Tiba Manzalawi Group, specialized in the central air conditioning industry in Egypt and the Middle East, plans to reach a total turnover of EGP 6bn in the coming five years.
The group intends to implement joint investments during the next period with some foreign investors to produce some of the feeding industries that they need in their basic fields, such as refrigeration, air conditioning and ventilation.
The Egyptian market is very promising in the areas of water and air solutions during the current period, said Shady El Manzalawi, CEO of Tiba Manzalawi Group.
El Manzalawi added that his company provides many products to the local market, and has supplied it to mega national projects that the state has recently developed.
In late May, the group signed a strategic partnership contract with the American company Xylem Water Solutions & Water Technology, the world leader in water technology to provide innovative and smart solutions to meet the needs of the Egyptian and African markets.
Hisham Tawfik, Minister of Public Enterprise Sector, attended the agreement signing ceremony.
The minister said that the agreement between Tiba Manzalawi Group and Xylem is in line with the plans and strategies that the government is working to implement by attracting global expertise and technology to work in the Egyptian market, highlighting that this strategy is a top priority, especially the optimal use of water resources.
It is planned that the joint venture will see the manufacture of the main Xylem products in Egypt, ensuring the availability of the global company’s products locally for the Egyptian and African markets.
Chairperson of Tiba Manzalawi Group Magdeldin El Manzalawi said that the new partnership between the group and Xylem stems from its signing at a time when economies of the whole world are facing great challenges, added that attracting investments has become the focus on which all government moves are based, which raises growth and provides job opportunities. Besides, it increases the country’s ability to reduce imports and increase exports.
Franz Cerwinka, SVP and President, Emerging Markets at Xylem, said: “We are very pleased to expand our investments in the Egyptian market and to cooperate with one of the industry giants in Egypt. We have more than 50 years of experience serving local market, with more than 3,000 completed project in Egypt alone, it is natural to reach this stage by deepening local manufacturing of our products, especially after the growth of Egyptian economy during the past few years and the Egyptian state’s keenness to achieve desired economic growth in the coming years.“
Shady El Manzalawi, CEO of Tiba Manzalawi Group, said that the new partnership will play a major role in meeting the needs of the Egyptian market for water pumps locally, and 50% of production will be directed to export to African countries.
Tiba Manzalawi Group is always keen to update and develop Egyptian products to match foreign products, by transferring the latest industrial technologies to keep pace with the rapid global development, he disclosed.