West Asia emerges big market for IT
IT companies, which have pitched their tents in the Middle East, are cashing in on the opportunities in the oil-rich region as spending on technology is spurred by the wealth from soaring crude prices.
By Neenu Abraham, ET Bureau |
Bangalore: IT companies, which have pitched their tents in the Middle East, are cashing in on the opportunities in the oil-rich region as spending on technology is spurred by the wealth from soaring crude prices. The cash-flush region is being seen as an alternative viable market as the US slows down and Indian companies find themselves making good headway with their price advantage.
A favourable time zone, a multi-lingual workforce and efforts by governments to diversify and liberalise are attracting companies into this untapped market.
Among those capitalising on the Middle East opportunity is Wipro Infotech, which expects triple-digit growth from the region this year. ���This will be our major revenue driver over the next 12-36 months,��� says Wipro Infotech chief executive Anand Sankaran. ���The market is bullish as IT requirements here are increasing,��� he adds.
A favourable time zone, a multi-lingual workforce and efforts by governments to diversify and liberalise are attracting companies into this untapped market.
Among those capitalising on the Middle East opportunity is Wipro Infotech, which expects triple-digit growth from the region this year. ���This will be our major revenue driver over the next 12-36 months,��� says Wipro Infotech chief executive Anand Sankaran. ���The market is bullish as IT requirements here are increasing,��� he adds.
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In one of its largest deals, the company has entered into a five-year contract, worth over $100 million, with Saudi Airlines, he said. Even small players like Vitage Technologies are also benefitting. ���There are a lot of tax advantages and plenty of opportunities from the banking and financial services and realty verticals,��� says Vitage Technologies CEO P Rangarajan.
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