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Signify and Gila Al Tawakol Electric Join Together to Launch Regional Manufacturing Centre In Egypt With Investments Of $100 Million

Signify (previously Philips Lighting), the worldwide lighting industry leader, has formed a strategic cooperation with Gila Al Tawakol Electric, a manufacturer and distributor of high-quality electrical goods, according to Invest-Gate.

The cooperation intends to develop a regional production centre in Egypt known as "Signify Gila Lighting Technology" to deliver cutting-edge LED lighting systems and products.

Prime Minister Mostafa Madbouly met with representatives from Signify and Gila to discuss the proposed project. The meeting was attended by Ahmed Samir, Minister of Trade and Industry; Hossam Heiba, CEO of the General Authority for Investment and Free Zones; Mohamed Saad, CEO of Signify Africa; Mokhles Tawakol, CEO of Gila Al Tawakol Electric; and Sherif Abdel Fattah, Chairman of Gila Al Tawakol Electric.

During the conference, it was decided to establish "Signify Gila Lighting Technology" as a global manufacturing centre in Egypt through direct foreign investment. The center's products will be exported to Africa, Europe and the Middle East, with the goal of supporting the localization of various sectors in accordance with the state's export goals.

The company's executives expressed appreciation to the Prime Minister for the opportunity to showcase four new projects presented by the Signify Philips and Gila alliance, totaling $100 million in investment. These efforts are consistent with the state's directives to attract domestic and foreign investment to Egypt, with a special emphasis on the manufacturing sector.

The new factory is part of Signify's ambitious goal to increase and diversify its footprint in Egypt and regional markets by capitalising on the region's great manufacturing capabilities. In addition, the company intends to take use of Egypt's strategic location to facilitate access to key markets. Signify will own 60% of the newly formed organisation, Signify Gila Lighting Technology and will be in charge of its operations.

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Posted on :7/4/2024