Egypt has on Wednesday granted Samsung Electronics the golden licence, a fast-tracked, single-approval licensing window for a project to establish a mobile phone factory in the country.
The decision was approved in a Cabinet meeting chaired by Prime Minister Moustafa Madbouly. The factory will be built over 6,000 km2 in Kom Abu Radi Industrial Zone in Beni Suef governorate, south of Cairo.
Samsung plans to complete the first phase of the project and proceed with the second phase in the second half of 2024. The project shall be completed before the end of 2025, a Cabinet statement read.
Upon completion, the factory is set to create 768 direct and indirect jobs.
In late 2022, Egypt introduced the golden licence, allowing investors to buy or rent lands while operating and managing developing projects with a one-time approval skipping multiple procedures at various governmental bodies.
Two types of businesses are eligible for the licence: the first that contributes to sustainable development in line with the state’s economic development plan; and the second that establishes partnership between the private and public sectors – or between the private sector and any entity affiliated with the state.
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