Hisense and FBB Tech Lay Foundation for Factory in Egypt
On 17 February 2025, Chinese household appliances giant Hisense and UAE-based FBB Tech performed the foundation stone laying ceremony for a new factory in the Suez Canal Economic Zone (SCEZ). The ceremony took place in the presence of the Chairman of the SCEZ, Walid Gamal El-Din
In the first phase, the project will necessitate an investment of USD 38 million, but the #FDI amount will eventually reach USD 100 million. The plant will start off with an area of 38,318 square meters with a production capacity of one million LED television sets per year. Actually, the factory is designed to be expandable up to 100,000 square meters and an annual production capacity of 2.5 million screens.
The Executive Vice President of Hisense Middle-East and North Africa region, Amir Al-Hourani, stated that that the factory is expected to be completed by the end 2025. Furthermore, he emphasized that nearly 70% of the production will be destined for export to the Middle-Eastern, African, and European markets.
In 2024, Hisense reported sales exceeding 20 million TVs. The closest rival is none other than TCL, another Chinese company. Hisense already has a factory in South Africa which focuses on the SADC market.
It is worth recalling that back in 2008, Hisense already made a foray into Egypt with a factory producing CRT and LCD televisions, which have now become obsolete. The choice of Egypt stems from its geostrategic position along the key maritime passageway of the Suez Canal and its location at the convergence of three key markets: Africa, Middle-East and Europe. Egypt also enjoys an array of Free Trade Agreements (#FTA) which gives products made in Egypt preferential access to these markets.
In the future, the factory plans to extend its product line from black goods to white goods such as refrigerators and air conditioners. The Egyptian government underlines that the project reinforces the role of Egypt as a manufacturing and trading hub.
Egypt is one of leading economies in Africa and Middle-East. It is the most populous country in the Middle-East region with population of 113 million and ranks third in Africa in terms of GDP.