GLC Paints to invest $25M in Egypt as part of its expansion plans

CAIRO – 19 November 2023: The German Lebanese Company for Paints (GLC Paints) has announced its intention to make investments of $25 million in the Egyptian market. The announcement came during the visit of Prime Minister Mostafa Madbouly to factories located in the 10th of Ramadan City and El Obour City.

During the Prime Minister's tour of the GLC Paints factory, Anwar Abdel Fattah Al-Hout, CEO of GLC Paints, highlighted the company's expertise in manufacturing various types of oil and water-based paints. He also revealed that the company's total investments currently amount to EGP 2.5 billion, with export volumes reaching $20 million.

Al-Hout further elaborated on the company's expansion plans, stating that GLC Paints is in the process of injecting more than $25 million in new investments in the near future. This is expected to create over 1,000 new job opportunities, providing a significant boost to the local workforce.

During the factory inspection, Prime Minister Madbouly had the opportunity to witness the new expansions at the GLC Paints facility. These expansions include the construction of three new halls spanning an area of 25,000 square meters. Notably, these new halls will be exclusively dedicated to export operations, emphasizing the company's commitment to international markets.

In addition to GLC Paints, the Prime Minister also visited the factory of Italy's renowned adhesives and chemical products company, Mapei. The Italian company is investing approximately $25 million to establish a factory in Egypt, with a projected annual production capacity of up to 100,000 tons.

The investments made by GLC Paints and Mapei signify a growing confidence in Egypt's economic potential. With GLC Paints expanding its manufacturing capabilities and Mapei establishing a production facility, these developments will contribute to the growth of the local economy and foster collaborations with international partners.