Midea Group inaugurates its $25M factory in SCZone

CAIRO - 9 August 2023: Midea Group launched its washing machine factory in China’s TEDA industrial zone in Ain Sokhna, the Suez Canal Economjc Zone (SCZone) with $25 million investments on August 8.

Chairman of the Suez Canal Economic Zone (SCZone) Walid Gamal El-Dien stated that the company's establishment in the region and the launch of a new production line for dishwashers will fulfill the demand for household appliances in the local market and bolster exports to global markets. He emphasized the strategic importance of the economic zone's location and the seamless integration between its industrial zones and ports, which greatly simplifies the process of exporting.

The Chinese company expects to annually produce 1.5 million washing machines at the factory, for export to the Middle East, Africa, the EU, and the US.

The SCZone also got the Egyptian Cabinet’s approval to set up a joint-stock investment company called SCZone Istithmar to manage SCZone’s current and future investments and set up joint development enterprises with the private sector.

Earlier this week, local media reported that Midea Group is considering acquiring Electrolux Group’s Zanussi brand and its assets in Egypt. If confirmed, the acquisition deal is expected to be finalized by the fourth quarter of 2023.