Concentrix to inject $1B investments in Egypt’s outsourcing sector

Updated 1/29/2025 8:28:00 AM

Arab Finance: Concentrix, a global technology and services leader, has inked a memorandum of understanding (MoU) with the Information Technology Industry Development Agency (ITIDA) to invest around $1 billion in Egypt, according to a statement.

Under the MoU, Concentrix seeks to expand its operations in the Egyptian market, creating 16,000 new job opportunities. This will bring the company’s total number of employees to 35,000 by the end of 2028.

The signing was attended by Prime Minister Mostafa Madbouly, President and CEO at Concentrix Chris Caldwell, and Minister of Communications and Information Technology Amr Talaat.

Talaat highlighted that this expansion is the largest of its kind in the history of Egypt’s outsourcing industry, adding that it enhances the competitiveness of the state’s outsourcing sector globally.

He added that the outsourcing industry contributed to driving economic development in Egypt, as it secured diverse and intensive jobs for youth, while increasing revenues from digital exports.

On his part, Caldwell indicated that the investments align with the company’s commitment to developing Egyptian talent and anchoring its position in the global outsourcing market.

Amr Sobhy, Vice President of Concentrix Egypt, said the company has 11 centers in Cairo, Giza, Alexandria, and Hurghada.

The global firm plans to widen its footprint in these centers, while expanding in Mansoura to boost its exports of outsourcing services, Sobhy mentioned.