Cairo – Mubasher: Egypt’s Elaraby Group has signed a memorandum of understanding (MoU) with Germany’s Heller to manufacutre its products with Egyptian components.
The first phase of the project is set to begin in the last quarter of this year, with investments amounting to EUR 70 million over the next three years, according to a cabinet statement.
Mohamed Mahmoud El-Araby, CEO of Elaraby Group highlighted that this agreement aligns with the Egyptian government's strategy to increase exports and boost local manufacturing.
He emphasised that the memorandum will help save foreign currency by exporting components manufactured by Elaraby in Egypt, creating more job opportunities in the process.
The CEO also announced the establishment of Elaraby Germany Company, which will serve as an industrial and commercial hub for exporting products to European countries and beyond.
Founded in 1949, Heller specialises in manufacturing home appliances and is committed to precision and quality. The company established its first home appliances factory in Falkenberg, Germany, in 1992 and has since expanded globally.
