Arab Finance: Elaraby Group is aiming to build the largest industrial park in the region with $350 million in investments, the group’s Chairman Ibrahim Elarabay revealed on May 18^th.

The chairman also unveiled that the park would encompass five home appliance factories, including a factory for manufacturing fridges, freezers, ovens, and heaters with up to $150 million in investments and a production capacity of 2.5 million units.

The plan also includes the establishment of an air conditioner factory at an investment cost of $50 million, with a production capacity of 400,000 units, he added.

Moreover, the group will set up a factory for production components with up to $150 million in investments.

The construction of this park is set to commence this year, with the investments to be pumped into the project until 20230.

This project will offer more than 15,000 job opportunities, as per Elaraby. It also aligns closely with Egypt's broader economic objectives outlined in Egypt Vision 2030.

This came during an inspection tour by Egyptian Prime Minister Mostafa Madbouly to Elaraby Group’s industrial park in Kom Abu Rady, Beni Suef.

For his part, Madbouly said that the Egyptian government is working on localizing industries, expanding agricultural areas, increasing foreign direct investments (FDI), and further strengthening the role of the private sector to bring its contribution to the national economy to 65% within the next three years.

In the same vein, Madbouly visited Samsung's factory in Beni Suef, praising the company’s efforts in localizing industry.

Head of Samsung Electronics-Egypt Jun Su Jung said that the factory has a current production capacity of 6 million units annually, including televisions, mobile phones, and tablets.

The total investments pumped into Beni Suef factory amounted to more than $700 million, and $85 million was invested in manufacturing mobile phones and tablet devices from 2022 to 2024, according to Jung.

Jung added that expansion work at the factory are set for completion by the end of 2024, with production to begin in the first quarter (Q1) of 2025.

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