EGYPT – Telecom Egypt has entered into a memorandum of understanding (MoU) with Hungarian IT solutions provider 4iG Grouo to establish a joint venture (JV) to build a modern fiber network to give six million households access to a high-speed network.
The project, which will receive US$600 million in investments over the next decade, aims to build, operate, and market fiber-optic infrastructure for wholesale purposes in Egypt, providing high-speed internet connections directly to homes (FTTH) and businesses (FTTS).
The MoU was signed in Cairo on June 29 and 30 during the Egypt-EU Investment Conference.
In the coming months, the two companies will finalize the joint venture’s business model, ownership structure, governance processes, and technological details.
This partnership aligns with Telecom Egypt’s initiative to develop FTTH networks in various areas as part of the “Digital Egypt” strategy, which is in line with Egypt’s Vision 2030.
Connecting mobile sites with fiber infrastructure will also improve mobile networks, address increasing demands, and enable massive 5G deployments.
In January 2024, Telecom Egypt became the first telco in Egypt to secure a 5G license after the National Telecommunications Regulatory Authority (NTRA) granted it a 15-year license for US$150 million.
Mohamed Nasr, Managing Director and CEO of Telecom Egypt, expressed that this agreement will accelerate Egypt’s digital transformation, following the “future-ready network that will ramp up 5G and many other next-generation services such as IoT and enterprise networks.”
Furthermore, Gellért Jászai, Chairman of 4iG Group, acknowledged that this development would enable the group to promote its expertise globally, aligning with its long-term business strategy.
Jászai added that the partnership aims to create jobs, build a skilled workforce that supports local enterprises, and improve the quality of life for Egyptians.
He also said it would enable job creation, develop a skilled workforce to support local businesses, and improve the quality of life of Egyptians.
In February 2024, the companies agreed to collaborate on building a direct subsea cable linking Albania to Egypt. The cable aims to establish a high-capacity connection from Africa and Asia to Europe.
Meanwhile, the Information Technology Industry Development Agency (ITIDA) signed a memorandum of understanding (MoU) with Telecom Egypt and Nokia at the investment conference.
The partnership aims to expand Nokia’s operations in Egypt and enhance its capabilities in innovation and export services.
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