UAE’s Mashreq Global Network, ITIDA partner to expand operations in Egypt

14 February 2024

Prime Minister Mostafa Madbouly has witnessed the signing of an agreement between the Information Technology Industry Development Agency (ITIDA) and Mashreq Global Network to expand the business services of the UAE-based bank's centre in Egypt.

Mashreq Global committed to hiring a minimum of 300 new Egyptian employees over the three-year duration of the agreement, which was signed on the sidelines of the World Governments Summit 2024 in Dubai.

"We are committed not only to strengthening our presence in Egypt but also to contributing to the growth of the country's digital exports," said Mark Edwards, the Group Head of Operations at Mashreq.

"This partnership is a testament to the strategic importance of Egypt in our global roadmap. We look forward to achieving a successful collaboration that creates opportunities and opens limitless horizons."

The new hires will be primarily engaged in export activities related to banking business services. Mashreq Global also agreed to expand its operations in Egypt. The expansion encompasses the provision of offshoring services, including data analysis services, business intelligence, internal audit, credit management, and various financial and banking services in areas such as risk management, product management and Shariah governance.

The UAE financial services firm seeks to export these services from Egypt to customers of Mashreq Bank.

Mashreq Global, which is owned by Mashreq Group, was established with three main offices in Egypt, India, and Pakistan. Mashreq Global Egypt serves as one of the operational arms of the group, where employees from Egypt operate under the supervision of the corresponding specialised management based in Dubai.

The company plans to double its workforce in Egypt, which reached 116 employees at the end of 2023, working in various banking sectors including retail, corporate, customer service, legal affairs, internal audit, marketing, corporate communications and compliance.

Its utilisation of a remote operating model offers employees with the flexibility to tailor their work arrangements according to their circumstances and increase work-life balance.

Source: Arabiya Capital

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