Select International Group LTD’s growth in the technology sector reached 30% in the fiscal year (FY) 2016/2017, according to Shady Samir, president of Select International Group, who told Daily News Egypt.
Samir expected the percentage of growth to double in 2018 as a consequence of Dell/ EMC acquisition deal which will open new growth opportunities for the company.
He pointed out that after a year of liberalising the exchange rate, people are already sensing the improvement, as the Egyptian economy has strong, positive vibes which we should use to positively rebrand Egypt abroad.
Samir added that the governmental sectors need to operate using technology and offer new technological products.
Select International Group was launched in Egypt in 2006 in the technology sector, which is the main business of the company.
The holding company operates in 14 countries in the Middle East, including 22 affiliate partners, with company headquarters located in Egypt, the UK, and the UAE.
In the last three years, the company expanded its investment in pharmaceuticals, food and beverage, fashion, and construction supplies.
“Select Group’s turnover exceeded EGP 100m in the technology sector and we are constantly looking for new investment opportunities that would aid and support the private sector’s contribution in Egypt’s economic reform,”Samir said. “We are currently focusing on our efforts in the mining sector, and producing dolomite, which is used in ready-made concrete.”
Samir further revealed that the company is entitled to a significant number of facilities with banks, however, his company did not use more than 5% of available credit facilities.
Regarding the acquisition of new companies in Egypt, Samir noted that Select is trying to acquire three local companies in different areas in the technology sector, working mainly in the governmental sector and utilities. The value of the investment in acquisition of those three companies will not exceed EGP 40m.
“The technology sector enjoys very big investments, as the top 10 communication and infrastructure companies operate in the Egyptian market,” Samir added. “To boost more investments, there is a need to promote the positive events we have to echo abroad in order to help in positively branding our country. There are positive vibes, such as the New Investment Law, the New Administrative Capital, and Egypt qualifying to the 2018 FIFA World Cup in Russia. I urge all Egyptian businessmen, government officials and media channels to keep promoting the positive signs that we have, this will have a direct economic impact on many sectors such as tourism, trade, and aviation.”
He commented that the liberalisation was a step that had to happen, however, the process was harmful for a specific segment of Egyptians, because it happened suddenly and in one step, not gradually.
There is a missing step in this decision, as the government was supposed to recognise those people in need to provide them with the subsidy they deserve, because some people receive the subsidy although they don’t qualify for it, he clarified.
He praised the New Administrative Capital project and described it as a positive step that sends a great message to the world that Egypt is heading in a new direction toward a new future.
The new investment law has successfully provided a clear investment map and serves as a catalyst to attract serious investments, one that addresses the climate problems and investment essential needs. In addition, the law has created business-attracting incentives and specific mechanisms to ease and simplify the processes and resolve conflicts. Finally, the law guarantees the transfer of business returns abroad.