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FINANCIAL NEWS
Egypt to see IT spending climb to $2.1b by 2014
15 Jun 2010
(MENAFN) A report issued by Business Monitor International said that Egypt would see IT spending reach $2.1 billion by 2014, making it one of the fastest growing IT economies in the world.
Based on first-quarter data, the report expected EgyptÂ’s IT spending to grow from $1.3 billion at a compound annual growth rate (CAGR) of 12 percent, thanks to the economic recovery, higher incomes and new hardware and software upgrade cycles.
The report said that Egypt has one of the most established and developed IT infrastructures in the region and is a lucrative sector for international firms looking to expand their presence in the Middle East.
CEO of Information Technology Industry Development Agency (ITIDA) said that the agency aims to play a pivotal role in promoting the growth of Egypt’s ICT market and attracting more international firms to set up operations in the country.
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