Hub Furniture aims EGP150 million new investments in 3 years
Furniture manufacturer, Hub Furniture is aiming at pumping new investments of 150 million Egyptian pounds within the next three years two expand in the production capacities and showrooms according to CEO Kareem Fouad.
Fouad told Amwal Al Ghad that The company decided to locally manufacture furniture two years ago, following the liberalization of the exchange rate and the increase in the tariff on furniture imports, as well as resolution 43 on the registration of factories that supply to the Egyptian market, which contributed to the high cost of imports by 85%.
Fouad further explained that the company currently owns 5 factories with an area of 30 thousand square meters in “Obour, Badr, Inshas, and Mossest Al Zakah”. The furniture is produced with local component of 60 percent in about 300 design including living rooms, dining rooms and bedrooms,
He added that the amount of investments in these factories has reached 150 million Egyptian pounds.
Moreover, Hub Furniture has injected 100 million Egyptian pounds in the establishment of 8 branches and showrooms in Alexandria, Suez, Cairo , October and Mohandessin.
However, He pointed out that the company starts exporting to Oman, Saudi Arabia and Yemen and aims to expand in the Gulf countries and African countries, especially Kenya and Uganda, where the target of exporting 1500 pieces per month during 2020 to represent the export of about 30% of production capacity.
