Raya, China’s Haier Electric to establish EGP 200 mn home appliances factory

Raya Holding has signed a EGP 200 mn partnership agreement with Chinese HaierElectric to establish a home appliances factory under the name Haier Raya Electric, reports Al Mal. The factory will be constructed on Raya-owned property in the first industrial zone in Sixth of October city. Ownership of the factory will be split between the two, with Raya holding 85% and Haier holding the remaining 15%.