Raya Holding for Financial Investments will invest EGP 400 mn in 2021 to expand into new sectors, CEO Medhat Khalil told Reuters in an interview cited by Al Arabiya. The company will self-finance half of the amount and is lining up bank finance for the rest, he said.

Haier Raya kickstarts air-con line: Raya’s home appliances joint venture with China-based electronics manufacturer Haier Electric fired up its new AC production line last week, Khalil said. The EGP 200 mn plant will source 60% of its components from local suppliers to produce 70k units a year, with plans to boost production to 200k in the next two years. Around 70% of the facility’s output will be exported.

TV production line launches next quarter: Haier Raya Electric will begin manufacturing TV screens in 2Q2021, Khalil said. Raya invested EGP 50 mn in Haier Raya Electric’s TV production line last year.

Industry + fintech are the priority sectors: Khalil expects the industrial sector to provide 10% of the company’s revenues this year, and has ambitions to become the largest player in the e-payments market in 2022.

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Egyptian Financial and Industrial Co. is considering a USD 58 mn upgrade of a fertilizer production line at its subsidiary Suez Company for Fertilizers, according to an EGX disclosure (pdf). Beltone Financial has been contracted to conduct the feasibility study for the project.