EMC to invest in telecom
The US-based information management company EMC is looking to boost its presence in the Middle East telecom market to cash in on the booming pace of growth in the region, executives said on Thursday.
The company, which in the past few years has turned its focus on growth outside the US market, said the Middle East is one of the fastest-growing international markets and it plans to step up investment.
“We see high growth in the region, [the market] has good momentum and we’re going to continue to invest wherever we get good returns,” Vice-Chairman, Bill Teuber, told Emirates Business.
Speaking on the sidelines of the fifth EMC Middle East Telecoms Summit, Teuber added that the company looks at market shares and overall growth rates when planning expansions.
“Some of these countries have relatively low revenues but high growth rates so we’re looking to make sure we’re a part of the infrastructure of many of these countries as they mature,” he said.
Though Teuber declined to comment on how much EMC is looking to invest in the Middle East this year, he said the firm has a “very strong cash flow”, with about $8 billion (Dh29.3bn) in cash and investments.
“Emerging markets are going to be absolutely critical to the growth rate and the success of EMC. We need to be in these areas and countries,” he said.
EMC, which has its regional headquarters in Dubai and offices in Saudi Arabia, Bahrain and Egypt, is set to open offices in Qatar and Pakistan, while aiming to increase investments in Saudi Arabia and the UAE.
“We’re going to balance investments around the GCC and the Middle East,” said Mohammed Amin, regional manager of EMC.
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