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Mashreq Global Network

Prime Minister of Egypt Witnesses ITIDA and Mashreq Global Network Agreement to Expand Operations in Egypt

During his Participation in World Governments Summit in Dubai
Prime Minister of Egypt Witnesses ITIDA and Mashreq Global Network Agreement to Expand Operations in Egypt

Today, Dr. Mostafa Madbouly, the Prime Minister of Egypt, witnessed the signing ceremony of a

cooperation agreement between Egypt’s Information Technology Industry Development Agency

(ITIDA) and the Emirati Mashreq Global Network on the sidelines of his participation in the 2024

World Governments Summit in Dubai.

The agreement aims to expand the business services of Mashreq Global Network’s center in Egypt.

The ceremony was attended by Dr. Amr Talaat, Egypt’s Minister of Communications and Information

Technology.

Under the terms of the agreement, Mashreq Global Network (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. As part of the agreement,

MGN will expand its operations in Egypt. This expansion encompasses the provision of offshoring

services, including but not limited to 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 intends to export these services from

Egypt to customers of Mashreq bank.

Minister Dr. Amr Talaat highlighted that the increased investment by Mashreq Global Network in Egypt

underscore the competitiveness of the ICT sector, particularly in the BPO and offshoring services

industry. He highlighted Egypt as a premier choice for multinational companies looking to expand

their operations and establish captive centers 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.

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.

Mashreq Global Network (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 Mashreq Group, 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 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.

As part of MGN’s commitment to promoting diversity and inclusivity, approximately 53% of the

workforce in Egypt consisted of female employees as of end of 2023. The group’s utilization of a

remote operating model, enables employees with flexibility to tailor their work arrangements

according to their circumstances and increase in work life balance.

Mark Edwards, Group Head of Operations at Mashreq, said, “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. This partnership is a testament to the strategic importance of Egypt in

our global roadmap. We look forward to achieving a successful collaboration that creates

opportunities and opens limitless horizons.”

ITIDA’s CEO Ahmed El Zaher said: “We are thrilled to sign an agreement with Mashreq Global

Network to further expand the portfolio of its shared services operations from its center in Egypt. 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.”

ElZaher 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.

ElZaher 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. 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

remote operating model from Egypt.”

The agreement was officially inked by ITIDA’s CEO, Ahmed ElZaher, and Mr. Ahmed El Sherif, Head of

Mashreq Global Network in Egypt. The signing ceremony took place in the presence of Mr. Mark

Edwards, Head of Operations at Mashreq Group.

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