Egypt: IT revenues projected to grow by 7.63%
Organizers Dubai World Trade Centre (DWTC) announced that GITEX 2005 September 25th to 29th) will witness a strong Egyptian contingent at the show spurred by consistent growth in IT revenues in Egypt over the last two years.
"IT revenues in Egypt are projected to grow by 7.63% to exceed AED 2.24 billion (US$ 613 million) in 2005 as we gear up to receive a delegation of ICT professionals from Egypt to participate at GITEX this year," said DWTC Director General, Helal Saeed Khalfan Al Marri.
He added that IT revenues in Egypt for the year ending 2004 touched AED 2.09 billion (US$ 569.5 million). "The IT demand in Egypt is varied with hardware systems, packaged software, peripherals and IT services making up for over 87% of the revenues during 2004, while networking equipment and storage contributed for the rest," Mr. Al Marri noted.
Egypt has maintained a modest annual GDP growth in the range of 2 to 3 per cent in the last couple of years. However, in 2004 Egypt implemented several measures to boost foreign direct investment. In September 2004, Egypt pushed through custom reforms, proposed income and corporate tax reforms, reduced energy subsidies, and privatised several enterprises.