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Sumitomo’s Tenth of Ramadan factory to go live next month: Japanese conglomerate Sumitomo subsidiary Sumitomo Electric is putting the finishing touches on its cable factory in Tenth of Ramadan, with production set to begin next month before an official opening in 1Q 2025, according to a statement. The company has invested some EUR 22 mn in the factory.
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A slight delay: The factory, which will produce pigtail cables used in cars and cable harnesses, was originally scheduled to begin operations by the end of 2023.
The details: The 150k sqm factory will add around 3k jobs to the company’s existing workforce in Egypt. The factory was expected to produce cables for 1 mn cars per year, which would make it among the largest cable producers in the world.
More to come: The company plans to invest some EUR 8 mn in the Egyptian market over the coming 12 months, according to the statement.
VERNBRO’S NEW PHARMA FACTORY SET TO LAUNCH NEXT YEAR-
Vernbro Global to open EGP 1 bn pharma factory next year: US-based Vernbro Global Investment has completed the construction of an EGP 1 bn pharma factory spanning 7k sqm in Beni Suef that is set to open within a year, Al Borsa quotes the firm’s Sherif Younes as saying.
The company has big investments in Egypt: Vernbro Global is currently developing two logistics zone projects in Tanta and Kafr El Sheikh, with the Kafr El Sheikh project set to see EGP 6 bn in total investments by the time it is complete, Younis said. The project — which is currently around 30% complete — will be up and running in two years’ time and will include a commercial center, medical facilities, logistics warehouses, and auto services. Meanwhile, the Tanta project is almost ready to go and will include more or less the same facilities as the Kafr El Sheikh zone.
There’s more in the pipeline for Vernbro, too: The company aims to secure an 80-feddan plot from the Supply Ministry’s Internal Trade Development Authority in either Assiut or Sohag to set up an additional commercial and logistics center, Younis added.
