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The country’s efforts to boost its offshoring industry are bearing fruit, with 39 global digital services companies planning to use Egypt as their main base of operations, a senior government official told EnterpriseAM. We had initially been told yesterday that the number was 23, but we were told later that it has actually reached 39.
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The sector is at a “pivotal moment” as it witnesses an uptick in the interest of foreign companies and big-ticket investments, Information Technology Industry Development Agency CEO Ahmed El Zaher told EnterpriseAM. Looking ahead, these commitments will help turn Egypt into a regional hub for digital service exports.
And the data backs El Zaher up, with offshoring export revenues having doubled from USD 2.4 bn in 2022 to USD 4.8 bn this year. During the same period, the number of offshoring and outsourcing companies operating in Egypt more than doubled from 90 to more than 240, covering IT services, business process outsourcing, and engineering R&D.
The news shortly follows the Madbouly government inking 55 MoUs with 55 local and international companies in the field of offshoring and digital exports during the Global Offshoring Summit this week. The agreements are expected to create over 70k jobs.
European companies dominated the list, accounting for 40% of the agreements signed, according to a list of the companies obtained by EnterpriseAM. North American companies made up 20% of the companies, just ahead of Gulf companies with 18%, and Asian players with 9%.
Among the companies looking to either transfer operations to or expand in Egypt are some big names, including Accenture, Capgemini, Deloitte, DXC, PWC, Luxoft, Teleperformance, and VOIS.
The interest from global digital services companies follows USD 6 bn in technological infrastructure upgrades in Egypt, in addition to expanding training programs in the sector. Since FY 2018-19, the number of training programs has increased 200-fold, growing from 4k trainees to 500k trained in over 20 languages in the last fiscal year, according to data from the CIT Ministry.
