The company said that the new facility will be its first expansion outside the Gulf Cooperation Council (GCC) region, adding that the investment will be funded through internal cash flows and borrowing.
The company has 18 years of experience in the consumer electronics sector.
“This step comes to strengthen the company’s regional footprint, and to support its strategy to diversify sources of income and maximize profits through offering the best value to its customers, which will add real value to its shareholders,” the company said in a statement.
It also added that it will immediately start obtaining the approvals and licenses from all concerned parties needed to establish the subsidiary.
The company noted that further announcements would elaborate on any material developments and financial impact of incorporating the new facility.
Saudi Arabia is the second largest investor in Egypt, with investments surpassing $6 billion distributed across more than 500 investment projects, according to Egypt’s Ministry of Trade and Investment.
Foreign direct investment (FDI) inflow to Egypt recorded $ 5.9 billion in 2020, accounting for 14.5 percent of the USD 40.5 billion invested in the region, according to a recent report published by Arab Investment and Export Credit Guarantee Corporation’s Investment.
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