(Factory location corrected in the first paragraph; Operations date and Zero Waste details corrected in the second para; new 6 and 7 paragraphs added) 

Turkey-based global domestic appliances giant Beko laid the foundation stone its new $100 million factory in Egypt in 10th of Ramadan Industrial Zone.

Umit Gunel, General Manager of Beko Egypt for Home Appliances told Zawya Projects that the 'zero waste' manufacturing facility will start operations by the fourth quarter of 2023.

He said the factory will have a total production capacity of 1.5 million devices annually, adding that in Phase 1, it will produce energy-saving appliances ovens and refrigerators.

He said 60 percent of the total production will be exported to Europe, Middle East, and Africa with targeted annual revenue of $250 million.

Gunel added that the new factory will provide 2,000 direct and indirect job opportunities.

In a press statement, Beko Egypt said the plant will use rooftop solar panels and renewable energy, as it works towards meeting local market needs and supporting government efforts to achieve its SDGs.

Beko Egypt for home appliances is a subsidiary of Arçelik, which is a subsidiary of Turkish investment holding company Koc Holding.

(Reporting by Eman Hamed; Additional reporting by  Marwa Abo Almajd; Editing by Anoop Menon)