Concentrix, a global leader in outsourcing and contact center services, is set to invest $1 billion in Egypt’s expanding outsourcing sector, with plans to create 16,000 new job opportunities as part of the initiative to strengthen its operations in the country.

The investment is part of a newly signed Memorandum of Understanding (MoU) with the Information Technology Industry Development Agency (ITIDA), aimed at enhancing the company’s footprint in the country and reinforcing Egypt’s position as a global outsourcing hub.

The MoU was signed in a ceremony attended by Prime Minister Mostafa Madbouly, Minister of Communications and Information Technology Amr Talaat, and Christopher Caldwell, CEO of Concentrix Corporation. Eng. Ahmed Elzahr, CEO of ITIDA, and Amr Sobhy, CEO of Concentrix Egypt, represented the two parties in signing the agreement.

The expansion will see Concentrix increase its workforce to 35,000 by 2028, making it one of the largest employers in the global outsourcing industry in Egypt, according to a cabinet statement.

In his remarks, PM Madbouly highlighted the significance of Concentrix's decision to expand its operations in Egypt. He emphasized that this growth reflects the country’s emergence as a key player in the global outsourcing market, thanks to its strong infrastructure, skilled workforce, and government efforts to foster a favorable business environment.

Concentrix’s expansion in Egypt is a testament to the country’s standing as an international outsourcing hub, said Madbouly.

“Our efforts to provide a competitive environment for global companies, along with investments in digital skills and multi-lingual capabilities, continue to bear fruit, positioning Egypt as a destination of choice for outsourcing services,” the PM explained.

Talaat echoed these sentiments, calling the expansion the largest of its kind in Egypt’s outsourcing history. He emphasized that the sector plays a crucial role in the nation’s economic development, contributing not only to the creation of job opportunities for youth but also boosting digital export revenues.