(MENAFN- Daily News Egypt) The Egyptian Cabinet approved the Ministry of Communications and Information Technology's (MCIT) request to allow the National Telecommunications Regulatory Authority (NTRA) to contribute EGP 600m to Silicon Waha's capital.
Silicon Waha was launched as an Egyptian stock company with a capital of EGP 1.3bn, in accordance with law No 159 of 1981 and its executive regulations, to establish and operate science and technology parks under a partnership between the Information Technology Industry Development Agency (ITIDA)—affiliated to the MCIT—and the New Urban Communities Authority (NUCA)—affiliated to Ministry of Housing, Utilities, and Urban Development.
The company's business model provides the optimum environment necessary to serve the ICT industry in Egypt through integrated services for entrepreneurs, start-ups, small and medium-sized enterprises, and local and international companies.
The model also encompasses companies of electronics design and assembly and their outlets, and it promotes regional and international commercial research and educational relations with NGOs, universities, research centres, and tech industrial companies through innovation clusters, providing a typical setting for technology incubators.
Meanwhile, Silicon Waha aims to benefit from Egypt's competitive advantages in terms of location, multilingualism, technical skills, and talent pool in attracting local, regional, and global investment for the development of areas around these parks. It also aims to help local ICT companies penetrate new foreign markets and encourage them to export their products and services.
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