Skip to content Skip to Search
Skip navigation

Egypt plans €100m smartphone recycling centre

By Divsha Bhat
The global refurbished and used mobile phone market is forecast to grow from $50bn in 2022 to $172bn by 2033 Reurters/Luc Gnago
The global refurbished and used mobile phone market is forecast to grow from $50bn in 2022 to $172bn by 2033
  • Expat Egyptian behind project
  • ‘Hurdles cleared’ for start
  • Refurbished market worth $50bn

A €100 million smartphone refurbishment and recycling plant is being planned for the Suez Canal Economic Zone. 

The man leading the project is named by Daily News Egypt as Samuel Mathias, an expatriate Egyptian who is said to be a Paris-based electronics engineer and business owner. 

The newspaper said that Soha Gendi, Egypt’s minister of emigration and Egyptian expatriates affairs, met Mathias this week to discuss the venture.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

The ministry is said to have given the project serious attention. Gendi is reported as saying that coordination with Hossam Haiba, CEO of the General Authority for Investment and Free Zones, has cleared any hurdles for its start.

The smartphone recycling project is also said to involve collaboration with a “key” global communications technology company from France.

Gendi said the factory’s investment should pass €100 million within the next two years, thanks to its prime geographical position and abundant resources to enhance its economic impact.

The global refurbished and used mobile phone market is forecast by the research company Statista to grow from $50 billion in 2022 to $172 billion by 2033 at a compound annual growth rate of 11.9 percent.

Latest articles

Sharjah airport. S&P says the emirate's fiscal deficits are expected to narrow gradually over 2024-2027

Private sector to propel Sharjah’s economic growth

Global ratings agency S&P has affirmed Sharjah’s rating at “BBB-/A-3” and maintained a stable outlook, citing strong private-sector activity as a key driver of economic growth. The emirate, one of seven that makes up the UAE, is expected to average 2.8 percent growth between 2024 and 2027, supported by manufacturing, construction, transport, and trade sectors.  […]

The first phase of the luxury residential tower 'DG1' in Dubai, built by Dar Al Arkan's international arm Dar Global, should be completed this year

Dar Al Arkan Q1 profit rises 31% on higher property sales

The net profit of Saudi Arabian real estate company Dar Al Arkan rose 31 percent in the first quarter of 2024 to SAR154 million ($41 million).  The earnings increase was driven by higher property sales, a fall in operating expenses, and higher non-operating income from Islamic deposits. Property sales increase drove revenue higher by 13 […]

Mineral products contributed the highest value at OMR839 million among Oman's non-oil commodity exports, a 143 percent surge year on year

Oman’s trade surplus rises 21% on higher crude exports

Oman’s trade surplus rose 21 percent year on year to OMR1.7 billion ($4.4 billion) by the end of February 2024, according to government data. The total value of merchandise exports reached OMR4.4 billion during the period, a 20 percent increase, compared to OMR3.7 billion a year ago, state-run Oman News Agency reported, citing statistics from the […]

Smasco will offer 120 million shares in its IPO, or a 30 percent stake

Smasco market cap to hit $800m on Saudi listing

Smasco, the Saudi Manpower Solutions Company, has set its final initial public offering (IPO) price at SAR7.50 per share, giving it a market capitalisation of SAR3 billion ($800 million) at listing. The company will offer 120 million shares, or a 30 percent stake, raising SAR900 million from the listing. This month, the indicative price range […]