Benya Group, the digital solutions and ICT infrastructure provider in Egypt and MEA region signed a cooperation agreement with alfanar company, specialists in the electrical and construction industries in the Middle East and Asia, to establish a USD 200 million tech-focused joint venture in Saudi Arabia that will focus on data centers, smart cities, and cybersecurity.
This comes in the heels of the signing of 14 memoranda of understanding between the private sectors in Egypt and Saudi Arabia, with a total value of USD7.7 billion.
The agreement will assess opportunities to implement major data center projects, smart cities and cybersecurity in Egypt and KSA as well as contributing to the development of infrastructure with the latest innovative products.
Hafez & Partners acted as legal counsel to Benya on this new venture. team, led by partner Hadir Elhakim (corporate, m&a, pictured) and supported by associate Sawsan Mandour.