Egypt to start Trade Register Mechanization May 1St – Sources

Egypt’s Ministry of Communication and Information Technology will inaugurate at early May the trade register mechanizing project in cooperation with Ministries of Finance and of Investment, a MCIT source revealed. The project will be with investment cost 1 billion Egyptian pounds (around US$131 million).

The source expected that the project’s final vision and executive frame would be finished by next May. He noted that the Saudi firm Dallah Al-Baraka – founded by Saudi tycoon Saleh Kamel – is currently studying participation in the the project.

During Egypt Economic Development Conference held last March in Sharm El-Sheikh, Egyptian ICT minister Negm and the businessman Saleh Kamel signed a Memorandum of Understanding to develop the trade register.

Meanwhile, the source added that the project would take 10 years to mechanize, redesign and redistribute the offices’ locations to accommodate with the investments’ complexes locations.  

Moreover, the studies showed that the expected investments could reach up to 700 million to 1 billion pounds. The project shall be executed through the cooperation of nationwide commerce chambers.