Sunday, June 23, 2024
Smartphone news

Egyptian expatriate to spearhead €100m smartphone recycling factory in SCZONE

An Egyptian expatriate plans to launch a €100m factory for refurbishing and recycling smartphones in the Suez Canal Economic Zone (SCZONE).

Soha Gendi, Egypt’s Minister of Emigration and Egyptian Expatriates’ Affairs, met with Samuel Mathias, a prominent electronics engineer and business owner based in Paris, to discuss his upcoming venture in Egypt.

The Ministry has given the project serious attention, with Gendi noting that coordination with Hossam Haiba, CEO of the General Authority for Investment and Free Zones (GAFI), has cleared any hurdles for the project’s initiation. This venture will see collaboration with leading French telecom firms.

Gendi highlighted that the factory’s investment will surpass €100m within the next two years. Its location in the SCZONE is strategic, leveraging the area’s prime geographical position and abundant resources to enhance its economic impact.

This initiative, a collaboration with a key global communications technology company from France, aims to set up a facility dedicated to the remanufacturing and recycling of smartphones. The project underscores the government’s ongoing support for emerging enterprises.

Mathias commended the investment incentives offered to expatriates, expressing his intent to expand investment, create jobs, and provide substantial employment opportunities for the youth soon.


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