Egyptian company “Giza Systems” intends to direct 70% of its investments in 2024 towards the Saudi market, according to statements by Osama Sorour, the CEO of the company, to “Al Sharq”.
Giza Systems, Ownership, Investment Figures
Giza Systems, which is 88.19% owned by “Solutions,” listed in the Saudi stock market, plans to inject investments worth $200 million next year. Of this, $140 million will be for increasing the company’s expansions in the Saudi market.
Sorour noted that the Kingdom has become one of the most attractive markets for investment in the region due to its huge volume of business across various sectors.
Company Background
Initially founded in 1974, “Giza Systems” is Egypt‘s inaugural national IT company. Furthermore, it operates in 9 countries: Egypt, Saudi Arabia, UAE, Qatar, Kenya, Tanzania, Nigeria, Uganda, and the USA.
Giza Systems, Previous Investments
In the current year, moreover, the company invested $450 million in its operating countries, as stated by the president.
Future Investment Focus
Additionally, Sorour, in his talk with “Al Sharq,” said new investments aim to grow the company’s project portfolio.
Consequently, these will enhance integrated tech solutions and emerging tech in various fields like telecommunications, infrastructure, oil and gas, transport, smart buildings, and manufacturing.
Expansion Plans
He also noted that part of the new investments will specifically target opening markets in the Gulf, starting with Kuwait and Oman in 2024.
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