Brmaja Technology, an Egyptian subsidiary of Saudi tech firm Brmaja Group, has signed an agreement to acquire the group’s another subsidiary, Brmaja Commercial Saudi Arabia.
Brmaja Commercial has an estimated market value of $20 million, according to a company statement.
In light of growing economic relations between Egypt and Saudi Arabia, the group said the purchase falls in line with its strategy to increase the volume of investments in the Egyptian market by 20 percent in 2022.
The group and its subsidiaries aim to pump more investments in the near future to expand into the Egyptian market, the group chairperson Hatem Bakheet said in a statement.
Jeddah-based Brmaja Group is a digital solutions organization that operates across the Middle East and North Africa region.
Its fields of work include IT programs, hardware and system integration, e-commerce solutions, digital media marketing, virtual call centers, and solution development.
Source: https://www.arabnews.com/node/2065461/business-economy