Arab Finance: Signify, formerly known as Philips Lighting, has partnered with Gila Al Tawakol Electric, a manufacturer and distributor of high-quality electrical products, to establish a regional manufacturing center in Egypt, as per an emailed press release.

Dubbed Signify Gila Lighting Technology, the center will provide cutting-edge LED lighting solutions and products.

Set to be established via foreign direct investments (FDI), the center will export its products to Africa, Europe, and the Middle East, aiming to promote the localization of several industries in Egypt.

Signify will hold a 60% stake in Signify Gila Lighting Technology and will be in charge of the operation processes.

The announcement of this partnership came during a meeting between Prime Minister Mostafa Madbouly and representatives of Signify and Gila to review four new projects proposed by both firms with investments of $100 million.

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