China’s Haier invests $250M in Egypt within 5 years
Updated 9/23/2024 11:53:00 AM
Arab Finance: China-based Haier Group is investing around $250 million in Egypt over five years, Haier Egypt’s General Manager Ahmed ElGendi told Asharq Business.
Through this investment, the company plans to manufacture its home appliances in Egypt, targeting to export up to 30% of this production abroad, ElGendi noted.
He highlighted that the second phase of the company’s industrial park in Egypt is valued at $40 million, aiming to manufacture fridges and freezers.
Actual operations at the park are set to begin in the fourth quarter of 2025 for the production of 300,000 units annually, with local components percentage exceeding 45%, he added.
Furthermore, ElGendi revealed that his company obtained the government’s approval to acquire a new land plot on an area of 45,000 square meters. This brings the total area of the company’s industrial park to 245,000 square meters.
In addition to exporting to Kenya and Seychelles, the company is set to export to Spain, Jordan, and Algeria before end-2024.
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