Chinese home appliances giant Midea Group launched its USD 25 mn washing machine factory in China’s TEDA industrial zone in Ain Sokhna, the Suez Canal Economjc Zone (SCZone) said in a statement yesterday. The Fortune Global 500 company expects to produce 1.5 mn washing machines each year at the factory, for export to the Middle East, Africa, the EU, and the US.

BACKGROUND: The company in 2021 broke ground on the factory, which was initially slated for completion by the end of 2022.

Midea has more plans to expand here: The Chinese firm’s local arm was awarded a golden license in July to build a USD 105 mn home appliances factory in Sadat City. Meanwhile, local media earlier this week reported that the company is eyeing Swedish appliances manufacturer Electrolux Group’s Zanussi brand and factories in Egypt.

Chinese manufacturers like the SCZOne lately: The SCZone and a number of Chinese companies signed agreements last month to establish projects worth a combined USD 60 mn in investment in the TEDA zone, including USD 45 mn worth of textiles projects. The SCZone also signed initial agreements in May with Chinese companies for investments of more than USD 700 m in TEDA projects, following an SCZone roadshow to China and Hong Kong.

Tags: