Turkey’s Arcelik to invest $100m in Egypt amid thaw in relations

Turkish home appliance magnate plans to use Egypt as an export hub and provide jobs for thousands of Egyptians

Turkey’s largest home appliance manufacturer Arcelik will invest $100m to establish a new factory in Egypt, according to a statement released by the Egyptian trade ministry on Sunday, as both countries continue to mend ties after a years-long rift.

Arcelik CEO Hakan Bulgurlu visited Sharm el-Sheikh over the weekend, where he met Egyptian Minister of Trade and Industry Ahmed Samir to discuss investment opportunities.

Samir said that during the meeting, they reviewed Arcelik’s project, which will be completed by the end of 2023 and is projected to manufacture an annual capacity of 1.5 million household appliances, according to the statement.

The investment is expected to provide 2,000 direct jobs for Egyptians.

The minister added that the project aims to meet his country’s need for appliances, as Arcelik plans to make Egypt a hub for producing and shipping products to foreign markets.Local media has suggested that Arcelik will break ground on the plant on 7 December.