Arab Finance: Mobile phone companies have invested $2 billion in Egypt over the past three years, Egyptian Minister of Communications and Information Technology Amr Talaat announced in a press conference held during the Cairo ICT.

The investment has been directed towards the development and expansion of frequency spectrums.

The minister added that the communications and information technology sector in Egypt has shown significant growth, with an annual growth rate surpassing 16% for five consecutive years, making it the country's fastest-growing sector.

The sector's contribution to Egypt's gross domestic product (GDP) has risen to approximately 5.8%, up from 3.2% in 2014.

Notably, Egypt now ranks first in Africa for fixed internet speed, with an average of 76.4 Mbps.

Additionally, Egypt has made substantial progress in artificial intelligence, advancing 49 places in the government readiness index for AI, moving from 111th in 2019 to 62nd in 2023.

The country has also improved its standing in the government readiness index for digital transformation, advancing from Group C in 2018 to Group A in 2023, after previously being in Group B in 2020.