Arab Finance: The Egyptian Minister of Trade and Industry Ahmed Samir has laid the foundation stone of a new home appliances factory owned by China-based Midea in Sadat City Industrial Zone, a statement revealed.
The factory is being established on a 220,000-square-meter area, with total investments of $105 million.
The project will produce a specific number of appliances for a start, with the aim of expanding in the future to produce several types of appliances to meet the local market’s demand and export abroad.
The project aims to create around 3,900 job opportunities, offer training to manpower, and enhance the country’s local industry innovation.