MESA, Ariz.--(BUSINESS WIRE)--Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced the opening of a new office in Cairo, Egypt as part of the organization’s work with The Arab Organization for Industrialization (AOI). Just six months after partnering with AOI, the showcase space––located inside the AOI government facility in Cairo––will serve as a demonstration room, putting Iveda’s smart city innovations and AI offerings on functional display, with the ability to demo to all interested parties. This announcement further solidifies the organization’s foothold as a leader in 5G, AI, and sustainable technologies throughout Egypt and the greater EMEA (Europe, Middle East, Africa) region.
Iveda’s smart city innovations and AI offerings on display include the Utilus Smart Pole with an average price to municipalities of $35,000 per pole, and city deployments are anticipated to range from 100 to 1,000 Utilus Smart Poles (or $3.5 million to $35 million) depending on the size of coverage required.
Iveda and AOI partnered in August of 2023 to support and scale smart city developments across Egypt and the wider EMEA region through the development of 13 smart cities. In support of the Egyptian government’s plans to introduce 38 new smart cities across the country by 2050, the two entities are marrying Iveda’s global IoT and AI technology and application expertise with AOI’s regional demand for innovation, equipping Egypt's new administrative capital with the 5th generation smart city technology needed to make this goal a reality.
Egypt's AI market is projected to reach $601.8 Million with an anticipated annual growth rate of 18.99%, resulting in a market volume of $2.03 Billion by 2030. This strategic office will dramatically improve speed-to-market of Iveda technologies by providing easier access to hands-on education, sales demonstrations, marketing opportunities, and firsthand proof-of-concept verification to those in the region. Major General Ashraf Hassan––who was appointed to Iveda’s Advisory Board in August 2023––will play a critical role in showcasing Iveda’s technologies, capabilities, and value to government and private enterprises across Egypt. Additionally, AOI will actively promote the value that local production of Iveda products is bringing to the area, in terms of both job and economic opportunities.
“Oftentimes, when it comes to new and advanced technologies––especially in the artificial intelligence and smart city realm––seeing is believing. That’s why we’re collaborating with AOI to make it easier for people in and around Egypt to visit and experience Iveda’s core technology firsthand,” said David Ly, CEO and founder of Iveda. “We’re eager to get our products into the hands of more organizations and government officials throughout the region, all while optimizing the decision-making process with potential customers and partners.”
Iveda has also been working with partners in South Africa, building up multi-million-dollar pipelines of opportunities. These clients are eager to witness Iveda’s offerings and the Cairo space will provide a convenient destination for the African market to experience the tech hands-on. Iveda products and technology to be displayed for live demonstration at the new Cairo location will include IvedaAI, Iveda Smart Drone, IvedaCare, and IvedaEMS through Cerebro. For more information, please visit iveda.com.
About Iveda Solutions®
Iveda (NASDAQ:IVDA) is the provider of global solutions for cloud-based, video AI search and surveillance technologies that protect the people, places, and things that matter the most. Iveda’s technology has the power to provide instant intelligence to existing infrastructure, enabling cities and organizations around the world to seamlessly enter the fifth industrial revolution. Iveda operates at the forefront of digital transformation of cities across the world, using IoT platforms with smart sensors and devices developed to aid with use cases surrounding public safety, security, elderly care, energy efficiency, and environment preservation. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA”.
