Cairo – Mubasher: BSH Home Appliances Group, a subsidiary of Germany's Bosch, has inked a preliminary contract with Egypt's New Urban Communities Authority to purchase two plots of land to establish an industrial complex for home appliances in the 10th of Ramadan City.
The signing ceremony was attended by Egyptian Prime Minister, Mostafa Madbouly, the Minister of Housing, Utilities, and Urban Communities, Assem El-Gazzar, and the Minister of Trade and Industry, Nevin Jameh, according to the Egyptian Cabinet's statement.
BSH Home Appliances will construct the industrial complex over around 160,000 square metres to manufacture home appliances.
The Egyptian Cabinet spokesman, Nader Saad, said that the contract is in line with the Memorandum of Understanding (MoU) signed with Egypt in June 2019 for Bosch to construct its first industrial complex in MENA.
In a separate statement, BSH announced that the company will invest over EGP 550 million (EUR 30 million) in building its first cooking factory in Africa and the 13th in the world.
With a production capacity of over 350,000 appliances per year, the 30,000 square meter facility will be located on the 10th of Ramadan City close to Cairo.
The factory's construction is set to start in 2022, and the production is scheduled to begin in 2024.
In 2020, BSH recorded sales of EUR 13.9 billion by meeting consumer needs in 125 markets.