Samsung Electronics, the world's biggest mobile phone and memory chips manufacturer, has agreed to set up a new mobile phone factory in Egypt as the country seeks to attract investment to support its economy.
Construction of the plant, which will be located in the Beni Suef governorate, south of Cairo, is expected to begin in the fourth quarter of 2023, Egypt’s Ministry of Communications and Information Technology said.
The plant, which will produce the latest versions of mobile devices, will create 1,400 direct and indirect job opportunities in the country, especially in Upper Egypt.
“Egypt has become an attractive destination for many major companies operating in electronics design and manufacturing,” said Amr Talaat, minister of Communications and Information Technology.
“Businesses choose to manufacture in Egypt to serve the local market and export to regional markets.”
The investment by the South Korean company comes after Egypt, the Arab world's third largest economy, introduced a round of legislative and economic reforms to boost private sector participation.
The amendments were made last month following repeated complaints from Egyptian and foreign private sector investors that red tape, variable tax laws and favouritism towards state companies were discouraging them from investing in the country.
Increasing the role of the private sector and reducing the role of state companies in the Egyptian economy was a key condition upon which the International Monetary Fund agreed to give Egypt another round of funding worth $3 billion earlier this year.
The latest deal with Samsung is part of the CIT ministry's “Egypt Makes Electronics” presidential initiative, aimed at doubling the country's electronics exports and boosting jobs growth for engineers, researchers and technicians.
It aims to attract investors to manufacture “promising electronic products with high and fast payoffs”, such as mobile phones, tablets, GPS tracking devices, light-emitting diode (LED) lighting, smart meters, LED TVs and displays, and solar energy systems, according to the ministry's website.
The initiative offers a range of incentives for companies, including tax breaks, land discounts and access to training and research facilities.
It also provides support for start-ups and small businesses through its incubation and acceleration programmes.
“The establishment of the new Samsung factory in Beni Suef is a continuation of the successful co-operation with Samsung, which has already resulted in the manufacturing of educational tablets in Egypt,” Mr Talaat said.
“We are committed to enacting new incentives and policies for investors in addition to providing highly skilled professionals in the supporting sectors of the electronics industry,” he added.
In April, Samsung led the mobile device market in Egypt with a market share of about 26 per cent, according to Statista.
Chinese smartphone maker Oppo and Apple were in the top three with shares of around 17 per cent and 15 per cent, respectively, the data portal said.
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Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)
Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)
Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)
Monday Eibar v Valencia (midnight)
UAE currency: the story behind the money in your pockets
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
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- The British School Al Khubairat (Abu Dhabi) - Dh54,170
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*Annual tuition fees covering the 2024/2025 academic year
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
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Feb 05 Arsenal 0-0 Sunderland
Feb 12 Manchester City 1-0 Arsenal
Feb 15 Middlesbrough 3-0 Arsenal
Feb 19 Arsenal 2-3 West Ham
Feb 26 Middlesbrough 4-1 Arsenal (FA Cup)
Mar 01 Everton 2-1 Arsenal
Mar 05 Arsenal 1-4 ipswich
March 08 Arsenal 1-2 West Brom
Mar 12 QPR 2-1 Arsenal
Mar 23 Stoke 1-1 Arsenal
Apr 02 Arsenal 3-0 Leicester
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
WEST ASIA RUGBY 2017/18 SEASON ROLL OF HONOUR
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
Winners: Jebel Ali Dragons
Runners up: Abu Dhabi Harlequins
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
UAE Premiership
Winners: Dubai Exiles
Runners up: Abu Dhabi Harlequins
UAE currency: the story behind the money in your pockets
More coverage from the Future Forum
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
