Egypt approves $426m Maadi Technology Park

The Egyptian government has approved the EGP3 billion (US$426 million) Maadi Technology Park for ICT services, with the investment phase of the project to be launched in the second quarter of 2014.

The approval was given at a meeting presided over by Premier Ibrahim Mehlb and attended by ministers, with the project to cover a total surface area of about 39,000m2 and involve Egyptian and foreign investors.

“The project aims to position Egypt on the global map of ICT services, provide a US$1.2 billion value-added export annually, in addition to providing 40,000 direct job opportunities and 100,000 indirect job opportunities once completed,” Egypt’s Ministry of Communications and Information Technology (MCIT) said in a statement.