ICT infrastructure provider Benya Capital has signed a contract with the Arab Organization for Industrialization (AOI) to establish the largest fibre optic cable factory in the Middle East and Africa (MEA) region.
The plant, expected to cost over EGP 1bn, will be built on an area of 50,000 feddan, at the Suez Canal Economic Zone (SCZone).
Moreover, a tripartite Memorandum of Understanding (MoU) was signed between the AOI, Benya Capital, formerly known as Fiber Misr, and the Arab Academy for Science, Technology, and Maritime Transport (AASTMT). The MoU will see the entities join forces on artificial intelligence (AI) projects, and undertake training in installing, operating, and maintaining fibre optic networks.
AOI Chairperson Abdel Moneim Al-Tarras said the factory will provide many job opportunities for young engineers and technicians, as well as training on the latest fibre optic cable technologies.
He pointed out that the AOI aims to establish a national industry that meets local market needs in terms of communications infrastructure. It will also serve Egypt’s new development projects and smart cities, in addition to opening export markets in the MEA region.
Additionally, Ahmed Mekki, Chairperson and CEO of Benya Capital, said this cooperation is the first of its kind in Egypt to achieve digital transformation.
He added that the fibre optic industry is the cornerstone for digital transformation projects, especially in light of the state’s major projects at new cities, and in the fields of technological infrastructure and smart applications.
In this context, SCZone Chairperson Yehia Zaki said the new project is the largest in the economic zone’s southern sector of Ain Sokhna. He added that it would bring about real development and attract local investments to the SCZone, making it a global logistics centre.