Egypt’s ICT to Establish Holding Firm to Launch EGP3.5bn New Tech-Areas

Executive Director for technology Parks at Information Technology Industry Development Agency, ITIDA Mohamed AbdelWahab revealed that the Ministry is about to establish holding company to launch 7 new technological areas with paid up capital around EGP3.5 billion, the Ministry, ITIDA , National Telecommunication Regulatory Authority (NTRA) and Egypt Post, stressing that National Investment Bank (NIB) expressed its willingness to take part in the new firm.

The new firm will mainly focus on alluring the necessary investments after putting the final schemes to launch the company, noting that the Ministry selected two offers from Ernst & Young, AbdelWahab added.

The new firm will start its activity before the end of the current year. He noted that the Ministry is targeting to launch 7 areas in Assiut, Sohag and Alexandria governorates with investments worth EGP24 billion , AbdelWahab asserted.