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Ministry of Communications to establish 7 tech complexes by 2020 - Daily News Egypt

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Ministry of Communications to establish 7 tech complexes by 2020

Investment incentives, customs and tax discounts will attract foreign companies


The Ministry of Communication and Information Technology plans to establish seven technological complexes in different governorates within the coming six years.

According to the ministry’s strategy, the expected investments to these areas will reach EGP 20.5bn, of which EGP 1.4bn is governmental investment represented by the ministry and its authorities, and EGP 19.1bn is for private sector investment.

The ministry is planning to establish these complexes in Borg El-Arab in Alexandria, Sadat in Menoufia, 10th of Ramadan City in Ash Sharqia governorate, and the cities of New Beni Suef, New Assiut, New Aswan, and New Damietta, in addition to the technological valley in Ismailia, and the technological complex in Maadi.

Construction has already begun in Borg El Arab and in New Assiut city.

Construction of Maadi’s technological complex began in 2010 with investments worth EGP 3bn and is planned to be completed by the end of 2017. It is expected that the complex will be made up of 22 buildings.

The complex in Borg El Arab city is set to be established on an area of 37,800 sqm. The built-up area is expected to cover 126,000 sqm through the usufruct system. Currently, a company still under establishment is working on the development of the infrastructure in part. This is a joint-stock company that is owned by government bodies, such as the Information Technology Industry Development Agency, the Ministry of Communications and Information Technology, and the New Urban Communities Authority.

The project is set to be completed within four years with total investments of $161m. The companies that will launch their headquarters in Borg El Arab technological complex will benefit from a number of investment incentives, most prominent of which are decreased taxes from 42% to 25% and decreased customs tariffs from 14.6% to 6.2%.

The complexes will include a training academy, a centre for innovation and entrepreneurship, and buildings equipped for the outsourcing industry, in addition to equipped areas to build headquarters and centres for international companies.

 

 

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https://www.dailynewsegypt.com/2016/05/03/ministry-communications-establish-7-tech-complexes-2020/
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