Egypt, Tsinghua Unigroup collaborate on $300m tech fund, data centre

By Aya Anwar On Sep 8, 2024

Egypt's Telecom Egypt, the Applied Innovation Center (AIC), and Tsinghua Unigroup signed a Memorandum of Understanding (MoU) to establish a $300 million technology investment fund and a data center in Egypt. The singing came on the sidelines of the China-Africa Cooperation Forum Summit in Beijing.

Egypt’s Information Technology Industry Development Agency (ITIDA), Telecom Egypt (TE), Applied Innovation Center (AIC), and Tsinghua Unigroup signed a Memorandum of Understanding (MoU) on the sidelines of the China-Africa Cooperation Forum Summit in Beijing.

According to a Cabinet release on Sunday, ITIDA, TE, AIC, and Tsinghua will co-launch a technology investment fund, with an initial size of up to $300 million. The fund will focus on innovation in artificial intelligence (AI) and semiconductor technology.

Tsinghua Unigroup and affiliates will contribute between 60 and 70 per cent of the fund’s capital.

The agreement will also see Tsinghua Unigroup launching a data centre and provide cloud services in Egypt

Moreover, Tsinghua Unigroup and its subsidiaries will also explore the feasibility of creating a research and development (R&D) centre in Egypt specialising in chip design and systems engineering.

The MoU also includes collaboration on developing AI applications, particularly large language models in Arabic. This partnership aims to advance Egypt’s AI capabilities and drive technological innovation in the region.

This initiative promises substantial economic and technological benefits, positioning Egypt as a hub for innovation in AI and semiconductor industries.

Attribution: The Egyptian Cabinet

Subediting: Y.Yasser

AI applications Applied Innovation Center (AIC)Artificial Intelligence (AI)Beijing China-Africa Cooperation Forum Summit chip design data center in Egypt's Telecom Egypt