Egypt to set up a smartphone recycling centre of €100m

Samuel Mathias, an expatriate Egyptian and a Paris-based electronics engineer and business owner, is looking to set up a €100 million smartphone refurbishment and recycling plant for the Suez Canal Economic Zone.

According to news media reports, Soha Gendi, Egypt’s Minister of Egyptian expatriates affairs and emigration met with Mathias to discuss the venture. The reports added that Gendi is also coordinating with Hossam Haiba, CEO of the General Authority for Investment and Free Zones, for a smoother setup process.

This recycling project is also believed to involve a key global communications technology company from France. The investment should pass €100 million in the next two years.

According to Statista, the global refurbished and used mobile phone market is said to touch $172 billion by 2023, with a compounded annual growth rate of 11.9 per cent.