Egyptian paints and coatings maker German Lebanese Industries Company-GLC inaugurated new factory in Obour City with Lebanese-Egyptian investments worth more than 200 million pounds (US$284.4 million).
The factory was opened in the attendance of trade and industry minister Tarek Qabil, Abdel Fattah El Hout -GLC chairman-, Abdallah Helmy -the Egyptian partner of GLC-, and other officials.
Chairman El Hout stated that Egyptian paints market owns all potentials to attract foreign investments within the upcoming years backed by the large national projects that were recently launched by President Abdel Fattah al-Sisi.
On other side, Egyptian partner Helmy clarified that the new factory comes among firm’s plan to expand in the Egyptian market and capture new share of it.
The products of the new factory are expected to reach 700 million pounds annually, Helmy noted, stating that its exports are also expected to record around US$3.5 million by the end of 2016.
The new factory is set to create more than 400 direct job opportunities, the Egyptian partner pointed out.
