Egypt: Foundation stone laid for $38M FBB-Tech electronics project in Sokhna
Egypt - Chairman of the Suez Canal Economic Zone (SCZone) Waleid Gamal El-Dien has laid the foundation stone for the "FBB-Tech" electronics project in the Sokhna Industrial Zone, with investments worth $38 million, as per a statement.
Covering an area of 110,000 square meters, the project is being developed by China's FBB-Tech in collaboration with Hisense, within the scope of the industrial developer TEDA-Egypt.
It aims to produce 1 million units annually and provide 337 job opportunities.
Gamal El-Dien noted that the FBB-Tech project aligns with Egypt's efforts to promote sustainable development and investment in key sectors, including electronics and electrical appliances.
The project plans to allocate 30% of its production to the local market, while 70% will be exported to Europe and North and East Africa.
FBB Holding, established in 2019 and headquartered in Dubai, is a global trading company with a strong presence across Belgium, Germany, Libya, Egypt, Cyprus, Jordan, Bahrain, and the UAE.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
7 hours ago
- Khaleej Times
Unglamorous world of 'data infrastructure' driving hot tech M&A market in AI race
Weighed down by tariffs and geopolitical uncertainty, dealmaking has slowed to a crawl across most industries except one: the unglamorous world of data infrastructure. The companies that process the data used to build advanced AI models have become highly sought after targets for legacy tech companies like Meta, Salesforce, and ServiceNow in the scramble to stay competitive against the likes of OpenAI, Google and Anthropic. 'AI without data is like life without oxygen, it doesn't exist,' said Brian Marshall, global co-head of software investment banking at Citi. 'Because of that, data is having a zeitgeist moment right now driven by AI,' Marshall said. Tech deals are one of the few bright spots in an otherwise gloomy MA market, accounting for $421 billion of the $1.67 trillion in global deals announced in the first five months of the year, or about 25% of total MA, according to preliminary data compiled for Reuters by Dealogic. That's up from about 20% last year and 17% in 2023, the data shows. Of the tech deals, those involving AI software makers accounted for almost three quarters of the overall value, the data shows. Speed matters Goldman Sachs Managing Director Matthew Lucas, who focuses on M&A relating to all aspects of computing, said enterprise data, as it applies to use in AI, is the 'most dynamic area in software MA right now.' 'There's a very strong perception that speed matters a lot, getting there first matters a lot, and that tends to lend itself to doing MA,' Lucas said. The software firms that help companies manage their data on cloud-based systems are increasingly valuable commodities as the number of such potential targets is rapidly shrinking. Enterprise data infrastructure and analytics companies like Confluent, Collibra, Sigma Computing, Matillion, Dataiku, Fivetran, Boomi, and Qlik, could become targets for legacy tech providers in the near term, investment bankers say. The companies, they say, may help businesses integrate, analyze, and store information better. Executives for Boomi, Dataiku, Fivetran, and Qlik all said they weren't surprised by the attention. "Messy, siloed data has long undermined the attempts of enterprises to deliver on the transformative potential of analytics. Now, with the urgency to deploy effective AI, fixing it isn't just essential — it's existential," Florian Douetteau, co-founder and CEO of Dataiku, said in a statement. Requests for comment from Confluent, Collibra, Sigma Computing, and Matillion weren't immediately returned. Legacy tech buys in Several multibillion-dollar deals for data infrastructure companies have been struck or closed just in the last few weeks. Meta announced on Friday a $14.8 billion deal for a 49% stake in data-labeling company Scale AI. Salesforce announced plans last month to buy data integration company Informatica for $8 billion. Artificial intelligence is driving a once-in-a-generation makeover in tech that's forcing several of the largest social media platforms and software makers to buy companies that help AI-backed systems run smoothly. Worldwide, generative AI spending is expected to total $644 billion in 2025, an increase of 76.4% from 2024, according to a forecast by technology data provider Gartner. In early May, IT management provider ServiceNow said it was buying data catalogue platform which will allow ServiceNow to better understand the business context behind data, executives said when it was announced. The Salesforce acquisition of Informatica, announced late last month, will allow Salesforce to better analyze and assimilate scattered data from across its internal and external systems before feeding it into its in-house AI system, Einstein AI, executives said at the time. IBM closed on its acquisition of data management provider DataStax the very next day. IBM said the deal, announced in February, will allow it to manage and process unstructured data before feeding it to its AI platform. Bad AI advice Those deals highlight the strategic importance for legacy software players to own all aspects of data management, and MA is often the fastest way to achieve it. Instead of building complex data systems from scratch, they are acquiring specialists that can help organize, clean, and connect data from across their business. Would-be targets have sometimes become the hunters as was the case when Databricks, a leader in data processing and AI that was recently valued at $62 billion, announced plans last week to buy serverless database manager Neon for $1 billion. But dealmakers warned that companies can't just buy any kind of data and throw it into an AI system and expect good results. Air Canada was found liable in small claims court and forced to refund airfare last year after one of its AI chatbots gave a customer bad advice. Those types of errors can happen if the wrong kind of unfiltered data is imported into an AI engine, tech dealmakers say. 'A lot of companies have a huge amount of data, but I think they're learning that you can't just funnel every piece of data you have into an AI engine with no organization, and hope that it spits out the right answer,' said Brian Mangino, partner at Latham Watkins.
Khaleej Times
3 days ago
- Khaleej Times
Sharaf DG marks 20 years as a leading electronics retailer in the Gulf region
Sharaf DG, one of the most prominent electronics retailers in the region, proudly celebrates 20 years of success this year. Since opening its first store at Ibn Battuta Mall in Dubai on May 6, 2005, the brand has consistently delivered the latest electronic and tech-driven products to consumers across the GCC. Today, Sharaf DG operates 32 stores across the UAE, Oman, Bahrain, Egypt, and KSA, managing a vast retail footprint of over 700,000 sq ft and attracting one million in-store customer visits each month. Its robust e-commerce presence complements physical stores by enabling seamless product searches, helping customers locate in-store displays, and facilitating product warranty management. "Our journey over the past two decades has been driven by a relentless pursuit of operational efficiency and technology innovation," said Nilesh Khalkho, CEO of Sharaf DG Electronics. "Our milestones, including the launch of a 100,000 sq ft flagship store — the largest electronics store in Dubai in 2007 — and pioneering category-led selling with our own sales experts, have helped us build a strong and loyal customer base." Over the years, Sharaf DG has launched numerous industry-first campaigns and services. A standout initiative, the 'Buy a 103' Hisense TV and get a BMW free' campaign, captured the public's imagination and reinforced the company's commitment to value-driven offers. The brand has since expanded its service portfolio to include repair solutions, trade-in programs, and flexible financing options, making technology more accessible and convenient. Reflecting on the company's growth, Khalkho stated: "Our early focus was on availability and assortment, but today, it's about creating a superior customer experience. We've learned that trust is the foundation of our success, and that trust is built through consistent service, innovation, and customer engagement." Understanding customer needs has been central to Sharaf DG's evolution— evident in their multi-brand comparison zones, eco-friendly buyback programmes, and leading sustainability initiatives that promote energy-efficient products and circular economy practices. "Our vision has evolved from merely being a destination for electronics into a lifestyle enabler," Khalkho noted. "Today, we focus on convenience, sustainability, and personalisation, leveraging data and automation to deliver a frictionless, tailored shopping experience. Our future strategy revolves around integrating AI, expanding our regional e-commerce footprint, and enhancing customer experience through data-driven service delivery." After two decades of delivering exceptional service and innovation, Sharaf DG's roadmap for the next decade is centered on transforming retail into an intelligent, customer-centric ecosystem.
Tahawul Tech
4 days ago
- Tahawul Tech
Mike Giresi Archives
"We're opening up access for any app to tap directly into the on-device, large language model at the core of @Apple". Learn more about the announcements coming out of WWDC below. #Apple #tahawultech
