Many African economies have historically relied on natural resource exports. However, industries like IT and customer experience offer an opportunity to diversify revenue streams and build resilience against commodity price fluctuations.
Provider of Customer Experience (CX) solutions and contact center services Foundever has signed a Memorandum of Understanding (MoU) with the Information Technology Industry Development Agency (ITIDA). The agreement, announced on December 7, aims to expand Foundever’s operations in Egypt and outlines a €65 million investment over the next four years, creating 5,000 new jobs in Egypt.
ITIDA CEO Ahmed Elzaher expressed pride in Foundever’s expansion, aligning with Egypt’s Digital Egypt Strategy for the Offshoring Industry. The expansion also reinforces Egypt’s position as a hub for business process outsourcing, particularly in Cairo and Upper Egypt, he remarked.
The MoU was signed by Elzaher and Mina Wahba, Foundever’s General Manager in Egypt, with key officials from ITIDA and Foundever present. Discussions also explored ways to enhance freelancer capabilities and support women’s economic empowerment in Egypt.
Foundever plans to expand its centers in Nasr City and Maadi Technology Park and open a new center in Luxor, demonstrating its commitment to the Egyptian market. The MoU aims to strengthen the country’s offshoring industry, focusing on customer support, technical assistance, and sales services.
Minister Talaat praised Foundever’s decision to open a Luxor center, reflecting growing confidence in Egypt’s skilled workforce and the country’s ability to deliver multilingual services. He highlighted the government's efforts to enhance Egypt’s digital infrastructure, foster investment, and provide workforce training to support the offshoring sector.
The unemployment rate in Egypt has been a challenge, particularly for youth. According to the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s Unemployment Rate increased to 6.70% in Sep 2024, from the previously reported figure of 6.50% in June 2024. The Foundever expansion directly addresses this issue, offering young people career opportunities, particularly in a high-demand sector like customer service, which requires strong multilingual and digital skills. The agreement aligns with Egypt’s broader economic strategy to boost the Information Technology Outsourcing (ITO) and Business Process Outsourcing (BPO) industries.
Hikmatu Bilali