SEOUL, July 22 (Reuters) - Samsung Electronics unveiled a passport-sized foldable phone on Wednesday and raised prices on two updated models of its foldable handsets, as it faces soaring memory chip costs and braces for a new threat from Apple in the niche and growing sector.

The South Korean technology company is a leader in foldable smartphones, but its dominance will be challenged by Apple, which analysts expect to launch a foldable phone this year with a screen similar in size to the iPad Mini.

Samsung unveiled the three foldable models of the Galaxy Z phone during an event in London. The versions are powered by Gemini artificial intelligence technology from Alphabet, the parent company of Google.

The company set the price of the passport-sized Galaxy Z Fold8 at $1,899, featuring a larger screen designed for users who spend a lot of time watching videos. It also raised the prices of the premium Galaxy Z Fold8 Ultra and the foldable Z Fold8 by $100 each, bringing them to $2,099 and $1,199 respectively.

IDC predicts that Samsung will increase its share of the global smartphone market in 2026, even though the overall market is expected to shrink by 14 percent, partly due to a shortage of memory chips. IDC also forecasts a 20 percent increase in shipments of foldable phones.