Egypt's Minister of Trade and Industry Tarek Kabil listens during an interview with Reuters after Euromoney Conference in Cairo, Egypt September 19, 2017.
CAIRO - 4 June 2018: Trade and Industry Minister Tarek Kabil said three new factories for the production of household appliances will be inaugurated in 6th October City within a few weeks with Egyptian-Saudi investments of up to $100 million.
In a statement by the Ministry of Trade and Industry on Monday, Kabil noted the three factories are belonging to Unionaire Group and will produce washing machines, fridges and TV screens.
This comes as a part of the ministry's efforts to promote the national industry by increasing the percentage of local components in locally manufactured products.
"The local component in the TV factory will reach 71 percent," underlined the minister.
The foundation stone of the latest industrial complex of Unionaire will be laid, Kabil pointed out noting that it will produce washing machines, refrigerators, air conditioners and cookers, with total investments amounting to $one billion.
Chairman of Unionaire Group Mohamed Fatehy said the three factories would create 1,500 jobs and the industrial complex will create around 3,000 more.