Ahmed Mekky Chairperson and CEO of Benya Group, said that the company aims to attract investments worth $150m within 18 months by attracting strategic investors.
Mekky explained that the company is working to increase capital by attracting new strategic investors during the coming period, and that it has received investment offers from Gulf companies and international institutions.
He added: “The company’s decision was to attract strategic investors, and G42 from the UAE was the first, and it is one of the leading companies in digital transformation and infrastructure in the UAE, as it has more than 90% of data centers in the country.”
Mekky did not disclose the value of the investments made by G42 in a technology infrastructure.
He indicated that 92% of the construction works of the optical fiber cables factory and about 85% of machine installations work have been completed. It is expected that all equipment will be completed by the end of this year for the factory to start trial operation early next year.
Benya had signed a cooperation agreement to establish the factory with the Arab Organization for Industrialization and the Corning International with investments exceeding EGP 1bn in May 2020.
The agreement was witnessed by the Minister of Trade and Industry, the President of the General Authority for the Suez Canal Economic Zone, and the President of the Arab Organization for Industrialization.
The factory will be built on an area of 60,000 square meters in the southern sector of Sukhna, with an investment cost of about EGP 500m for construction and production lines, with a production capacity of 60,000 km of cables, representing 4 million km of optical fiber.