Midea Electric Egypt, a subsidiary of Chinese household goods giant Midea Group, has laid the foundation stone for a manufacturing complex in Sadat City at a total investment of $105 million.
The foundation laying ceremony was attended by Egyptian Minister of Industry, Ahmed Samir, the Chinese Ambassador to Cairo, Liao Liqiang, and Eric Wang, Vice President of Midea Group of Companies.
Amr Said, CEO of Midea Electric Egypt, told Zawya Projects that construction of the new complex, spread over an area 220,000 square metres, will begin in the first quarter of 2024.
“The complex will start operations in the first quarter of 2025 with 50 percent of the production allocated for exports," he said.
Midea obtained the golden license from the General Authority for Investment for the project.
The new complex will be Midea’s third in Egypt after 6th of October City and the Suez Canal Economic Zone and brings the Chinese company’s total investments in the country to $247 million.
The company established its first manufacturing plant in Egypt in 2010.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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