ITIDA, UAE’s MGN sign deal to expand operations in Egypt

Egypt’s Information Technology Industry Development Agency (ITIDA) and UAE’s Mashreq Global Network (MGN) have signed a cooperation agreement to expand the company’s business services in the North African country, the Egyptian Cabinet said in a statement on Tuesday.

The partnership aims to create 300 job opportunities for highly qualified Egyptian professionals over three years, focusing on activities related to exporting banking services, the statement added.

The agreement allows MGN to offer banking services in Egypt, including data analysis, business intelligence, internal auditing, and credit management to clients of the Emirati Mashreq Bank.

Egyptian Minister of Communications and Information Technology Amr Talaat stated that the collaboration will boost Emirati investments in Egypt’s communications and information technology sectors.

He emphasised Egypt’s commitment to creating a conducive environment for the outsourcing industry and attracting investment, referring to the country’s competitive advantages, which have led to be ranked third globally in the BPO Confidence Index 2023.

ITIDA’s CEO Ahmed El-Zaher stated that the partnership supports Egypt’s digital strategy for the development of the outsourcing industry from 2022 to 2026, which aims to double digital exports and create job opportunities.

The diversity of foreign investment in the outsourcing services sector reflects investors’ confidence in the technical capabilities and digital skills of Egyptian youth, El-Zaher added.