IT spending in Egypt is projected to reach highs of USD 1.9 billion by 2013, reflecting a significant jump from its 2008 levels at USD 1.2 billion, according to statistics released by Business Monitor International (BMI) in its ‘Egypt Information Technology Report Q3 2009’. With factors such as growing foreign investment and government spending expected to bolster the growth over the forecasted period, SAS, the leading provider of business advisory and analytical intelligence, is confident that better risk management is vital to fuel the development of local businesses in the country.
Furthermore, ‘Chartis RiskTech100′ report also estimates the global risk technology expenditure to increase by 10 percent or more in 2010, with Egypt among the countries who are geared up to undertake major risk management initiatives.
“Expectations for the Egypt IT sector remain high, with projection of an 11 per cent compound annual growth rate surfacing despite anticipation that 2010 will be another challenging year for the market,” said Sherif Fathy, Business Development Manager, SAS – Middle East. “Specifically, risk management is proving to be an excellent growth market in the country, as the number of initiatives taken to address risk management issues continue to grow. ”
Further underlining the importance of risk management initiatives, a global study commissioned by SAS has revealed that more companies are appreciating the advantages of such programs. Going further beyond quantitative benefits, another study conducted by the Economist Intelligence Unit revealed that failure to address risk management issues has largely contributed to the current global credit crisis. Embedding risk management into everyday processes at all levels of an organisation, SAS’ ERM portfolio delivers a current, credible understanding of all types of risks unique to every organisation, including credit, operational, market, liquidity and trading risks.
“Amidst the current state of the global financial market, it has become more critical for businesses to make the right strategic decisions swiftly while minimising risks to its lowest possible levels. ” concluded Fathy.
Author Note: This is edited press release, to be digestible by interactiveME readers.