Egypt’s Prime Minister Moustafa Madbouli attended on Tuesday the signing ceremony of a cooperation agreement between the Information Technology Industry Development Authority (ITIDA) and the Emirati Mashreq Global Network (MGN) to expand the company’s business services in Egypt.
The agreement aims to expand the business services of Mashreq Global Network’s center in Egypt. The ceremony was attended by Amr Talaat, Egypt’s Minister of Communications and Information Technology.
As part of the agreement, MGN will expand its operations in Egypt. This expansion encompasses the provision of off shoring services, including but not limited to Data Analysis Services, Business Intelligence, Internal Audit, Credit Management, and various financial and banking services in areas such as Risk Management, Product Management, and Shariah Governance. The company intends to export these services from Egypt to customers of Mashreq bank.
Egypt’s Minister of Communications and Information Technology highlighted that the increased investment by Mashreq Global Network in Egypt underscore the competitiveness of the ICT sector, particularly in the BPO and offshoring services industry. He highlighted Egypt as a premier choice for multinational companies looking to expand their operations and establish captive centers for global delivery services. This preference is attributed to Egypt’s abundant pool of professional, multilingual talent with proven digital capabilities in diverse IT fields.
Talaat also asserted the ministry’s keenness to create a conducive environment for the growth of the BPO industry and to reinforce Egypt’s position as an attractive offshoring destination in light of the many competitive advantages that Egypt enjoys, which qualified it to occupy the third place globally in the Offshore BPO Confidence Index 2023 report.
The ceremony was held on the sidelines of the premier’s participation in the 2024 World Government Summit, which is held in Dubai, under the theme of “Shaping Future Governments”.
The agreement was signed by CEO of ITIDA Ahmed el-Zaher and head of MGN in Egypt Ahmed el-Sherif, in the presence of Minister of Communications and Information Technology Amr Talaat and Group Head of Operations Mark Edward.
The three-year agreement will provide 300 job opportunities for qualified Egyptian cadres in the field of exporting banking services.
Under the agreement, MGN will expand its operations in Egypt to include providing data analysis, Business Intelligence (BI), internal audit, credit management, and risk and product management; all of which the company will export from Egypt to clients of Mashreq UAE.
MGN plans to double its workforce in Egypt, which reached 116 employees by the end of 2023, working in various banking sectors including retail, corporate, customer service, legal affairs, internal audit, marketing, corporate communications, and compliance.
As part of MGN’s commitment to promoting diversity and inclusivity, approximately 53% of the work force in Egypt consisted of female employees as of end of 2023. The group’s utilization of a remote operating model, enables employees with flexibility to tailor their work arrangements according to their circumstances and increase in work life balance.
Ahmed El Sherif, Head of the Mashreq Global Network in Egypt, said: “We are pleased to sign this agreement with ITIDA to expand our operations in Egypt in line with the national agenda for driving digital transformation and increasing digital exports. Egypt stands out regionally and globally with its exceptional quality and diverse portfolio of services within the information technology sector.
Discussion about this post