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Thursday, May 16, 2024 4:45 GMT
ABB Egypt is looking forward to increasing its exports to the Saudi market to US$40 million by the end of 2024, versus US$2 million in 2023, ABB Factory Manager Mohamed Salem told Asharq Business.The company targets boosting its business volume in Saudi Arabia, which is the firm’s second-largest market after Egypt, to US$20 to US$30 million by year-end, Salem said.Moreover, the firm has injected around US$80 million worth of investments into the Egyptian market in 2023, he added, pointing out that it is planning to make new investments of about US$30 million within 2024 and 2025 to develop production lines.Salem also pointed out that ABB will submit a request to obtain new land plots spanning an area of up to 60,000 square meters in the 10th of Ramadan City to expand further.In addition, the firm targets a 50% year-on-year (YoY) export growth within 2024 and 2025 to reach US$150 million, as compared to US$100 million in 2023.