Mariout Hills, a Swiss Egyptian specialist in sustainable cities, plans to establish a Silicon Valley in Egypt to be a hub for high-tech innovative energy and technology industries.
Under an agreement signed on Sunday, Mariout Hills in collaboration with a German-Swiss consortium will build the new Silicon Valley in its flagship Eco City in the country’s anticipated New El Alamein, northwest of Cairo.
The first phase of the project will be carried out on a total area of 20,000 square metres with initial investments of $11 million or 200 million Egyptian pounds, said Mariout Hills’ chairman Ahmed Hassan.
The agreement will see the establishment of an industrial complex for programming and software manufacturing. The production of the anticipated complex will be exported to the EU countries, Hassan added.
“This project marks a turning point for the world, making the North Coast the first sustainable area in the world. The place will serve Egypt’s 2030 sustainability vision,” Hassan said.
Mariout’s eco-city project is being built with total investments of 2.8 billion Egyptian pounds on a total area of 200 feddans.
The project will comprise of residential units which comply with all globally-adopted environmental standards, and depending entirely on clean energy from solar power plants.
Marriott Hills is a Swiss-Egyptian multinational company and a member of the Swiss Egyptian Business Association, which includes nationalities from 15 Arab and European countries, notably Denmark, Switzerland, Austria, Sweden, the United Kingdom, Australia, the UAE, Kuwait, and Bahrain.