ArabFinance: The Egyptian unit of Japanese manufacturer Sumitomo Corporation is set to start construction works at its biggest factory in the world for the manufacturing of electrical wiring harness for vehicles in the 10th of Ramadan City, Sumitomo Egypt’s Managing Director Ahmed Magdy revealed, according to an official statement on September 13th.
The project will be built at 150,000 square meters with around $100 million in investments, Magdy said.
Export of the new factory’s output will start before the end of 2023, he noted, adding that 100% of the factory’s production will be exported.
The top executive unveiled that Sumitomo Egypt will build a raw material storage warehouse to be used as a distribution hub for North and Middle Africa.
The project will create around 10,000 jobs and will be operational by the end of 2023, Magdy stated.
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