Egypt’s Information Technology Industry Development Agency (ITIDA) and Majid Al-Futtaim (MAF) Global Solutions have inked an agreement to establish a shared services centre in Egypt, ITIDA announced on Tuesday.

Minister of Communications and Information Technology Amr Talaat witnessed the signing of the agreement.

The centre 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, according to ITIDA.

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

Talaat stressed that business process outsourcing (BPO) is one of the labour-intensive industries to which Egypt attaches great importance, and where the country enjoys all the elements of success given its regional leadership and remarkable positioning on the global map of the BPO and offshoring services industry.

The minister added that Egypt is also one of the leading destinations for multinational companies to expand their businesses and establish dedicated service centres for global operations.

Talaat also asserted the ministry’s keenness to create an enabling environment for the growth of the BPO industry and the increase of digital exports, with working to overcome the obstacles facing investors, and intensively upskilling and qualifying young Egyptians for professional work in that field.

ITIDA CEO Amr Mahfouz said 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 expand global business services in Egypt.

This also enhances the country’s position as one of the fastest-growing offshore destinations in the world, according to Mahfouz.

Mahfouz added that ITIDA is working to develop and boost Egyptian IT/ IT-enabled services exports, which contributes to creating more job opportunities for Egyptian youth. He added that his company is encouraging foreign investors 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.

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

El-Chidiac highlighted that MAF partners with ITIDA 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 calibre to join its team to embark on the transformation journey that will lay the foundation for the sustainable growth of MAF businesses, according to El-Chidiac.