Egypt, Saudi Arabia coordinate on regional crises ahead of first Supreme Council meeting    FRA launches first register for tech-based risk assessment firms in non-banking finance    Egypt's Health Ministry, Philips to study local manufacturing of CT scan machines    African World Heritage Fund registers four new sites as Egypt hosts board meetings    Maduro faces New York court as world leaders demand explanation and Trump threatens strikes    Egypt identifies 80 measures to overhaul startup environment and boost investment    Turkish firm Eroglu Moda Tekstil to invest $5.6m in Egypt garment factory    EGX closes in red area on 5 Jan    Gold rises on Monday    Oil falls on Monday    Al-Sisi pledges full support for UN desertification chief in Cairo meeting    Al-Sisi highlights Egypt's sporting readiness during 2026 World Cup trophy tour    Egypt opens Braille-accessible library in Cairo under presidential directive    Abdelatty urges calm in Yemen in high-level calls with Turkey, Pakistan, Gulf states    Madbouly highlights "love and closeness" between Egyptians during Christmas visit    Egypt confirms safety of citizens in Venezuela after US strikes, capture of Maduro    From Niche to National Asset: Inside the Egyptian Golf Federation's Institutional Rebirth    5th-century BC industrial hub, Roman burials discovered in Egypt's West Delta    Egyptian-Italian team uncovers ancient workshops, Roman cemetery in Western Nile Delta    Egypt, Viatris sign MoU to expand presidential mental health initiative    Egypt's PM reviews rollout of second phase of universal health insurance scheme    Egypt sends medical convoy, supplies to Sudan to support healthcare sector    Egypt sends 15th urgent aid convoy to Gaza in cooperation with Catholic Relief Services    Al-Sisi: Egypt seeks binding Nile agreement with Ethiopia    Egyptian-built dam in Tanzania is model for Nile cooperation, says Foreign Minister    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    Egypt flags red lines, urges Sudan unity, civilian protection    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Industry Ministry to inaugurate three plants with EGP 2.3bn Saudi-Egyptian investment
Egyptian components in television screens will reach 71%, says minister
Shaimaa Al Aees Published in Daily News Egypt on 04 - 06 - 2018

Minister of Trade and Industry Tarek Kabil will inaugurate three new plants for manufacturing household appliances in the city of Sixth of October.
The new plants belong to Unionaire Group and will produce washing machines, refrigerators, and TV screens with a Saudi-Egyptian investment of up to $100m.
The minister will lay the foundation stone of Unionaire Group's latest industrial complex for manufacturing household appliances for export with a total investment of EGP 1bn. The products of the complex include washing machines, refrigerators, air conditioners, and stoves.
Kabil noted that the proportion of the local Egyptian components in manufacturing television screens will reach 71%, which fulfils the objectives of the ministry's strategy to promote local industry.
For his part, Chairperson of Unionaire Group Mohamed Fathy said that the group developed an ambitious plan to enhance its presence in the Egyptian market.
Fathy added that an additional EGP 1.5bn investment has been directed to the new plants. The group's total investments are about EGP 2.3bn.
"The total production of washing machines is estimated at 300,000 during the first phase of operation and the refrigerators plant's production is estimated at 250,000 in the first phase and up to 500,000 refrigerators in the second phase of the plant's operation. Production of television screens will reach 750,000 screens annually," Fathy noted, adding, "the three plants will provide about 1,500 direct job opportunities. It is planned that the complex will provide approximately 3,000 job opportunities."
In May, Unionaire Group announced that it would make an initial public offering on the Egyptian Exchange (EGX) for about 30% of the company's capital during the first quarter of next year.

Clic here to read the story from its source.