Samsung Egypt begins manufacturing ACs at Raya’s factory

Samsung Egypt has been manufacturing air conditioners through factories belonging to Raya, Al Borsa reports. Contracting out production appears to be critical to Samsung’s manufacturing strategy to tackle rising FX rates, said Samsung Egypt’s vice president Sherif Barakat. He added that the company plans to raise its market share of phones to 50% and of televisions to 40% in 2017, the newspaper reports.