Telecom Egypt to invest $306.4 mln in new capital’s tech infrastructure
State-owned landline monopoly Telecom Egypt says it plans to invest nearly 5 billion Egyptian pounds ($306.4 million) into technology infrastructure in the country’s new administrative capital.
This comes as part of Telecom Egypt’s plan to partner with the Administrative Capital for Urban Development (ACUD), Telecom Egypt’s chief financial officer Mohamed Shamroukh said on Thursday.
“The new capital’s technology infrastructure will be implemented within three years,” Shamroukh further told Amwal Al Ghad.
Located 45km (28 miles) east of Cairo over 170,000 feddans, the anticipated new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches as well as 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.