Egypt has sealed a deal for developing an EGP 40 bn telecommunications network, coming as the first phase of a wider plan to provide smart and security services networks in New Administrative Capital (NAC), east Cairo, and covering the new city’s Government District only, Invest-Gate reports.
The contract, which stipulates that phase I is set to be completed in six months, was signed by General Manager of the Administrative Capital for Urban Development (ACUD) Mohamed Abdel Latif and Managing Director and CEO of Telecom Egypt Adel Hamed, in the presence of Prime Minister Mostafa Madbouly, Minister of Communications and Information Technology Amr Talaat, and ACUD Chairman Ahmed Zaki Abdeen, according to a cabinet statement on September 11.
Under the agreement, Telecom Egypt will establish, operate, and lease NAC’s telecom networks as well as provide smart and security services networks. Meanwhile, ACUD will fund the project’s development, in addition to paying all financial dues related to the implementation of the smart city by the Ministry of Communications and Information Technology.
The deal comes in line with ACUD’s strategy to provide NAC with the latest technological solutions that manage smart integrated cities, and thus, support the national digital transformation initiative, especially the state’s plan to digitize its government, the statement noted.
Hamed commented, “We are very proud to have signed this agreement with the ACUD and delighted to be involved in such an important project … The project comes in line with our priorities in light of our commitment to capitalize on and facilitate the national digital transformation.”
“The agreement also comes conveniently at a time when Telecom Egypt has already been working to improve internet services in Egypt and we will, therefore, capitalize on our expertise in the field and exert all the effort to develop the best technological solutions to manage a complete system of smart solutions for this new capital,” he added.