Home appliances maker El-Araby 2016 sales hit 10 bln Egyptian pounds

Egypt’s electronics and home appliances maker, El-Araby Group reported Monday around 10 billion Egyptian pounds ($552 million) in 2016 sales.

“El-Araby is planning to increase the local component in its products, which is currently ranging between 40-90 percent in various products.” Medhat El-Araby, Al-Araby Group’s board member, told Amwal Al Ghad.

There is a current decline in demand for electronic devices affected by the rise in prices after Egypt’s central bank floated in early November the local currency, he explained.