Samsung said on Monday it will be opening its new factory in Egypt's Beni Suef – the multinational electronics conglomerate's first in the Middle East - within two months to produce television screens and LCDs with cost of EGP 1.7 billion. Sherif Barakat - Head of Division at Samsung Mobile Egypt - said the company is currently working on opening up its new factory on time within two weeks and before the end of the first half of 2013, refuting recent rumors circulated that the establishment of the new factory has been stopped during the last few months. Barakat further explained to ‘Amwal Al Ghad' that Samsung is targeting more expansions in the Egyptian market for the current period seeking to make the best use of the current situation and to boost its investments. He said the Egyptian market is likely to achieve rocketing growth rates in the country's information technology sector within the upcoming period. The factory will be built on a space of nearly 3700 m2 in Beni Suef's Abu Radi, at an investment cost reaches up to EGP 1.7 billion. This factory will create 1400 job opportunities directly and 2000 indirectly. It is expected that Samsung's new factory will begin to produce within the first half of 2013, precisely in May. The new factory targets exporting its products to 9 Arab countries initially.
