Cairo: Minister of Industry Khaled Hashem held talks with leaders of El Araby Group on the company's new investment expansion plans in New Quesna City, valued at approximately $480 million over the next five years. The discussions took place during an expanded meeting attended by senior representatives of the group, led by Chief Executive Mohamed Mahmoud El Araby.

According to State Information Service Egypt, the meeting reviewed the group's current and future production plans, potential challenges, and strategies to strengthen the home appliances industry and expand exports to international markets. Officials also discussed the group's strategy to increase the local component ratio in its products, which has reached around 90 percent in many cases.

Efforts to localize feeder industries, reduce reliance on imports, lower the import bill, enhance added value within the Egyptian economy, and strengthen the competitiveness of Egyptian products abroad were highlighted. The meeting further emphasized the group's research and development efforts through its accredited research centers, focusing on product development and innovative designs aligned with international standards and market needs.

Hashem noted that an agreement had been reached with the Ministry of Higher Education and Scientific Research on a new mechanism to better align research outputs with industrial requirements. This mechanism involves two main pillars: reviewing and evaluating research projects to identify those suitable for industrial application, and accurately assessing factories' needs to direct universities and research centers toward projects with tangible economic returns.

He added that sustainable financing mechanisms will be established in cooperation with the Ministry of Finance to support priority applied research projects and facilitate their transformation into implementable industrial applications. The minister reaffirmed the ministry's full support for El Araby Group's expansion in the Egyptian market, pledging all necessary assistance to production activities and coordination with relevant authorities to overcome any challenges.

He also underlined efforts to expedite industrial licensing procedures and announced a forthcoming field visit to the group's factories to monitor operations and the implementation of the new projects.