Universal Group announced its latest factory for the manufacture of home appliance moulds at a cost of more than 130 million Egyptian pounds. "The new plant is the first of its kind in Egypt. It is the latest of 14 plants in Egypt belonging to the group for the manufacture of household appliances and the formation of metal and plastic components needed in the production of devices," said chairperson of Universal Group Yousry Qotb. The project will be an unprecedented step for the development of the local industry. It will provide the components needed for the domestic home appliance industry, which in turn will limit the required imports from abroad, thus relieving pressure on foreign currency reserves. Universal's target is for its factories to become self-sufficient. The company aims to expand its investments in Egypt this year, in order to meet the growing demand in the domestic market, Qotb said. The company currently exports 60% of their products abroad, including stoves, washing machines, and water heaters. This represents almost 30% of Egypt's total exports of home appliances. Currently, Universal exports to more than 80 countries around the world; its products meet European standards which ranks the Universal brand top in Arab and African countries, Qotb said. Qotb added that Universal is the only industrialised establishment in the world which has achieved self-sufficiency of metals and raw materials used in the manufacturing of home appliances.
