China’s Haier Smart Home Co. has on Thursday signed a memorandum of understanding to establish an industrial complex for home appliances and feeding industries in Egypt, with investments worth up to $130 million.
The complex will be built on a space of up to 200,000 square metres in the Tenth of Ramadan City, according to an Egyptian Cabinet statement.
Mohamed Abdel-Wahab, chief executive of the Egyptian General Authority for Investment and Free Zones (GAFI), has signed the memorandum with Li Huagang, director of Haier Smart Home, in the presence of Egypt’s Prime Minister Mostafa Madbouly at the Egyptian Cabinet’s new headquarters in New Alamein City.
The project will be financed through direct investments and will provide more than 2,000 job opportunities, said Abdel-Wahab, chief executive of the GAFI.
The facility will produce around 900,000 home appliances per year, he added.
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