By Mohamed Kamal
Egyptian Government is seeking to build the Largest Fibre Optic Cable Plant in MENA.
Suez Canal Economic Zone (SCZone) has signed an MOU with the Arab Organization for Industrialization (AOI) and the IT services provider “Benya Capital” to establish the largest optical fiber cable manufacturer in Egypt, Middle East and the North African region (MENA).
“The plant is expected to be built on an area of 50,000 meter square in Al-Ain Sokhna at Suez Canal Economic Zone (SCZone), It is expected to start production in the third quarter of 2021.” Yehia Zaki Chairman of Suez Canal Economic Zone announced.
“The annual production capacity of the project is 4 million kms of cables, while the volume of investments for the project amounts to more than EGP 1 billion.” Zaki added.
Abdel Moneim al-Tarras, AOI chairman, said in a press statement that the deal comes within the framework of the organization’s strategy to boost the industrial sector, localize technology and reduce imports in line with the directives of President Abdel-Fattah El-Sisi.
Al-Tarras pointed out that Egypt has taken concrete steps to implement its plan for digitization, noting that the project will provide jobs for young engineers and technicians.
In Addition, he added that the AOI is keen to continue production, while taking precautionary measures against the novel coronavirus (COVID-19).
Moreover, The US ambassador to Egypt Jonathan Cohen and representatives of Corning Incorporated Co. witnessed the signing ceremony via virtual video conference. It is noteworthy that Benya chose the US company Corning, the world leader in optical fibers, cables and communications solutions, as a strategic supplier of the factory.
The Egyptian government has been directing billions of dollars of investment over recent years to upgrade infrastructure around the Suez Canal, seeking to attract the logistics, maritime services, manufacturing, information technology and power industries.
As well as, Egyptian government wants to create an investment arm to channel funds to projects along the Suez Canal to take advantage of proximity to one of the world’s busiest shipping lanes, the chairman of The Suez Canal Economic Zone (SCZone) said in a previous report.