By: Ahmad Alam
Cairo – Mubasher: Misr Trade and Investment (MTI) is targeting a 15% share in Egypt’s washing machine market through its partnership with US-based Whirlpool Corporation.
MTI is planning to achieve EGP 450 million ($25.83 million) in sales within a year, CEO Ashraf Omran told Mubasher on Wednesday.
Omran added that total investments pumped into Whirlpool’s first washing machine assembly plant in the Middle East and North Africa (MENA) are estimated at EGP 150 million.
The new plant’s production will be exported from Egypt to MENA countries including Tunisia, Morocco, Libya, Jordan, Iraq, and Lebanon, Whirlpool’s regional director – MENA, Mohammad Al-Yaseer revealed.
Al-Yaseer noted that the new production line would support the Egyptian government’s endeavours to boost the industrial sector and attract foreign investments.
Translated by: Muhammad Abdul-Wakeel
