German software developer SAP plans to invest $450 million in the Middle East and North Africa (MENA) over the next four years as it seeks further growth beyond its mature home markets, the company said on Monday.
The world’s biggest maker of business software is targeting 40% compound growth in regional revenue to the end of 2015, chief financial officer Werner Brandt told a news conference in Dubai, which equates to just under 9 percent a year.
Brandt said within the MENA region, the Gulf was SAP’s primary focus.
“SAP expects to significantly grow its MENA revenues by 2015, building on double-digit compound growth between 2008 and 2011 and establishing the region as one of the company’s top 10 growth markets globally,” SAP said earlier in a statement.
Sam Alkharrat, -managing director for MENA- said that mobility, in-memory computing and cloud services would drive this growth, and he added that SAP was unlikely to make acquisitions in the region.
As well recruiting 500 new employees, the company will build a training institute in the MENA region to certify 2,000 consultants within the next four years, as Reuters stated.
Brandt said the institute’s location had yet to be decided, but Egypt, Saudi Arabia and the United Arab Emirates were the prime candidates.