PWC unveils $10 million innovation centre in Egypt
Egyptian Minister of Communications and Information Technology Amr Talaat has opened Egypt’s Technology and Innovation Centre (ETIC) of PricewaterhouseCoopers International Ltd (PwC), in Cairo, with investments of $10 million.
PwC provides professional services across two segments: trust solutions and consulting solutions. Through ETIC, PwC seeks to foster innovation, application and provision of digital solutions in key areas, such as cloud services, data analytics, and cybersecurity, in the Egyptian market and export them to PwC clients in the Middle East and Europe markets.
So far, 400 tech experts were employed in ETIC. The Center will create 5,000 job opportunities until 2025 and boost digital exports to $300 million over three years.
ETIC tech experts will work closely with PwC advisory teams across the Middle East, the United Kingdom, Germany, and the Netherlands to develop technology solutions focused on enterprise applications, thus supporting PwC growth in data science, data analytics, cybersecurity, and Artificial Intelligence (AI).
The ICT Minister stated that international companies, including PwC, are interested in investing in Egypt and employing Egyptian youth in its centers specialized in developing advanced technologies. This reflects Egypt’s distinguished position on the global map for developing and exporting advanced technologies and value-added services in outsourcing and highlights international companies’ trust in the efficiency of Egyptian youth.
Talaat pointed out that the state is increasing digital exports, and creating an enabling environment for investment in IT and offshoring services by supporting international companies to expand their business in Egypt; building a robust infrastructure; and providing a high-level qualified talent pool in all technological disciplines.
For his part, the British Ambassador to Egypt Gareth Bayley stated that he is proud to witness the opening of the new PwC ETIC in Cairo. He added that the Center is opened in conjunction with Egypt’s digital transformation journey. ETIC will provide PwC extensive expertise in digital solutions to the Egyptian and regional markets and support enterprises to develop and compete worldwide, Bayley commented.
The CEO of the Information Technology Industry Development Agency (ITIDA) Ahmed Elzaher stated that ITIDA seeks to enhance Egypt's attractiveness as an export hub for digital and value-added services through attracting more global delivery and technology innovation centers like PWC, that helps carve a niche for Egypt in the engineering research and development. El Zaher added that ITIDA invests heavily in upskilling the local talent pool with digital capabilities, and plays a key role in promoting Egypt’s advantages to attract more foreign investments in the Egyptian outsourcing sector.
PwC Middle East Partner and ETIC CEO and Board Member Wael Moustafa declared that PwC is playing a role in supporting the state’s digital transformation during Egypt’s digital disruption. He added that opening ETIC reinforces PwC commitment to building a community of analysts who develop technology-enabled solutions helping reimagine the future of business. In addition, ETIC opening represents a significant step for PwC since its long-term establishment in Egypt. Moustafa highlighted that PwC is confident that ETIC is to leverage the company’s existing digital capabilities in innovation regionally and globally, with the government’s efforts to promote Egypt’s position as an enabling and reliable destination for outsourcing and offshoring IT services.
The establishment of PwC ETIC comes in line with PwC vision to expand its business in the region in general and in Egypt in particular and reinforce PwC’s commitment to accelerating digital transformation across the region. It also comes as part of PwC ongoing and long-term investment in achieving digital transformation, enhancing digital competencies in Egypt, and supporting the government’s efforts to promote Egypt’s competitive capabilities in the outsourcing industry and offshoring services.
It is noteworthy that, during 2022, PwC and ITIDA inked a strategic memorandum of understanding (MoU) to reinforce PwC ongoing investment in building capabilities.
PwC is a network of firms in 152 countries with nearly 328,000 employees committed to delivering the highest quality assurance, advisory, and tax services.