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Global Outsourcing Industry Estimated to Reach $479B by 2016

by: Sarah Joson

Tuesday, June 7, 2011 | Outsourcing News |

UAE and MENA Seen to Boost Outsourcing Industry

Based on a report done by Dubai Outsource Zone (DOZ), in partnership with research and consulting firm Frost and Sullivan, the global outsourcing sector is predicted to reach $479.3 billion by 2016 due to a significant change in the industry.

The special study, entitled “Outsourcing Opportunities in the MENA Region”, was released during DOZ’s fourth anniversary.

The report highlighted that the UAE and the wider MENA region are prime outsourcing destinations. Moreover, it showed that $370 billion from the global outsourcing market will be reflected as an 8.35 percent compound annual growth rate (CAGR). On the other hand, the MENA region is expected to show a CAGR of eight percent during the period of 2009-2016, while the UAE is expected to gain a 10 CAGR during the same forecast period.

The developments in the industry are also said to be caused by the financial crisis, which also encouraged companies to change policies, practices, and to outsource.

As Dubai becomes the favoured outsourcing destination because it poses as a gateway to the entire Middle East, Africa, and Asia, the MENA region, on the other hand, is known as the second largest outsourcing market after Egypt.

Frost & Sullivan Consultant for Middle East and North Africa Information and Communication Technologies Lindsay McDonald said, “The entire outsourcing industry was based on low cost activities. But now clients are ready to pay a premium if they are assured of high quality services. Due to this trend, governments of well-established outsourcing destinations are in the process of re-aligning their outsourcing industry and its development strategies.”


Source:
http://www.khaleejtimes.com/

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