ITIDA, Concentrix sign MoU to invest $1 bln in Egypt's outsourcing landscape - Tech

Al-Ahram Weekly

29-01-2025

The Information Technology Industry Development Agency (ITIDA) and global technology services leader Concentrix have signed a memorandum of understanding (MoU) to invest $1 billion in Egypt's outsourcing landscape.
This partnership aligns with ITIDA's mission to attract international investments, empower local talent, and advance Egypt's digital strategy, further solidifying the country's leadership in the global digital economy.
According to an Egyptian cabinet statement released on Tuesday, Ahmed El-Zaher, CEO of ITIDA, and Amr Sobhi, general manager of Concentrix Egypt, signed the MoU.
The agreement aims to strengthen collaboration between the two entities and support the growth of Concentrix Egypt's export-driven services in wider international markets.
It outlines the company's ambitious plan to create 16,000 new jobs over the next four years, positioning Concentrix as one of Egypt's largest multinational employers.
Concentrix's workforce in Egypt will expand to 35,000 employees by 2028, supporting the nation's strategy to foster sustainable youth employment and enhancing Egypt's vibrant ICT sector.
Prime Minister Mostafa Madbouly highlighted that Concentrix's decision to expand its operations in Egypt through new investments and workforce growth underscores the country's rising role as a leading global outsourcing hub.
Egypt's outsourcing sector exports surged from $2.4 billion in 2022 to $3.7 billion in 2023, aiming to reach $9 billion by 2026, as reported by the Information and Decision Support Centre (IDSC).
Madbouly pointed out the government's efforts to foster a business-friendly environment for global outsourcing firms and to invest in the development of digital skills, enabling the production of multilingual and digital services at competitive costs.
"This expansion — the largest in Egypt's outsourcing history — strengthens the sector's global competitiveness and contributes to creating thousands of high-value job opportunities for young Egyptians," Minister of Communications and Information Technology Amr Talaat stated.
Talaat added that the outsourcing industry is a key driver of economic development, advancing digital exports and promoting inclusive growth by equipping the nation's youth with essential digital skills.
El-Zaher pointed out that Concentrix's expansion underscores Egypt's advantages, including a skilled talent pool, multilingual capabilities, cost-efficient operations, and strong government support.
Since its inception in 2009 with just 150 employees, the company has more than doubled its workforce in the past four years, employing over 19,000 people across 11 centres in various governorates.
El-Zaher emphasized that this growth demonstrates Egypt's robust digital infrastructure and its ability to provide scalable talent solutions for IT businesses and global service delivery centres.
Chris Caldwell, president and CEO of Concentrix, praised Egypt's leadership for its support of the country's ICT industry.
He highlighted Egypt's skilled workforce, safety, and resilient economy, noting that the expansion reflects Concentrix's confidence in Egypt's rising role as a global business hub.
Sobhi expressed enthusiasm about the ITIDA partnership, adding that 95 percent of the company's employees are university graduates, positioning Concentrix Egypt to further expand its global influence and service delivery.
Concentrix, which provides technical support and customer service to global clients across diverse markets, plans to strengthen its presence in existing centres and expand into Mansoura, demonstrating its commitment to growing its operations and boosting Egypt's outsourcing service exports.
Short link: