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Egypt’s ICT sector shows resilience amid pandemic: ITIDA

Egypt’s ICT sector shows resilience amid pandemic: ITIDA

ArabFinance: The information and communications technology (ICT) sector in Egypt demonstrated resilient performance during the outbreak of the COVID-19 pandemic, according to an emailed press release from the Information Technology Industry Development Agency (ITIDA).

The resilience boosted Egypt’s global appeal for outsourcing and information technology (IT) business services investments, ITIDA said.

In addition, the performance encouraged more demand from businesses to choose the North African country as a technology hub offering global services, the national agency added.

Egypt’s ICT sector achieved a growth rate of 15.2% and around EGP 108 billion of revenues during fiscal year (FY) 2019/2020, compared to EGP 93 billion in the previous FY, according to ITIDA.

“The sector’s contribution to the GDP was about 4.4%,” the statement indicated.

ITIDA’s CEO Amr Mahfouz commented, “Egypt has invested heavily in developing its digital capabilities especially in freelancing and remote-work skills.”

He added, “This enabled the services sector to remain resilient, meet the unprecedented demand, and increase reliance on digital services in all areas.”

A report prepared by Everest Group on the main challenges facing companies in 2021 showed that cloud computing and cybersecurity services would top the digital businesses during the next period.

“More than 70% of the sector companies still expect to achieve financial performance, which exceeds or meets the targeted prospects of 2020,” ITIDA said, citing the Everest Group paper.

These statements came during ITIDA’s participation in the first virtual conference of the Global Technology and Business Services Council on November 30th and December 1st.

Banks, non-financial institutions, and fintechs in Egypt will benefit from the cloud-based product MDP Neo, upon a partnership between Codebase Technologies and Masria Digital Payments.

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