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MarketScreener Homepage  >  Equities  >  Nyse  >  International Business Machines Corporation    IBM

INTERNATIONAL BUSINESS MACHINES CORPORAT

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International Business Machines : IBM bolsters investment in Egypt with two new Centers

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06/25/2019 | 12:38pm EDT

ArabFinance: IBM (NYSE: IBM) today announced the expansion of its operations in the Middle East and Africa with the opening of an Innovation and Industry Client Center and a Marketing Services Center in Cairo. Supporting Egypt’s national agenda, the centers aim to help fast track Egypt’s digital transformation for both public and private organizations through advanced technologies including AI, digital, security, blockchain and hybrid cloud.

IBM has selected Egypt as the location for its two strategic centers because of the country’s unique advantage as an innovation hub in the region, with access to highly skilled talent. The centers will foster innovation by providing an enhanced customer experience, connecting clients with high level technical expertise.

“For almost a century, IBM has played an essential role in building strong partnerships to help accelerate transformation and create sustained societal impact across the Middle East and Africa,” said Takreem El Tohamy, General Manager IBM Middle East and Africa. “We've been working with clients and partners to develop skills, build out infrastructure and boost local research to develop unique solutions to the region’s challenges. Today we’re witnessing the further expansion of our footprint in the region.”

IBM has made major contributions to Egypt’s economy through skills development, job creation and helping organizations explore the full potential of innovative technologies. For example, IBM has supported the digitization of citizen services, banking the unbanked, transforming the healthcare and insurance sectors, and empowering entrepreneurship.

According to the Commercial International Bank (CIB), one of IBM's key banking clients in Egypt: "IBM is a strategic partner to CIB in running and building the bank's IT roadmap with their world-class technology solutions and services,” said Khurram Qadir, Chief Information Officer, Commercial International Bank (CIB). “With IBM’s technology solutions, we achieved seamless integration within systems and build robust infrastructure platform. IBM enterprise solutions like enterprise data capture and content management solution, enterprise archiving solution helped us to build efficient technology platforms for the business. IBM Business process management platform helped in improving CIB business processes. We value IBM's true partnership and will continue to partner with them in our future Technology journey."

“This is another step forward in IBM’s commitment to Egypt," said Wael Abdoush, General Manager, IBM Egypt. “Since its establishment in Egypt in 1954, IBM has been contributing towards the Egyptian economy and working side by side with the Egyptian government on multiple projects of national importance.”

The Cairo Innovation and Industry Client Center will help IBM clients to address business by providing an enhanced customer experience and connecting them with advanced technical skills and expertise. With focus on AI, cloud, blockchain, security, and IoT, the center will display live demos for IBM solutions including customer proofs of concept for key industries including Government, Telco, Banking and others. The center in Cairo is the 8th in the Middle East and Africa network of IBM Client Centers that consists of centers in Casablanca, Johannesburg, Abu Dhabi, Dubai, Istanbul, Lagos and Nairobi.

The IBM Marketing Services Center in Cairo, serving the Middle East and Africa, will help ensure optimized end-to-end digital marketing campaign execution in English and Arabic, with Turkish and French planned by the end of 2019. Hiring top Egyptian talents, the objective of the center is to act as the marketing engine for IBM across the region

IBM has also moved its Egypt headquarters to the Smart Village in Cairo.

(c) 2019 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
COMMERCIAL INTERNATIONAL BANK (EGYPT) -1.23% 73.66 End-of-day quote.24.29%
INTERNATIONAL BUSINESS MACHINES CORPORATION -0.71% 138.36 Delayed Quote.21.72%
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Financials ($)
Sales 2019 77 031 M
EBIT 2019 13 817 M
Net income 2019 10 935 M
Debt 2019 32 973 M
Yield 2019 4,66%
P/E ratio 2019 11,27
P/E ratio 2020 10,90
EV / Sales 2019 2,03x
EV / Sales 2020 1,97x
Capitalization 124 B
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Mean consensus HOLD
Number of Analysts 22
Average target price 147 $
Spread / Average Target 5,7%
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Managers
NameTitle
Virginia M. Rometty Chairman, President & Chief Executive Officer
James J. Kavanaugh Chief Financial Officer & Senior Vice President
John E. Kelly Senior VP-Cognitive Solutions & Research
Martin Jetter SVP-Global Technology Services
Sidney Taurel Independent Director
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