Beta Technology Egypt CEO Hatem Hassan said he is conducting talks with two banks, a governmental and a foreign bank, to obtain financing worth EGP 120m.
The financing would be employed to set up a factory for manufacturing 3D printers, VR glasses, and wireless laptop chargers – an invention patented by the company.
According to Hassan, the new factory investments are approximately EGP 160m, of which the company will fund EGP 40m. Beta will depend on banks for financing the rest of the investment.
He added that the factory will be established on an area of 5,000 sqm in a free trade zone in Greater Cairo and that the necessary approvals for the establishment of the factory are currently being obtained from security authorities.
He also revealed the company’s plan to sell 15,000 units of the vCloudPoint devices this year, which do computer operations based on cloud computing,. Hassan added that the company also aims to sell about 800 3D printers by the end of 2016 and to introduce a new product, the wireless laptop charger, which will be manufactured in the new factory.
On the reason for his trend towards local manufacturing, Hassan said some of the company’s products that are manufactured in China were subject to piracy and sold under other brands. Thus, they decided to manufacture in Egypt to maintain intellectual property rights, especially since a number of the products to be manufactured are the company’s own inventions.