During the signing ceremony between ITIDA and MGN witnessed by the Egyptian Prime Minister, Mostafa Madbouly, and the Minister of Communication and Information Technology, Amr Talaat which were held in Dubai on Tuesday 13 February, 2024.
The signing ceremony, which was held on the sidelines of the Egyptian participation in the World Governments Summit in Dubai, was witnessed by Egyptian Prime Minister Mostafa Madbouly and Minister of Communication and Information Technology Amr Talaat.
Under the terms of the agreement, MGN commits to hiring a minimum of 300 new Egyptian employees over the three-year duration of the agreement. These new hires will be primarily engaged in export activities related to banking business services.
Moreover, MGN will expand its operations in Egypt including extending offshoring services, such as data analysis services, business intelligence, internal audit, credit management, and various financial and banking services in areas such as risk management, product management, and shariah governance.
The company also intends to export these services from Egypt to customers of Mashreq Bank.
Minister Talaat highlighted that the increased investment by MGN in Egypt underscores the competitiveness of the country’s ICT sector, particularly in the business process outsourcing (BPO) and offshoring services industry.
Talaat also stressed that Egypt is a premier choice for multinational companies looking to expand their operations and establish captive centres for global delivery services.
“This preference is attributed to Egypt's abundant pool of professional, multilingual talent with proven digital capabilities in diverse IT fields,” according to Talaat.
Talaat also asserted the ministry’s keenness to create a conducive environment for the growth of the BPO industry and to reinforce Egypt’s position as an attractive offshoring destination in light of the many competitive advantages that Egypt enjoys, which qualified it to occupy the third place globally in the Offshore BPO Confidence Index 2023 report.
MGN, wholly owned by Mashreq Group in the United Arab Emirates, was established with three main offices in Egypt, India, and Pakistan. MGN Egypt serves as one of the operational arms of the mother company, where employees from Egypt operate under the supervision of the corresponding specialized management based in Dubai.
MGN plans to double its workforce in Egypt, which had reached 116 employees by the end of 2023, working in various banking sectors including retail, corporate, customer service, legal affairs, internal audit, marketing, corporate communications, and compliance.
"The agreement signed today marks the beginning of a new chapter as we expand our operations in Egypt. Our collaboration with ITIDA reflects our confidence in the exceptional skills and capabilities of the Egyptian talents. We are committed not only to strengthening our presence in Egypt but also to contributing to the growth of the country’s digital exports,” said Mark Edwards, group head of operations at MGN.
He added that this partnership is a testament to the strategic importance of Egypt in the MGN’s global roadmap.
From his side, ITIDA CEO Ahmed El-Zaher said that this cooperation comes in line with ITIDA’s Digital Egypt Strategy for the Offshoring Industry (2022-2026) and its strategic goals of increasing offshoring sector exports and creating more jobs for Egypt’s skilled pool of talent.
El-Zaher added that the diversity of foreign investment in the field of global services delivery reflects investors' confidence in the technical capabilities and digital skills of Egyptian youth.
He also affirmed Egypt’s position as one of the fastest-growing global offshoring destinations, especially as it offers a huge portfolio of services to many markets, including business process, financial and banking services, shared services, IT services, engineering research and development, electronics design services, embedded systems, and automotive software.
Ahmed El-Sherif, head 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 national agenda for driving digital transformation and increasing digital exports.”
He further noted that Egypt stands out regionally and globally with its exceptional quality and diverse portfolio of services within the information technology sector.
“Therefore, we trust that this collaboration will contribute to the upskilling of local talents, especially with MGN offering global career exposure in the banking and financial services domain through a remote operating model from Egypt,” according to El-Sherif.
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