The Minister of Communications and Information Technology Yasser ElKady witnessed, today, a new Egyptian-UAE partnership via signing a protocol to launch the works of the company “Ascendem Egypt” that provides engineering and consulting services in ICT areas. The protocol was signed in the presence of Ascendem Chairman Ayed ElHarthy and Ascendem Egypt CEO Ahmed Fathy.
The partnership is part of the efforts exerted to encourage and attract foreign investments to the Egyptian ICT sector. In this context, ElKady stated that the Ministry of Communications and Information Technology (MCIT) seeks integration among companies, makes the best use of expertise in the region and supports the new partnerships, considering them a starting point to the targeted markets .
He ascertained that the sector aims to attract new investments, contributing to creating distinct job opportunities for Egyptian youth in the ICT sector, which is one of the key priorities that the state gives due consideration during the current period, adding that the Egyptian market is promising and has all the elements of a successful market.
For his part, Fathi said that the company’s investments in the Egyptian market will begin with 20 million Egyptian pounds in April, and the targeted business size is estimated at 220 million Egyptian pounds over the next three years.
He added that the company aims to contribute to preparing specialized calibers in the area of engineering consultancy and service providers in the Egyptian ICT market. He stated that the company is to launch an initiative to train about 500 trainees from the outstanding new graduates of technical schools, selecting the most promising ones to work in the Egyptian and UAE markets.
Ascendem has a considerable experience in delivering engineering services for 4G ICT projects in the UAE market, which is expected to emerge in Egypt over the next year.
The UAE company, Ascendem, was founded in Dubai in 2014 as a joint stock company with a 51% UAE capital and 49% Egyptian, according to the UAE law on the establishment of joint stock companies. The company operates in the field of engineering services and consultancies in the ICT industry, and working for Du and Etisalat in the United Arab Emirates.