{"id":653921,"date":"2024-10-24T00:00:00","date_gmt":"2024-10-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/lg-is-setting-up-a-usd-150-mn-refrigerator-line-in-its-tenth-of-ramadan-factory\/"},"modified":"2024-10-24T00:00:00","modified_gmt":"2024-10-24T00:00:00","slug":"lg-is-setting-up-a-usd-150-mn-refrigerator-line-in-its-tenth-of-ramadan-factory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/lg-is-setting-up-a-usd-150-mn-refrigerator-line-in-its-tenth-of-ramadan-factory\/","title":{"rendered":"LG is setting up a USD 150 mn refrigerator line in its Tenth of Ramadan factory"},"content":{"rendered":"

\n

MANUFACTURING-<\/p>\n

#1- <\/strong>LG plans to invest USD 150 mn in refrigerator production line:<\/strong> Korean home appliance giant LG plans to add a new USD 150 mn refrigerator production line to its Tenth of Ramadan factory, which currently houses one washing machine and television production lines, the company said in a press release (pdf)<\/a>. The new production line is in the preparation phase, LG Egypt Managing Director Billy Kim told Al Borsa<\/a>, without disclosing its completion date.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

\n

\n

#2- A new pump factory may be in the works:<\/strong> Turkish pump manufacturer Turbosan is mulling setting up a factory in Egypt as part of a larger effort to increase its presence in the local market, according to a Housing Ministry statement<\/a>. <\/p>\n

Remember:<\/strong> Pumps were among the 12 products<\/a> selected by the housing and industry ministries to serve as the focus of our localization efforts in the coming period.<\/p>\n

\n

INFRASTRUCTURE-<\/p>\n

Government agencies can now grant contractors working on public projects up to a <\/strong>six-month extension on their implementation timelines<\/strong>, according to a circular issued<\/a> by the cabinet. Contractors must justify their extension requests and will be held legally accountable if they attempt to delay construction or otherwise violate their contracts, the circular said. <\/p>\n

The backstory: <\/strong>The decision follows complaints<\/a> from members of the Egyptian Federation of Construction and Building Contractors (EFCBC) about the withdrawal of work from companies unable to complete their work on schedule, which the Federation chalked up to rising costs rather than firm malfeasance.<\/p>\n

Public contractors are facing economic headwinds: <\/strong>Companies working with government entities are bound by strict laws and decisions that have caused severe losses, now increasing further with the recent fuel price hike<\/a>, EFCBC member Mohamed Abdel Raouf told EnterpriseAM<\/a> earlier this week.<\/p>\n

\n

REGULATION-<\/p>\n

Tighter<\/strong> rules on land transfers to curb speculation: <\/strong>Industrial land can no longer be sold or transferred without approval from the Industrial Development Authority, with the receiving party now required to pay in full for the land, make an effort to obtain all operational licenses necessary to develop the land, and start operations for no less than three years before engaging in any transaction with respect to the land, according to an authority statement<\/a>. <\/p>\n

The backstory: <\/strong>The move comes amid an ongoing push to curb industrial land speculation<\/a> amid concerns that developers have been acquiring land to profit from land price increases rather than to develop it.<\/p>\n

\n

LOGISTICS-<\/p>\n

Pargo bri<\/strong>ngs its smart logistics services to Egypt:<\/strong> South Africa-based logistics firm Pargo<\/a> has secured some USD 4 mn in funding to fuel its expansion into Egypt, it said in a press release (pdf)<\/a>. Pargo has rolled out its collect and return services \u2014 which allow people to collect or return their online orders at their convenience \u2014 across 500 pickup points, including Fawry, Circle-K, and Basata stores. <\/p>\n

More on Pargo:<\/strong> The logistics company launched its pilot program in Egypt back in 2023, testing its services with 150 pickup points before its official rollout.<\/p>\n

\n

CAPITAL MARKETS-<\/p>\n

PFI Asset Manageme<\/strong>nt to manage GIG Ins. funds:<\/strong> PFI Asset Management \u2014 Post for Investment\u2019s newly formed<\/a> asset management company \u2014 will oversee GIG Ins.\u2019s Money Market and Equity Funds, according to a s<\/a>tatement (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new production line is in the preparation phase<\/p>\n","protected":false},"author":1,"featured_media":653922,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,102,72,7111,8716,131,6818],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-capital-markets","tag-enterpriseam","tag-infrastructure","tag-lg","tag-manufacturing","tag-post-for-investment","wpautop","entry"],"acf":{"mongo_id":"f945472e-5d43-495b-a94f-1f599de907e7","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2122.jpg","photo_position":"above","homepage_title":"","full_issue_title":"LG is setting up a USD 150 mn refrigerator line in its Tenth of Ramadan factory","related_issue":[653896],"teaser":"The new production line is in the preparation phase","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.c605ddb5-a8d8-4f4d-9dd3-ed7a7b93af6e.mp3"},"yoast_head":"\nLG is setting up a USD 150 mn refrigerator line in its Tenth of Ramadan factory - 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The announcement came following a meeting between Trade Minister Amr Nassar and LG Egypt CEO Don Kwak to discuss\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574299,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/06\/lg-egypt-to-invest-usd-50-mn-in-manufacturing-facilities-over-the-next-three-years\/","url_meta":{"origin":653921,"position":1},"title":"LG Egypt to invest USD 50 mn in manufacturing facilities over the next three years","author":"enterpriseam admin","date":"6 September 2020","format":false,"excerpt":"INVESTMENT WATCH- LG Egypt to invest USD 50 mn in manufacturing over the coming three years: LG Egypt is planning to invest some USD 10 mn this year to boost its household appliance manufacturing capabilities in addition to committing USD 40 mn over the next three years to add new\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652308,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/05\/lg-egypt-exported-usd-130-mn-worth-of-goods-in-2016\/","url_meta":{"origin":653921,"position":2},"title":"LG Egypt exported USD 130 mn worth of goods in 2016","author":"enterpriseam admin","date":"5 January 2017","format":false,"excerpt":"LG Egypt exported USD 130 mn worth of goods in 2016 and is studying new solutions to bring the washing machine and air conditioning production lines into operation this year following the EGP float, an unnamed company official told Al Borsa. Exports were down from USD 150 mn when the\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570062,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/don-kwak-steps-down-as-chief-of-lg-egypt\/","url_meta":{"origin":653921,"position":3},"title":"Don Kwak steps down as chief of LG Egypt","author":"enterpriseam admin","date":"17 March 2020","format":false,"excerpt":"MOVES- Don Kwak has stepped down from his role as CEO of LG Egypt, Al Mal reports. Kwak served as the company\u2019s chief since February 2016, and headed a USD 250 mn expansion in the Tenth of Ramadan City factory that added new TV and washing machine production lines. An\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":639349,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/26\/lg-looking-to-invest-usd-60-mn-in-new-production-line\/","url_meta":{"origin":653921,"position":4},"title":"LG looking to invest USD 60 mn in new production line","author":"enterpriseam admin","date":"26 October 2017","format":false,"excerpt":"LG Electronics Egypt is planning to add a new production line to its 10 Ramadan City plant at an initial investment cost of USD 60 mn,company sources tell Al Borsa. The new air conditioning line will produce units mostly for export, which should allow the company to meet rising costs,\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645305,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/17\/lg-inaugurates-new-egp-120-mn-washing-machines-production-line\/","url_meta":{"origin":653921,"position":5},"title":"LG inaugurates new EGP 120 mn washing machines production line","author":"enterpriseam admin","date":"17 July 2017","format":false,"excerpt":"LG inaugurated a new EGP 120 mn washing machine production line at its 10th of Ramadan factory, Al Masry Al Youm reports. The line has a production target of 87k washing machines this year, 56k of which are set to be exported. LG Egypt Managing Director Don Kwak said last\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=653921"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653921\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/653896"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/653922"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=653921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=653921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=653921"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=653921"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=653921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}