A group led by Etisalat Misr is close to winning an Internet of Things (IoT) project in Egypt’s new capital, its executive director said on Tuesday.
To date, Etisalat Misr’s investments in Egypt stand at 50 billion Egyptian pounds ($3.1 billion), Hazem Metwally said.
This year’s investments are expected to reach 4.5 billion pounds, Metwally added.
The new capital city, about 45 km (28 miles) east of Cairo, was initiated in 2015 by Egyptian President Abdel Fattah al-Sisi to offer a clean and efficient base for the government and finance industry, as well as homes for at least 6.5 million people.
Known for now as the New Administrative Capital, the city is expected to cover about 700 square km. The first phase, covering about 168 square km, will have ministries, residential neighborhoods, a diplomatic quarter, and a financial district. A mosque and cathedral – the largest in the Middle East – as well a hotel and conference centre, have already been built.
