Investing in Egypt
Egypt continues to strengthen its position as a leading location for BPO, with new companies investing for the first time and existing companies growing their operations.
Lately, Egypt has been able to attract many multinational companies operating in the field of information technology services and contact centers such as Wipro, EMC, Valeo, SQS, Stream, Teleperformance, Vodafone, and SYKES.
These companies offer a range of services including voice services, software testing and development, applications management and maintenance, and network administration
Foreign direct investment has also been key to Egypt’s growth and FDI inflows have increased to unprecedented levels over the past four years rising from US$2.1 billion in FY 2003/04 to US$13.2 billion in 2007/2008, and while many currencies have soared against the US dollar, the Egyptian Pound has remained relatively stable.
In the last 12 months, Egypt has seen several landmark transactions of new multinational companies investing in the country as well as existing centers expanding their capacities significantly. Notable deals include IBM's investment in 1,500 FTEs (full time equivalents) for back office and F&A (finance & accounting) functions for EMEA customers in February 2009. This followed the company's September 2008 deal for 1,100 FTEs in IBM's Global Delivery Center employing high level IT consultants.
Other deals include the EMC²s Center of Excellence, Oracle's new Solution Services Internationals Center (SSI), the Stream Contact Center, BDO Esnad BPO and expansion of the Vodafone technical support, customer service and IT centers and F&A. Finally SQS completed a deal for high end testing and quality assurance in German (250 FTEs). These deals underline Egypt's emergence as a major hub for global sourcing servicing blue chip clients across markets.