Raya Electric, a subsidiary of Raya Holding for Financial Investment led by tycoon Medhat Khalil, has partnered with LG Electronics.
Together, they aim to produce LG-branded home air conditioners in Egypt. This marks a significant development in the region's home appliances sector, adopting a 'manufacturing as a service' (MaaS) business model.
Innovative design and local productionRaya Electric will not only assemble but also design air conditioners. They are committing to using over 60 percent locally sourced components.
This initiative aligns with the Egyptian government's effort to increase local manufacturing content while adhering to international standards.
