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Beta Technology Egypt holds session with Investment Ministry to complete establishment of new factory - Daily News Egypt

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Beta Technology Egypt holds session with Investment Ministry to complete establishment of new factory

We are in negotiations with banks to obtain funding in accordance with the CBE initiative for SMEs, says Hatem Hassan


Beta Technology Egypt held a session with officials from the Ministry of Investment before Eid Al-Fitr to discuss the establishment of a new factory for the manufacturing of 3D printers and virtual reality (VR) glasses, as well as wireless chargers for laptops, the company’s own invention, according to Beta Technology Egypt CEO Hatem Hassan.

Hassan revealed that another meeting will be held in the coming days with the Ministry of Investment to complete all necessary approvals for establishing the factory.

Meanwhile, the company has obtained security clearance for the construction of the factory. The security approval came after an agreement was made regarding the nature of the factory’s operations.

He added that the required financing for the project is being negotiated with the banks.

“We are working on a collaboration with the banks to achieve the required conditions to qualify for the national strategy of financing small- and medium-sized enterprises [SMEs] through the Central Bank of Egypt’s initiative. The necessary funding for the factory value will be in Egyptian pounds,” Hassan said.

According to Hassan, the value of investments for the new factory is EGP 160m. The company will contribute EGP 40m and will depend on outside funding to finance the remaining amount.

The factory is to be established in one of the free zones in Cairo, on an area of 5,000 sqm.

It will manufacture and export 3D printers, VR glasses, and wireless laptop chargers.

The company plans to sell 15,000 units of vCloudPoint devices during 2016. The devices are sophisticated computers that Beta acquired the right to be their US company agent in Egypt and the Middle East. The devices act similar to computers based on cloud computing.

The company also targets to sell 800 3D printers by the end of 2016 and to launch their new product—a wireless charger for laptops, which will be locally manufactured in the new factory.

Beta Technology Egypt received an offer from Lenovo to purchase the patent of the wireless chargers that the former developed during the current period, however, Beta rejected the offer.

 

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https://wwww.dailynewssegypt.com/2016/07/13/beta-technology-egypt-holds-session-investment-ministry-complete-establishment-new-factory/
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