The Prime Minister of Egypt, Mostafa Madbouly, attended the signing ceremony of a cooperation agreement between the Information Technology Industry Development Authority (ITIDA) and the UAE-based Mashreq Global Network. The agreement aims to expand the business services offered by the network in Egypt. The ceremony took place on the sidelines of the World Government Summit 2024 in Dubai.
The agreement was signed by Ahmed Al-Zaher, CEO of ITIDA, and Ahmed El-Sherif, head of Mashreq Global Network in Egypt. Amr Talaat, Minister of Communications and Information Technology, and Mark Edward, Chief Operating Officer of Mashreq Group, were also present at the event.
The agreement will provide 300 jobs for qualified Egyptian professionals in banking services over three years. It will also enable Mashreq Global Network to increase its operations in Egypt, which include data analysis, business intelligence, internal auditing, credit management, and other financial and banking services. These services will be exported from Egypt to the UAE Mashreq Bank customers.
Amr Talaat said that the agreement reflects the attractiveness of the Egyptian communications and information technology sector, which has become a target for international companies to expand their business. He added that Egypt is keen to create a supportive environment for developing the outsourcing industry and enhancing its position as an attractive investment destination in this field. He cited the competitive advantages that Egypt has, which have ranked it third in the world in the Index of Trust in Sites Providing Cross-borders Outsourcing Services 2023. He also said that the agreement will increase the scope of UAE investments in the fields of communications and information technology in Egypt.
Ahmed Al-Zaher said that the agreement is in line with the goals of Egypt’s digital strategy for developing the outsourcing industry 2022-2026. This strategy aims to double digital exports and create export-oriented job opportunities. He also said that the agreement shows the confidence of foreign investors in the technical capabilities and digital skills of Egyptian youth. He praised Egypt’s leading role and prominent position in the field of exporting services, which are diverse and high-quality, and cover various fields of information technology.
Mark Edward said that the agreement marks the beginning of a new era as Mashreq Global Network expands its work in Egypt, in cooperation with ITIDA. He expressed his confidence in the exceptional skills and capabilities of the Egyptian workforce. He also said that Mashreq Global Network is committed to not only strengthening its presence in Egypt, but also contributing to the growth of digital exports in the country. He said that the agreement demonstrates Egypt
For his part, Ahmed Al-Sherif, President 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 Egyptian state’s goals for digital development and increasing technological exports. Egypt stands out regionally and globally for its exceptional quality and diverse range of services in various fields of information technology. We are confident that this cooperation will contribute to the growth of local expertise, especially that Mashreq Network provides global professional opportunities in the field of banking and financial services through working remotely from Egypt.”
Mashreq Global Network, wholly owned by the Mashreq Group in the Emirates, was established in three main headquarters: Egypt, India, and Pakistan. It is considered the operational arm of the Mashreq Group.
The Mashreq Global Network in Egypt currently employs 116 people in various sectors of the bank, such as: retail, corporate, customer service, legal affairs, internal audit, marketing, corporate communication, and the compliance sector.
