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Egypt plans five tech parks worth USD2.8bn

10 September 2014
Egypt's Ministry of Communications and Information Technology (MCIT) plans to tender five projects to construct technology parks across the country at an estimated cost of EGP 20 billion (USD 2.8 billion), Minister Atef Helmy told Zawya.

"The five projects will be offered [to investors] before the end of this year," Helmy said, adding that the projects are expected to be completed by 2020.

"South Korean and Japanese companies and investors have expressed interest in investing in new technology complexes, and they are interested in the locations for which the ministry is issuing tenders."

The zones would be located in the governorates of Assiut, Bani Suef in Upper Egypt, and the governorates of Alexandria and Menoufiya in the North Delta.

Hilmi said the new projects would be modeled on the lines of Smart Village, a technology park and companies hub, located in 6th of October City.

IT ATTRACTS INVESTMENTS

Investment in Egypt's telecommunications sector is expected to reach up to EGP 14 billion during the fiscal year 2015/2016, according to Helmy.

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"Three mobile phone companies are planning to spend EGP 8 billion to upgrade their services, while the ministry will bear the remaining expenditure to provide landline telephone services and upgrade Internet services," he added.

The minister said MCIT will cover this expenditure from an anticipated increase in its revenues following the planned issuance of a unified landline and mobile telecoms license, which could generate over EGP 33 billion for the state - EGP 25.4 billion for the license rights and the rest from annual licensing fees.

© Zawya Projects News 2014

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