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Industry Ministry to inaugurate three plants with EGP 2.3bn Saudi-Egyptian investment - Daily News Egypt

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Industry Ministry to inaugurate three plants with EGP 2.3bn Saudi-Egyptian investment

Egyptian components in television screens will reach 71%, says minister


Minister of Trade and Industry Tarek Kabil will inaugurate three new plants for manufacturing household appliances in the city of Sixth of October.

The new plants belong to Unionaire Group and will produce washing machines, refrigerators, and TV screens with a Saudi-Egyptian investment of up to $100m.

The minister will lay the foundation stone of Unionaire Group’s latest industrial complex for manufacturing household appliances for export with a total investment of EGP 1bn. The products of the complex include washing machines, refrigerators, air conditioners, and stoves.

Kabil noted that the proportion of the local Egyptian components in manufacturing television screens will reach 71%, which fulfils the objectives of the ministry’s strategy to promote local industry.

For his part, Chairperson of Unionaire Group Mohamed Fathy said that the group developed an ambitious plan to enhance its presence in the Egyptian market.

Fathy added that an additional EGP 1.5bn investment has been directed to the new plants. The group’s total investments are about EGP 2.3bn.

“The total production of washing machines is estimated at 300,000 during the first phase of operation and the refrigerators plant’s production is estimated at 250,000 in the first phase and up to 500,000 refrigerators in the second phase of the plant’s operation. Production of television screens will reach 750,000 screens annually,” Fathy noted, adding, “the three plants will provide about 1,500 direct job opportunities. It is planned that the complex will provide approximately 3,000 job opportunities.”

In May, Unionaire Group announced that it would make an initial public offering on the Egyptian Exchange (EGX) for about 30% of the company’s capital during the first quarter of next year.

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https://wwww.dailynewssegypt.com/2018/06/04/industry-ministry-to-inaugurate-three-plants-with-egp-2-3bn-saudi-egyptian-investment/
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