Hitachi Home and Life Solutions Ltd., a subsidiary of Hitachi Appliance Inc. Japan, signed today a strategic partnership with a leading manufacturer and supplier of air conditioning system in Egypt and MENA Tiba Manzalawi Group.
As pursuant to the agreement, Hitachi will expand production of air conditioners and refrigerators in the Egyptian market throughout the coming five years, with investments at value of $30 million.
From his side, Eng. Shady El Manzalawi – Managing Director at Tiba Group – stated that according to the partnership, the targeted volume of direct investments shall reach up to $30 million in 5 years in Egypt. Hitachi will inject direct investments amounting to $10 million in the Egyptian market within 2014/2015, he noted.
The manufacturing process will be performed at Tiba Group’s factories located in the 10th of Ramadan city, El Manzalawi added, asserting that the partnership will provide 1.000 direct job opportunities in addition to 2.000 indirect ones.
This is the first partnership of its kind to Hitachi established in Egypt, the Middle East and North Africa regions, with the aim for spreading the latest Japanese technology to Egypt.