Daikin targets Egyptian market

EGYPT: Air conditioning manufacturer Daikin has established Daikin Airconditioning Egypt SAE in partnership with Egyptian private equity firm BPE Partners.

Daikin established the Egyptian subsidiary through Daikin Europe NV in the belief that Egypt’s growing economy remains the pillar of growth for both the Middle East and Africa.

With large-scale urban development projects planned, Daikin sees substantial growth in the air conditioning market. Development include mega projects and cities such as the New Capital City, the New Suez Canal Development Area, and the expansion of Cairo on the East and West borders. By 2050, the current population of 18 million people in Greater Cairo is projected to climb to over 40 million.

In establishing a subsidiary in Egypt, Daikin says it is laying the groundwork for business development that aggressively competes for large-scale projects by leveraging the local knowledge and investment expertise of BPE Partners and collaborating with the Daikin Middle East Office in Dubai. With energy-saving products ranging from residential to commercial use, Daikin is poised to substantially expand business in Egypt. The success it achieves in the Egyptian market will be used as a springboard to future development in the Middle East and Africa.