United Electronics Company , known as eXtra, has decided to discontinue its expansion plans in Egypt, it said on Monday, following a feasibility study.
, known as eXtra, has decided to discontinue its expansion plans in Egypt, it said on Monday, following a feasibility study.
"After reviewing the feasibility of the company continuing to move forward with external expansion in the Arab Republic of Egypt, United Electronics Company announces that the Board of Directors has decided...to discontinue the company's plans to expand in Egypt," the statement said. Egypt's already vulnerable economy has been shaken further by Russia's invasion of Ukraine, which rocked tourism, raised commodity prices and prompted foreign investors to pull about $20 billion out of its financial markets.
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