During a meeting with representatives of Signify Philips and Gila companies, Egyptian Prime Minister Dr. Mostafa Madbouly discussed a proposal to establish four new projects with investments totaling 100 million dollars. The Cabinet confirmed that the proposed projects were reviewed during the meeting.
Sherif Abdel Fattah, the Chairman of the Board of Directors of Al-Tawakol Electricity Company, detailed the projects that the alliance plans to undertake. These include establishing a lighting factory in Egypt to provide cutting-edge LED lighting solutions with $50 million in direct foreign investments. The aim is to export 60% of the products to Europe, Africa, and the Middle East, creating over 1000 job opportunities for Egyptian engineers, workers, and technicians.
Another project involves expanding the manufacturing and assembling of medium and low voltage panels by constructing a new factory in Tenth of Ramadan with an investment of 20 million dollars. Additionally, the alliance plans to establish a 40-megawatt solar power station with investments worth $20 million.
The fourth project focuses on producing green hydrogen, with investments of around $16 million expected. The officials from the companies praised the efforts of the Egyptian government in attracting investments and expressed their gratitude for the support in overcoming obstacles.
During the meeting, Mohamed Saad, General Manager of Signify Philips Lighting Egypt and North Africa, highlighted his company’s decision to invest in manufacturing in Egypt while transferring modern technology and exporting to various markets. Engineer Ahmed Samir, Minister of Trade and Industry, encouraged Philips officials to localize their medical devices industry in Egypt.
Dr. Mostafa Madbouly acknowledged the importance of these proposed projects and assured that his government was prepared to provide necessary support for their success