Manzalawi Group to establish JVs; seeks to promote local components

By Sakina Raj  | Date: 2022-06-07

Manzalawi Group to establish JVs; seeks to promote local components

Tiba Manzalawi Group, the leading provider of central air conditioning in Egypt, has reportedly intended to establish joint ventures (JVs) with foreign companies to promote local components.

The Cairo-based company aims to achieve an overall turnover of USD 322 million (EGP 6 billion) over the next five years.

The Group plans to make joint investments with some foreign investors to establish some of the feeding industries required in basic fields like air conditioning, ventilation, and refrigeration.

According to Shady El Manzalawi, CEO of Tiba Manzalawi Group, the Egyptian market currently holds promise in the areas of air and water solutions.

El Manzalawi also noted that the company offers a variety of products to the local market and has supplied it to the recently developed mega-national projects.

In May this year, the Group inked a strategic alliance contract with leading water tech company Xylem Water Solutions & Water Technology to offer smart and innovative solutions to cater to the market needs of Egypt and Africa.

The Minister of Public Enterprise Sector, Hisham Tawfik attended the signing ceremony. He stated that the agreement between Xylem and Tiba Manzalawi Group aligns with the strategies and plans outlined by the government to function in the Egyptian market.

Notably, the optimal usage of water resources is particularly highlighting this strategy.

As per the plan, the joint venture will witness the production of primary Xylem products in Egypt, assuring the local product availability of the global company for African and Egyptian markets.

Magdeldin El Manzalawi, Chairperson of Tiba Manzalawi Group opined that the new partnership between Xylem and the Group comes at a challenging time for the global economy.

El Manzalawi added that all government plans are based on the number of investments attracted, thereby promoting growth and providing job opportunities.

As per official sources, Tiba Manzalawi Group is also interested to upgrade and develop Egyptian products to align with foreign products.

Source Credit: https://www.zawya.com/en/business/energy/manzalawi-group-intends-to-establish-joint-ventures-with-foreign-firms-to-promote-local-components-kpau7xq7

About Author

Sakina Raj     aeresearch.net

Sakina Raj

Armed with a degree in English Literature, Sakina chose to explore the world of content writing and pursue it as a career. Sakina has been playing with words for over five years now and currently pens down articles relating to diverse domains for BonafideNews and vari...

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