Egypt now has three different outsourcing export targets on the table at once
Egypt is racing to build its next outsourcing strategy before the current one expires. ITIDA, together with UNDP Egypt, is calling for proposals to develop a new plan extending to 2030 as the current 2022-2026 strategy nears its end — with bids due last Sunday. The new strategy will push Egypt toward higher-value outsourcing work — AI, data analytics, engineering R&D, and chip design — and targets tripling outsourcing exports between 2027 and 2030 at a compound annual growth rate close to 30%, building on this fiscal year’s target of USD 6 bn.
Separately, Communications Minister Raafat Hindi put a USD 8 bn outsourcing export target on the table for 2028, up from USD 5.2 bn last year, during a meeting with AmCham Egypt’s Digital Transformation Committee this week, the ministry said in a statement.
IN CONTEXT- The sector has grown from roughly 90 companies running 100 delivery centers in 2022 to more than 240 offshoring companies and more than 270 centers by end-2025, and now makes up close to two-thirds of Egypt’s overall digital export target. When last year’s figure was announced in February, the ministry also announced an official target of USD 12 bn and 630k jobs by 2029 — a figure that sits above both Hindi’s USD 8 bn target, but below the new strategy’s USD 16 bn target.
Egypt is not alone in chasing this market: Morocco is targeting USD 4 bn in digital exports and 270k new jobs by 2030, and Jordan is aiming to double its roughly 25k-strong tech workforce by 2033 — both competing for the same nearshoring demand from Europe and the Gulf.
Spend, redeem, invest
Our friends at EFG Hermes and Bank NXT are linking credit-card spending directly to EFG Hermes ONE investment wallets after securing the required approval from the Central Bank of Egypt, according to a company statement (pdf). The Visa co-branded card will give eligible ONE clients cashback on purchases, with rewards credited to their wallets for use on the platform, including reinvestment into their portfolios. The companies bill it as Egypt’s first co-branded credit card between a bank and a brokerage firm.
Issuance, eligibility, and credit limits will depend in part on each client’s investment portfolio and assessment criteria. The card will also offer installment plans of up to 60 months. The statement did not disclose the cashback rate, fees, or minimum portfolio requirement. The app added five mutual funds earlier this year, and the new product gives EFG Holding a way to cross-sell Bank NXT’s retail banking services to its investment clients.