Toshiba said that the company is currently in negotiations with its Egyptian partner El Araby to build a LCD (Liquid Crystal Display) TV production facility in Egypt, according to a November 28, 2010 report by the Wall Street Journal. It is reported that Toshiba and El Araby have reached an agreement to set up a joint venture. Toshiba is projected to invest approximately five billion Yen (US$59.7 million; US$1=83.7 Yen) through the JV to establish a LCD TV manufacturing facility in Egypt, aiming to tap into future demand for LCD TVs in the Middle East and Africa. The new facility is slated for volume production as early as March 2011, with an aim to produce approximately one million units of LCD TV annually.