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Tuesday, 31 January 2023

More FDI for local electronics assembly?

MANUFACTURING-

Good news for our electronics localization drive? Chinese electronics and household appliance manufacturer Hisense is in talks with the government to assemble its products locally, Al Mal reports citing unnamed sources in the telecoms sector. Hisense in 2021 entered a partnership with El Araby Group to launch a home appliance assembly line here, with plans to invest USD 170 mn.

ARMED FORCES-

The military has been allocated desert land stretching 2 km on either side of 31 new roads, according to a decree by President Abdel Fattah El Sisi that was published in the Official Gazette. The General Authority for Urban Planning will take responsibility for planning the development of the allocated areas.

RENEWABLE ENERGY-

SolarizEgypt is looking to invest USD 100 mn in Egypt over the next three years, founder and managing director Yaseen Abdel Ghaffar reportedly told Al Mal. We can also expect to see Solariz expand its presence in Africa, with Abdel Ghaffar noting the company’s interest in entering Kenya, Tanzania and South Africa this year.

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