INVESTMENT WATCH- Trade Minister to inaugurate three new Unionaire factories in three weeks: Trade and Industry Minister Tarek Kabil is expected within the coming weeks to inaugurate three new Unionaire Group factories worth a collective USD 100 mn, according to a ministry statement. The factories in Six October City — which will produce an annual 750k television screens, 500k refrigerators, and 300k washing machines in their first phase of operation — are being partially financed through Egyptian-Saudi investments, with Unionaire contributing around EGP 1.5 bn to the project, according to Chairman Mohamed Fathy.

Kabil is also expected to break ground soon on Unionaire’s EGP 1 bn export-focused industrial complex, which will produce heavy-duty electric appliances, such as air conditioners, refrigerators, and washing machines, as the company looks to expand its presence in the Egyptian market and the region. Sources had said last year that the 80,000 sqm area would be complete by July 2019.