US company PSINet raises investment volume in Egyptian market

Egyptian sources said that the US company PSINet, which works in the areas of internet, data technology and communications, is studying increasing its investments in Egypt in the sectors of developing data and communications, saying the US company got the Egyptian government's consent to establish a factory in 6th of October City and that it will cooperate with Egyptian companies to develop software and communications.

The sources stated that the US company decided expanded its investments to $1.9 billion to purchase Metamor Worldwide, a US company specializing in technology consultation and electronic trade.

PSINet said it plans to "investigate opportunities to open a global Web hosting facility in Cairo and look to use its existing fiber-optic capacity that terminates in Alexandria, Egypt in order to extend high-speed Internet access throughout that country. The company indicated it will either establish or purchase a domestic Internet Service Provider (ISP) in Egypt to serve as a base for future operations there."

PSINet said that it by extending its Egyptian presence, it "will provide Internet and related services to corporate customers. The planned center in Cairo will be designed to offer Egyptian businesses a high value-added managed web application environment that will provide the performance and security needed to operate business and mission critical eCommerce applications over the Internet."