UAE and Egypt sign partnership agreement to accelerate development of digital economy

UAE and Egypt sign partnership agreement to accelerate development of digital economy

Abu Dhabi, UAE – The Ministry of Investment of the UAE and the Ministry of Communications and Information Technology of Egypt have signed a Memorandum of Understanding (MoU) aiming to establish a framework for investments in digital infrastructure with a focus on data center projects in Egypt.

The agreement was signed by His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, and His Excellency Dr. Amr Taalat, Minister of Communications and Information Technology of Egypt.

Data centers to be developed under this agreement can reach a total capacity of 1,000 megawatts. Egypt's increasing need for data centers is propelled by the country's 'Digital Egypt' strategy, a robust and comprehensive plan to foster the digital economy by advancing digitalization across major regional industries. The digital strategy also aims to simplify the process of accessing government services in Egypt, expand digital infrastructure to ensure widespread internet access, and promote entrepreneurship and digital innovation among citizens.

The Egypt data center market is set for significant growth, with projections indicating a rise to USD 1.1 billion by 2030 from its 2022 valuation of USD 490 million. This forecast corresponds to a compound annual growth rate of 12.8 percent during the forecast period spanning from 2023