Egyptian Minister of Communications Yasser el-Kady said Sunday that works on the long-awaited Knowledge City in the new administrative city will start in March once received the land to carry out the project.
Kady made these remarks on the sidelines of the World Summit of Governments, taking place in Dubai.
Under President Abdel Fattah al-Sisi’s directives, Knowledge City’s first phase will be completed in three years instead of seven years, with initial investments estimated at 12 billion Egyptian pounds ($679.1 million), the minister said.
“We target turning it into a regional hub for the communications and information technology industry just like the Silicon Valley in the United States.” Kady said.
The minister of communication affirmed that Egypt has a big and promising market with the potential to export communication and information technology’s services and electronics, referring that the investment law and the procedures taken encouraged many investors in South East Asia and other countries to invest in many areas inside Egypt.