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Tiba Engineering Industries Co. of Al Manzalawi Group has announced plans to invest L.E. 400 million over the next 5 years. This was reported in the media quoting Eng. Shadi Al Manzalawi, Group's Managing Director, indicating that the amount includes L.E. 250 million to be pumped in a joint venture with GREE Group, a world leading manufacturer of residential and commercial air conditioners. Eng. Shadi claimed GREE controls almost 33% of the world air conditioners market. The alliance plans to establish a specialized training center to qualify young and fresh graduate engineers on refrigeration technologies. The remaining L.E. 150 million will be pumped at other engineering industries of the group. Worth indicating that Al Manzalawi Group was established in 1980.
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