Saudi Arabia’s United Electronics Company (eXtra) has announced its board approval to establish a new subsidiary in Egypt.

The consumer electronics company announced to the Saudi Stock Exchange, Tadawul, that the new fully-owned subsidiary will be its first expansion step outside the GCC region and will inject EGP 1 billion ($63.6 million) into the Egyptian market through initial direct investments.

The venture will be funded through both internal cash flows and borrowing, the joint stock company said.

eXtra announced a profit of SAR 89 million in the third quarter of 2021, up from SAR 53 million in the same quarter in 2020, and SAR 271 million in the first nine months of 2021, compared with SAR 178 million for the same period in 2020.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

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