Haier Egypt boosts investments in new industrial complex by 25%

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ELGendi disclosed that the anticipated annual production capacity of the complex’s first phase is approximately 1 million pieces

Staff Writer, Arab Finance

May 12, 2024

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Haier Egypt, a manufacturer of home appliances, has raised the volume of its investments in its new industrial complex by 25% to reach $168 million, the company's General Manager Ahmed Mossad ELGendi told Asharq Business.

ELGendi disclosed that the anticipated annual production capacity of the complex’s first phase is approximately 1 million pieces.

He added that 70% of this output is earmarked for the local market, with the remaining 30% slated for export.

The company is targeting sales of $120 million this year, aiming to boost them to$500 million within four years, he added.

ELGendi outlined the company's strategic goal of elevating the local component in its products to 70% in 2025 and 80% in 2026.

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