Cairo – Mubasher: Atrium for Contracting, a subsidiary of Talaat Moustafa Group Holding Company (TMG Holding), has signed a framework cooperation agreement with global lift manufacturer Schindler Group, to localise the industry in Egypt.

Under the agreement, Schindler will launch a phased programme to localise the supply, assembly, and operational testing of a group of lift components to be used in development projects in Egypt, according to a press release.

Both companies will build a facility for the assembly and operational testing of lifts, along with transferring industrial expertise to Egyptian workers.

The agreement is expected to create a “significant number” of job opportunities and provide professional accreditation and certification programmes, TMG Holding said in a statement.

It is worth noting that TMG Holding logged a consolidated net profit of EGP 4.13 billion during the first quarter (Q1) of 2024, a leap from EGP 700.13 million in the same quarter a year earlier.