The new factory will be built on 6,000 square metres. It is expected to create 768 direct and indirect jobs.
The first phase of the project will be operational by the second half of 2024. The factory will be wholly completed by the end of 2025.
In May 2022, Samsung opened a $30 million factory in Beni Suef governorate and began producing tablets for educational use.
The golden licence allows investors to acquire or lease land and operate enterprises on it without requiring further government approvals.
The country is seeking to increase the share of the private sector in the economy to 65 percent, up from the current 30 percent, according to the State Ownership Policy Document.