ITIDA, Futtaim Group ink coop. agreement on setting up outsourcing services center in Egypt

CAIRO – 24 August 2021: Information Technology Industry Development Agency (ITIDA) and Majid Al Futtaim (MAF) Global Solutions signed a cooperation agreement to establish a Shared Services center in Egypt.

According to the agreement, the Center will be the first of its kind for MAF Holding, the leading shopping malls, communities, retail, and leisure pioneer across the Middle East, Africa, and Central Asia. The Group undertakes to establish its operations in Egypt with the main objective of providing shared services operations including accounting, HR, procurement, and IT Services operating in but not limited to the Middle East, Africa, and Asia from its center in Egypt.

The ICT Minister stressed that the business process outsourcing is one of the labor-intensive industries that Egypt attaches great importance as it enjoys all the elements of success given the country’s regional leadership and significant position on the global offshoring industry map. Talaat added that Egypt remains one of the most favorable destinations for multinationals willing to establish service centers for global operations.

Talaat asserted MCIT’s keenness to create an enabling environment for the growth of the BPO industry and boosting its exports, with working on any obstacles facing investors, and intensively upskilling and qualifying young talents for professional work in that field.

According to the agreement, MAF undertakes will employ a minimum of 600 additional new Egyptian employees over the course of the agreement, directed primarily to export activities.

ITIDA CEO Amr Mahfouz stated that MAF's decision to invest in Egypt reflects Egypt’s increased global appeal for investors especially in the outsourcing domain with more enterprises and global tech companies willing to relocate expand global business services in Egypt. This also enhances the country’s position as one of the fastest-growing offshore destinations in the world.

ITIDA is working to develop and boost Egyptian IT and IT-enabled services exports to various global markets, which contributes to creating more job opportunities for the Egyptian youth. The agency is committed to encouraging foreign investments to do business in Egypt where it provides help and guidance every step of the way, especially with the increased demand following Egypt’s BPO sector's proven resilience and response amid the pandemic.

For his part, Khaled El Chidiac; MAF Global Solutions CEO said: “We’re excited to cooperate with ITIDA through our shared services center to serve the markets where MAF operates in different countries, leveraging Egypt's competitive advantages, most notably its diversified and abundant talent pool.

El Chidiac highlighted that MAF works with ITIDA in a partnership framework out of the former’s commitment to investing in local talent, training young people, enhancing experiences, and creating direct and indirect job opportunities for Egyptian youth. Within the next few months, MAF will work to attract young people of the highest caliber and talents to join its team to embark on the transformation journey that will lay the foundation for the sustainable growth of the MAF businesses.