Global Services - Tech Boom Boosts Egypt's Economy

Global Services - Tech Boom Boosts Egypt's Economy

Egypt's economy grew by 5.8 percent in the first quarter of 2010, accelerated by the 11.3 percent growth of its ICT industry, according to the Economic Development Minister. He revealed the growth was at its fastest pace in almost two years and is expected to hit as high as 5.3 percent in the fiscal year ending June, up from 4.7 percent in the previous year.

Egypt has seen investments in the last year with companies including Sykes Enterprise and Stream Global Services. ITIDA has also signed an Memorandum of Understanding (MoU) with Intel to further boost the potential of Egyptian information and communication technology (ICT) companies by using Intel's technical expertise to improve their potential and develop products and technical solutions.

Commenting on the growth of the sector, Dr. Hazem Abdelazim, CEO of the Egypt's Information Technology Industry Development Agency said: "We have had a positive start to the year with new companies investing and local companies developing and expanding their capabilities and services. The sector is going from strength to strength and is evidently having a huge impact on the overall growth of our country. We are confident that the sector will continue to grow during the remainder of 2010 and that we will see more multinational companies expanding and outsourcing their business to Egypt."