Hisense Group, a Chinese multinational major appliance and electronics manufacturer, in partnership with the United Arab Emirates' FBB TECH company, signed on Thursday a land lease contract with Egypt-TEDA SEZone Development Company to build a new factory in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone.

The signing ceremony was attended by Egyptian Prime Minister Mostafa Madbouly, Suez Canal Economic Zone (SEZone) Chairman Waleid Gamaleldien, and other senior Egyptian officials.

The project is planned to cover an area of about 13 acres (about 5.26 hectares) with an investment of 38 million U.S. dollars, said Ou Yang, president of Hisense International Middle East and Africa Region, noting that it will be put into production in the second quarter of 2025.

Ou said that after the completion of the first phase of the project, 1.5 million high-quality screens will be produced annually.

Most of the products will be exported to Europe, the Middle East, and Africa, which will create foreign exchange income of about 100 million dollars for Egypt each year and directly provide employment for about 400 people after the project reaches full production, Ou said.

For his part, Gamaleldien said in a statement that the contract matches SEZone's commitment to supporting Egyptian exports through cooperation with the largest international commercial brands that seek to expand their activities in global and regional markets.

He reiterated that cooperation with Chinese investments helped in building new partnerships, noting that the efforts of localizing industries and reducing the importation bills are the priorities of luring investments.

The project will play a significant role in boosting employment, upgrading industrial technology, and increasing Egypt's foreign exchange earnings, according to Cao Hui, executive director of Egypt-TEDA SEZone Development Company.

As of June 2024, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has attracted over 160 companies with investments exceeding 3 billion dollars.