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PSINet Expands Operations into Egypt with Mubarak's Visit

Strategic Insights

— 1 min read

Egyptian President Hosni Mubarak's visit to the PSINet global hosting center in Herndon, Virginia, has paved the way for the company's expansion into Egypt. PSINet plans to establish or purchase a domestic Internet service provider in Egypt to serve as a base for its future operations. The company aims to use its existing fiber-optic capacity in Alexandria, Egypt, to extend high-speed Internet access throughout the country. This move is part of PSINet's strategy to tap into the growing e-commerce and Internet market in Egypt.

Key Takeaways:

  • PSINet will examine opportunities to open a global Web hosting facility in Cairo, Egypt.
  • The company will use its existing fiber-optic capacity in Alexandria, Egypt, to extend high-speed Internet access throughout the country.
  • PSINet plans to establish or purchase a domestic Internet service provider in Egypt to serve as a base for its future operations.
  • President Mubarak was joined by other notable figures, including Egyptian Ambassador to the United States Nabil Fahmy and Virginia Gov. James Gilmore.
  • PSINet currently operates hosting facilities in eight countries and plans to build or expand 24 facilities in the top 20 telecommunications markets by the end of the year.
  • The company has a presence in the Middle East through its existing fiber-optic capacity in Alexandria, Egypt.

Statistics:

  • PSINet plans to operate in 20 top telecommunications markets by the end of the year.
  • The company has already established hosting facilities in eight countries.
  • PSINet's fiber-optic capacity in Alexandria, Egypt, will be used to extend high-speed Internet access throughout the country.
  • The company's shares were up $1.094, or 2.89 percent, to $38.906 by early afternoon on the day of the announcement.

Sources:

  • Washtech (20000327/WIRES TELECOM, ONLINE, BUSINESS/)
  • NASDAQ:PSIX

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