Dubai: HP is forecasting modest mid-single digit growth in the Middle East, Mediterranean and Africa (Mema) region this year, a slowdown on 2014.
The Middle East contributes around 10 per cent to the Europe, Middle East and Africa (EMEA) portfolio and the biggest markets in the Mema region are the UAE, Saudi Arabia, Turkey and South Africa. There are 76 countries in Mema.
Growth will slow this year because of “huge growth” in 2014 but also due to regional economic and political factors, Ala’a Alshimy, Vice-President Enterprise Group and Managing Director for Mema at HP, told Gulf News at Gitex Technology Week on Monday.
Sustained low oil prices has seen many Middle East countries, including the Arab Gulf states, tighten their budgets. The government sector and government-owned companies are seen as some of the most lucrative customers in the region.
Middle East governments have also shifted priorities in 2015 with many countries battling multiple fronts in the region, including the Saudi Arabia-led coalition leading the costly campaign to restore the internationally recognised government in Yemen.
HP says it is the biggest player in the region that contributes “billions of dollars” to its bottom line each year.
