Egypt… the opening of a factory for the production of one of the most famous phones in Egypt"billion pounds"

An informed source said that the cost of setting up the first smartphone manufacturing plant in Egypt by China’s Xiaomi in partnership with Saudi group Al-Safi would be around £1 billion.

A source who spoke to Money & Business Al Shorouk on condition of anonymity said the change in exchange rates had pushed the cost up to around £1bn, explaining that the factory would open during the second half of 2023.

He added: “The location of the plant is currently being determined and will be located in Greater Cairo, while technical and marketing studies are being completed.”

The source indicated that the studies are scheduled to be completed during the first quarter of next year, saying that part of the production will be directed to export operations to neighboring markets.

The company, a Chinese multinational electronics company, was established in April 2010 headquartered in Beijing and invests in the production of smartphones, applications, tablets, laptops, home appliances, bags, shoes and consumer electronics.

Xiaomi has more than a thousand stores worldwide, 70 of them in Egypt, while the number of users of its application in Egypt is more than 800 thousand people.

And Xiaomi achieved the largest smartphone market share in Egypt in the current year of 2022, surpassing market sales by about one million units.

Source: Al-Shoruk