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

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]