United Electronics Company (eXtra)’s expansion plans in Egypt will not go into effect after considering feasibility, the Saudi company announced on Monday.
The company’s decision came after reviewing its feasibility to move forward with external expansion in Egypt, according to the statement.
The consumer electronics company had previously announced its plans to expand its business in Egypt, by establishing its first subsidiary outside the Gulf Cooperation Council in 2021, with an initial investment of one billion Egyptian pound.
The financial impact of halting the expansion plans are expected to be worth $10.13 million, stated the Saudi company in a bourse statement.
Companies from Gulf countries have been considering expansion opportunities in Egypt, as it offers a big market for their goods and services.
