22 2005 03:00 | Last updated: April 22 2005 03:00

Few Egyptians would have thought that economic salvation for one of their country's biggest job providers might lie in neighbouring Israel. But for Fadel Marzouk, who manages a textile company a stone's throw from the Great Pyramids in Giza, last December's historic trade agreement with Egypt's erstwhile enemy appears to offer just that.

Recently returned from his first trip to Tel Aviv, the 31-year-old manager of Giza Spinning and Weaving, one of the country's largest privately owned textile manufacturers, says he is hiring 1,000 extra workers and building a new factory specialising in luxury items.

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