Saudi United Electronics Co. Chooses Egypt for 1st Expansion Outside GCC

Saudi-based United Electronics Co., known as extra, is to inject 1 billion Egyptian pounds (US$64 million) as an initial investment for a fully owned subsidiary in Egypt, marking its first expansion outside GCC, it said in a bourse filing.

The expansion in Egypt will be financed entirely from the company's own resources. Extra is targeting a market share in Egypt of about 10% over the next decade, company’s CEO told CNBC Arabia. The supply chain crisis affected the increase in the company's operations costs, Muhammad Jalal added.