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    ICT Minister Says Egypt Second Largest Country in Maritime Cables

    Cairo, 6 May 2014

    The Minister of Communications and Information Technology Atef Helmy has announced that the ICT sector investments are to reach 130 billion Egyptian pounds until 2020 where the government will contribute by 15 % and the private sector is to participate with the remainder, providing around 200 thousand direct job opportunities and 800 thousand indirect job opportunities.

    This will lead to the growth of the ICT sector by 19% and the sector’s contribution to the GDP by 7% in 2020.

    The Minister’s statement was delivered during the panel discussion “towards enlarging the ownership base” moderated by Egyptian Exchange president Mohamed Omran, as part of EGX IPO Summit 2014 inaugurated by Prime Minister Ibrahim Mehleb with the presence of the Minister of Trade and Industry Mounir Fakhry Abdelnour and the Minister of Transportation Ibrahim El-Demiri.

    During his speech, Helmy showcased the goals of ICT Strategy 2020: creating digital society allowing Egyptian citizen to use IT services in simple manners, maintaining communications growth by attracting global companies investments, in addition to benefiting from the geographical location of Egypt and maritime cables in Suez Canal, giving the fact that Egypt is the second largest country in the world with 18 maritime cables crossing 160 thousand kilometers. This makes Egypt a global hub of internet services within the framework of Suez Canal national project with 12 billion EGP investments, qualifying the country to become an attraction area for global investments.

    Moreover, he underlined the priority of broadband project with 45 billion EGP investments, opening new horizons for establishing specialized companies with a possibility to put its shares for public subscription in the stock market.

    Helmy highlighted the cooperation between the Ministries of Communications and Information Technology; Housing, Utilities and Urban Development; and New Urban Communities Authority in establishing smart villages with investments reaching 20- 24 billion EGP where five smart villages are expected to be established in Assouan, Assiut, Borg El-Arab, Sadat city and Beni Sueif.

    20% of Telecom Egypt shares were offered in the stock market in 2005, a step that was considered the largest of its kind in the Middle East, thus, leading to the increase of local and global investments, he added.

    After the offering, the company then turned to a regional company whose shares are exchanged on London stock market; therefore, reflecting trust in the Egyptian economy and in the re-structuring of the communications sector and the prominent role that the private sector plays.



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