The Clap:
The Arab Organization for Industrialization (AOI), Talaat Moustafa Group (TMG), and Switzerland’s Schindler have formed a partnership to implement a program for indigenizing the supply, assembly, and testing of certain elevator components for various development projects affiliated with the Ministry of Housing, Utilities, and Urban Communities.
Specifics:
AOI and TMG will establish a facility where Schindler will assemble and test 5,000 elevators annually over a period of up to 10 years. Once the facility is established, Schindler will provide the necessary technical expertise and management.
So what:
Egypt’s Elevator and Escalator market size is projected to grow at a CAGR of 9.1% through to 2028, according to Research and Markets’ projections. The partnership will create numerous job opportunities in the local market in an industry that is heavily import-reliant, and Schindler will be providing certification and professional licensing to upskill the domestic workforce, cabinet notes.
