The first meeting of the Technological Investment Zone Board was inaugurated by the Minister of Investment, Dr. Mahmoud Mohieldin and the Minister of Communications and Information Technology, Dr. Tarek Kamel at the premises of the Ministry of Investment.

Dr. Kamel shed the light on progress made so far including digging of the land and constructing the building within three buildings to be established by the Ministry of Communications in the investment zone.

Dr. Mohieldin said that the Ministry of Investment is coordinating with the Ministry of Communications and Information Technology to encourage and promote investments directed to the CIT sector which has been recording an upsurge as one of the most important and highly growing economic sectors.

Dr. Mohieldin added that four new investment zones will be established in Dakahleya, Alexandria, Tenth of Ramadan City and Cairo. A proposal on transforming Luxor into a tourist investment zone is being examined, he added.

Several international banks and investment funds are willing to enter the communications sector in Egypt due to Egypt’s great potential in this regard.

The Technological Investment Zone is one of five investment zones representing the first batch of investment zones to be established according to a prime ministerial decree. The said zone was established according to the prime ministerial decree # 650/2008 licensing the Ministry of Communications and Information Technology to establish the investment zone over an area of 79 acres in Maadi. The zone will be allocated to IT industry and related services, productive, training, language and IT centers services.

This helps Egypt to become a regional CIT hub. The zone will cost LE 3 billion and will create some 100,000 jobs.
The establishment of investment zone is regulated by law # 19/2007 on amending some provisions of the investment guarantees and incentives law # 8/1997.
 
The meeting was attended by the Chairman of the General Authority for Investment and Free Zones, Mr. Asem Ragab; vice Chairman of the General Authority for Investment and Fee Zones for Investment Zones, Mr. Mohammed Gad; senior advisor to the Minister of Communications and Information Technology, Mr. Nabil El Kobrosly; vice chairperson of the Information Technology Authority, Mr. Zeinab Zaki and member of the Investment Zone Board, Eng. Khaled Ismael.

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