SAP AG (SAP) to Invest $450M in MENA Region; Sees Significant Revs Growth by FY15
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SAP AG (NYSE: SAP) today announced a four-year plan worth US $450 million (AED1.65 billion) to up-skill local talent and drive sustainable innovation and growth in the Middle East and North Africa (MENA) region. The decision highlights the region as a fast-growth market and an integral part of the company's overall business strategy.
SAP expects to significantly grow its MENA revenues by 2015, building on an impressive double-digit compound growth rate between 2008 and 2011 and establishing the region as one of the company's top-10 growth markets globally.
SAP's plan to bolster its business across MENA comes following the company's best-ever financial year in 2011, with global software revenue increasing 25 percent at constant currencies to EUR 4 billion and IFRS total revenue increasing 14 percent to EUR 14.2 billion. The robust performance is reflected in a recent study by IDC, a leading global IT intelligence and market advisory firm, which named SAP as MENA's leading enterprise application software (EAS) vendor with a more than 37 percent market share.
SAP expects to significantly grow its MENA revenues by 2015, building on an impressive double-digit compound growth rate between 2008 and 2011 and establishing the region as one of the company's top-10 growth markets globally.
SAP's plan to bolster its business across MENA comes following the company's best-ever financial year in 2011, with global software revenue increasing 25 percent at constant currencies to EUR 4 billion and IFRS total revenue increasing 14 percent to EUR 14.2 billion. The robust performance is reflected in a recent study by IDC, a leading global IT intelligence and market advisory firm, which named SAP as MENA's leading enterprise application software (EAS) vendor with a more than 37 percent market share.
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