Elaraby Group seals MoU to locally manufacture Germany’s Heller products
Updated 7/1/2024 5:14:00 AM
Arab Finance: Egypt-based Elaraby Group and Germany's Heller Group have signed a memorandum of understanding (MoU) aimed at locally manufacturing the latter’s products using Egyptian components, as per a statement.
The project will serve as an industrial and commercial hub for exporting products to European and global markets, Elaraby Group’s CEO Mohamed Mahmoud Elaraby said.
The first phase of manufacturing is set to commence in the fourth quarter (Q4) of this year, with investments totaling €70 million over the first three years.
In another context, Elaraby told Asharq Business that his firm is investing $500 million in establishing a 100-feddan industrial complex at the New Quesna Industrial Zone in Menoufia Governorate, in partnership with two Japanese firms, including Sharp, and the Taiwanese Richie International.
Elaraby Group will own the majority stake of the complex, which includes two refrigerator and air conditioning compressor factories, two refrigerator factories, a stove factory, a deep freezer factory, an air conditioning factory, and an engineering glass factory.
Elaraby added that the group aims to export half of the new complex’s production abroad, and the rest to cover the needs of the local market.
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