{"id":554084,"date":"2021-12-20T04:05:17","date_gmt":"2021-12-20T04:05:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/20\/saudi-electronics-retailer-extra-eyes-egp-1-bn-expansion-to-egypt\/"},"modified":"2021-12-20T04:05:17","modified_gmt":"2021-12-20T04:05:17","slug":"saudi-electronics-retailer-extra-eyes-egp-1-bn-expansion-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/20\/saudi-electronics-retailer-extra-eyes-egp-1-bn-expansion-to-egypt\/","title":{"rendered":"Saudi electronics retailer eXtra eyes EGP 1 bn expansion to Egypt"},"content":{"rendered":"

<\/a> Saudi electronics retailer <\/strong>Extra<\/a><\/strong> plans to spend EGP 1 bn to launch in Egypt<\/strong>, marking the company\u2019s first expansion outside the GCC region, Extra said in a Saudi regulatory filing<\/a>. The Tadawul-listed company \u2014 formally known as United Electronics Company and one of the largest consumer electronics companies in the region \u2014 will establish a subsidiary in Egypt under plans approved by the board last week, as it looks to tap the biggest consumer market in the Middle East.<\/p>\n

Extra is targeting a 10% market share in Egypt <\/strong>over the next decade, CEO Muhammad Jalal told CNBC Arabia<\/a>, adding that the local Egyptian market is worth around SAR 25 bn (c.USD 6.7 bn).<\/p>\n

The company will finance the expansion with a mixture of equity and debt:<\/strong> Extra (which writes its name as eXtra) will fund the initial investment through a mixture of self-financing and borrowing, according to the disclosure, which said to expect further announcements on the details as they develop. CNBC Arabia<\/a> yesterday reported Jalal as having said the Egyptian subsidiary would be wholly self-financed with company equity, while adding that additional financing could be made available if necessary. He said the company generally targets a 1:1 debt-to-equity ratio in its investments.<\/p>\n

eXtra\u2019s footprint:<\/strong> The company currently has 42 stores across Saudi, a store in Bahrain, and another in Oman, and will also be adding four stores in Saudi Arabia and Oman. It\u2019s also investing in a new distribution center for its e-commerce business.<\/p>\n

The decision to invest in Egypt comes on the back of solid earnings in 2021<\/strong>, with the company reporting (pdf)<\/a> a 52% y-o-y increase in net income during the first nine months of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi electronics retailer Extra plans to spend EGP 1 bn to launch in Egypt, marking the company\u2019s first expansion outside the GCC region, Extra said in a Saudi regulatory filing. The Tadawul-listed company \u2014 formally known as United Electronics Company and one of the largest consumer electronics companies in the region \u2014 will establish a […]<\/p>\n","protected":false},"author":1,"featured_media":554085,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[72,1304,125,219,1134],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam","tag-gcc","tag-investment-watch","tag-saudi-arabia","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"3346103e-b28e-4aa2-a573-fa4e206c2fdd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/396.jpeg","photo_position":"above","related_issue":[554080],"teaser":"","voice_url":""},"yoast_head":"\nSaudi electronics retailer eXtra eyes EGP 1 bn expansion to Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/20\/saudi-electronics-retailer-extra-eyes-egp-1-bn-expansion-to-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi electronics retailer eXtra eyes EGP 1 bn expansion to Egypt\" \/>\n<meta property=\"og:description\" content=\"Saudi electronics retailer Extra plans to spend EGP 1 bn to launch in Egypt, marking the company\u2019s first expansion outside the GCC region, Extra said in a Saudi regulatory filing. 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EGP 314 mn in sunk costs","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/63.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577528,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/27\/btech-could-issue-its-first-securitized-bonds-by-the-end-of-the-year\/","url_meta":{"origin":554084,"position":1},"title":"BTECH could issue its first securitized bonds by the end of the year","author":"enterpriseam admin","date":"27 November 2022","format":false,"excerpt":"Electronics retailer BTECH is looking to issue more than EGP 1 bn worth of securitized bonds before the end of 2022 to finance its consumer finance operations, BTECH CEO Mahmoud Khattab said (watch, runtime: 48:36) The issuance is part of a plan to issue securitized bonds worth EGP 8-9 bn\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/414.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559761,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/03\/gcc-firms-are-pouring-into-egypt\/","url_meta":{"origin":554084,"position":2},"title":"GCC firms are pouring into Egypt","author":"enterpriseam admin","date":"3 February 2021","format":false,"excerpt":"We\u2019re seeing plenty of interest in Egypt from GCC-based companies, travel ban to KSA notwithstanding.Zyda touches down in Egypt: Kuwaiti food tech startup Zyda has launched in Egypt, announcing in a statement (pdf) yesterday that it will invest USD 2 mn here. The platform offers e-commerce services to restaurants, allowing\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591562,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/10\/alameriah-investment-company-to-invest-egp-15-bn-in-egypts-new-alamein\/","url_meta":{"origin":554084,"position":3},"title":"Alameriah Investment Company to invest EGP 15 bn in Egypt\u2019s New Alamein","author":"enterpriseam admin","date":"10 December 2019","format":false,"excerpt":"INVESTMENT WATCH- Alameriah Investment Company is \u201cgearing up\u201d to invest EGP 15 bn in New Alamein City, Chairman Bandar Al Ameri said during a meeting between the Egyptian-Saudi Business Council and Prime Minister Moustafa Madbouly, according to a cabinet statement. Al Ameri told Madbouly he exited his investments in other\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544872,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/24\/valu-to-enter-saudi-arabia-in-1h2022\/","url_meta":{"origin":554084,"position":4},"title":"valU to enter Saudi Arabia in 1H2022","author":"enterpriseam admin","date":"24 March 2022","format":false,"excerpt":"EFG Hermes\u2019 consumer finance platform valU will set foot in Saudi Arabia before the end of 1H2022, marking its first cross-border expansion, EFG Hermes Finance CEO Walid Hassouna told Bloomberg Asharq. The fintech platform is also looking at the Moroccan and Tunisian markets in cooperation with EFG Hermes\u2019 e-payments subsidiary\u2026","rel":"","context":"In "Finance"","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549787,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/raya-electronics-plans-major-expansion-in-2023\/","url_meta":{"origin":554084,"position":5},"title":"Raya Electronics plans major expansion in 2023","author":"enterpriseam admin","date":"29 September 2022","format":false,"excerpt":"Raya Holding\u2019s Raya Electronics plans to expand into 10 new governorates next year, after inaugurating one of the biggest electronic stores in New Cairo, it said in a statement, pdf) yesterday.Orascom Construction will build, own, and operate a EGP 1 bn warehouse in Fayoum for grain and other basic commodity\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=554084"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554084\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/554080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/554085"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554084"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554084"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}