Arab Finance: Raya Electric, a subsidiary of Raya Holding for Financial Investments, has signed an agreement with the South Korean home appliance firm LG to manufacture LG-branded home air conditioners, as per a statement.

Under the agreement, LG plans to capitalize on Raya Electric's manufacturing capabilities within three years by producing over 150,000 units annually to meet the increasing demand in the Egyptian market and export to numerous regional markets.

This cooperation comes in line with the Egyptian government’s plan to boost locally manufactured home appliances in compliance with the highest international standards.

“We are proud to produce an Egyptian-designed product branded with a global brand, which confirms the confidence and competitiveness of Egyptian-made home appliances in the global market, fully complying with quality, reliability, and sustainability standards,” CEO of Raya Electric Usama Zaki commented.

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