[Egypt] Expat behind €100m SCZONE smartphone recycling factory

An Egyptian expatriate has announced plans to launch an £86 million (€100m) factory to refurbish and recycle smartphones in the Suez Canal Economic Zone (SCZONE), Daily News reports.

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 project.

The Ministry has reportedly been supportive of the venture. The minister stated that coordination with Hossam Haiba - CEO of the General Authority for Investment and Free Zones (GAFI) - cleared the project’s initiation hurdles. Leading French telecom firms are set to collaborate on the project.

Ms Gendi said the factory’s investment will exceed €100m in the next two years. She emphasised that its location in the SCZONE is strategic, leveraging the area’s prime geographical position and plentiful resources to enhance its economic impact.

The initiative intends to establish a facility dedicated to remanufacturing and recycling smartphones. The project reflects the Egyptian government’s ongoing support for emerging enterprises.

Mr Mathias reportedly praised the investment incentives offered to expatriates and announced that he intends to expand investment, create jobs and provide substantial employment opportunities for young people.

Source: Daily News

An Egyptian expatriate has announced plans to launch an £86 million (€100m) factory to refurbish and recycle smartphones in the Suez Canal Economic Zone (SCZONE), Daily News reports.

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 project.

The Ministry has reportedly been supportive of the venture. The minister stated that coordination with Hossam Haiba - CEO of the General Authority for Investment and Free Zones (GAFI) - cleared the project’s initiation hurdles. Leading French telecom firms are set to collaborate on the project.

Ms Gendi said the factory’s investment will exceed €100m in the next two years. She emphasised that its location in the SCZONE is strategic, leveraging the area’s prime geographical position and plentiful resources to enhance its economic impact.

The initiative intends to establish a facility dedicated to remanufacturing and recycling smartphones. The project reflects the Egyptian government’s ongoing support for emerging enterprises.

Mr Mathias reportedly praised the investment incentives offered to expatriates and announced that he intends to expand investment, create jobs and provide substantial employment opportunities for young people.

Source: Daily News