Satyam reports 100 percent growth in Middle East revenues (Gulf Business Capsule)

May 11th, 2008 - 6:21 pm ICT by admin  


Muscat, May 11 (IANS) Leading Indian software company Satyam Computer Services has registered over 100 percent growth in revenue, pushing it to 102.76 million dirhams ($28 million), from the Middle East in 2007-08. “In terms of next year’s revenues, we expect about 24 to 26 percent growth,” the Gulf News quoted Virender Aggarwal, Satyam’s director and senior vice-president for Asia-Pacific, Middle East, India and Africa, as saying.

“At this stage, the only thing we can say is that the region will grow faster than the rest of the world,” he said.

He added that in the last fiscal, the company posted about 100 percent growth in the Middle East.

“With growth doubling in countries such as Kuwait and Bahrain, Qatar and the UAE (United Arab Emirates) also saw extensive growth. The Middle East, Africa, Asia Pacific and India region contributes 19 percent of global revenues. The Middle East alone contributes 1.5 percent of global revenues,” he said.

The expansion in the region, which is fuelled by swelling investments in local markets, has motivated the company to establish a significant presence in Saudi Arabia, Kuwait, Qatar, the UAE, Oman, Jordan, Bahrain and Egypt, according to the report.

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Abu Dhabi GDP to touch $300 billion by 2025

With steady growth of the non-oil sector, the gross domestic product (GDP) of the emirate of Abu Dhabi in the UAE will hit $300 billion by 2025, according to a new report.

The non-oil sector is predicted to touch 60 percent of Abu Dhabi’s GDP, while oil sector is projected to reach 40 percent, the Emirates News Agency (WAM) reported, citing a weekly report released by the department of planning and economy (DPE).

“The Abu Dhabi emirate is faring steadily and forcefully into future under master strategic plans and guidelines aiming at a radical transformation in the local economic structure”, it added.

The report noted that during the last five years, Abu Dhabi economy witnessed the strongest, broadest and highly diversified-ever development as a result of high oil prices at international markets. The expectations are based on the huge projects currently underway and government restructuring schemes, which begin to yield fruits, it added.

“In 2015, Abu Dhabi GDP will rise to $170 billion, of which oil sector will constitute 50 percent and non-oil sector 50 percent.

“But non-oil sector will overtake oil sector percentage in Abu Dhabi GDP, which will surge to $230 billion, by 2020 as oil sector is projected to be only 45 percent of Abu Dhabi GDP, while non oil sector will surge to 55 percent of GDP. By 2025, Abu Dhabi GDP will jump to $300 billion, of which non-oil sector will be 60 percent of GDP, while oil sector will be 40 percent”, it stated.

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