Egypt has unveiled plans to increase the scale of its bet on emerging technologies as the country eyes regional supremacy in the artificial intelligence (AI) and IT sectors.
According to a report by Egypt Today, senior officials presented a blueprint to President Abdel Fattah El-Sisi on the actionable steps to be taken to achieve national goals. Communications Minister Amr Talaat led the presentations that focused on the outsourcing industry and the drive to integrate next-generation technologies.
Talaat focused his entry on the need to revolutionize the communications sector to improve national digitalization. According to the minister, an overhaul of the current internet infrastructure to meet world-class standards will ensure Egypt leaps ahead of its peers in the Middle East.
Prime Minister Mostafa Madbouly echoed Talaat’s claims, adding that concrete steps must be taken to achieve the ambitious goals in the coming months. Madbouly calls for local and international investment in Egypt’s communications sector, but the government will need to improve the ease of doing business.
Both ministers presented a second version of the National Artificial Intelligence Strategy, which is expected to come into effect in the coming months. Building on the first iteration, the latest policy document focuses on the practical application of AI products to improve the local economy while protecting citizens from potential abuse.
President Sisi ordered the continuation of a national education campaign to deepen the talent pool for Egyptian companies looking for AI and Web3 experts to support integration efforts.
Experts anticipate the announcement of national support programs for local companies building solutions around AI, data protection, blockchain and cybersecurity. The most ambitious experts predict the launch of “specialized international centers” in Egypt, designed to boost “research and development” of emerging technologies in the country.
Blockchain is on a scorching trajectory
A cross-section of Egypt’s investors are turning to virtual assets to hedge their wealth, with private and institutional players showing optimism. While the Middle East ranks high in digital asset adoption, Egypt contributes a fair share, ranking 14th in 2023.
Eager to cash in on the move, the Central Bank of Egypt (CBE) has confirmed plans to roll out a central bank digital currency (CBDC) to improve the payments situation. At the top of the banking regulator’s agenda is an effort to advance financial inclusion standards with cross-border use cases in mind.
Mizuho Securities expands reach in renewable energy STOs
After dabbling in security tokens (STOs), Japan-based Mizuho Securities (NASDAQ: MZHOF) has announced a new offering that revolves around renewable energy for the local market.
According to an announcement, Mizuho Securities partnered with Blue Sky Solar, a unique arrangement aimed at raising money for the renewable energy company. Traditionally, STOs in Japan have revolved around real estate tokens, with the most ambitious ones testing the waters with digital bonds.
Mizuho’s latest experiment is tokenizing private infrastructure placement funds. The move converts Blue Sky Solar’s ownership and investment interest into tradable digital tokens for investors.
Despite the novelty of the offering, the issuance will have to comply with existing Japanese security laws, rolling out clear rights and obligations for token holders. At the heart of the issuance is a reliance on blockchain with smart contracts and other on-chain tools leveraged for efficiency.
Mizuho’s decision to partner with Blue Sky follows a series of successes for the company in the renewable energy field. In 2024, Blue Sky added eight solar facilities to its growing networks, bringing capacity to 9.5 MW and powering nearly 10,000 homes.
A bird’s-eye view shows that Blue Sky’s parent company has since completed more than 370 renewable energy projects with a capacity of 318 MW.
The issuance will give Blue Sky Asset Management control over Blue Sky Solar’s assets, a move intended to comply with local regulatory obligations. Other benefits that can be achieved by involving related entities in the STO issuance include a clear ownership structure and risk management practices.
Mizuho will act as underwriter for the issuance while bringing its blockchain experience to ensure seamless operations. The issuance will rely on iBet for Fin from BOOSTRY, a distributed ledger with an impressive track record in STO.
An impressive series
Mizuho has expanded its footprint in the local STO ecosystem in Japan, working with other pioneers in the space. The financial powerhouse previously partnered with Mitsubishi UFJ Financial Group’s (MUFG) (NASDAQ: MBFJF) stablecoin issuance platform, laying the foundation for its future operations in the ecosystem.
Beyond STOs, Mizuho is moving forward with a blockchain-based digital identity solution in partnership with Sumitomo Mitsui (NASDAQ: SMFNF) and MUFG. Other regional banks have been tapped to join the fray, as Mizuho looks to improve its efficiency and productivity through emerging technologies.
Please note: Blockchain is much more than digital assets
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Tagged:
Abdel Fattah El-SisiAIAmr TalaatArtificial intelligenceBlue sky solar energyEgyptJapanMiddle EastMizuhoMostafa MadboulyRegulationRenewable energySecurity tokensTokenization