SAP witnesses record growth in Middle East

Figures confirm global financial crisis has presently not affected regional market

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By  Vineetha Menon Published  October 28, 2008

The economic slowdown has not affected SAP Q3 figures in the Middle East, with the company recording its biggest quarter ever in terms of growth.

“We have achieved 690% growth against the same period last year, which definitely demonstrates that the market conditions here are not yet affected by any financial wave from abroad,” said Sergio Maccotta, managing director of SAP Middle East & North Africa, in an interview with itp.net

“We have not noticed any difference in our customers’ buying patterns or stop in investments, but what they are asking for is a stronger business case to justify the investment,” he added.

Globally, SAP profits fell by 5% from €408 million to €388 million for the third quarter period ending September 30, 2008.
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Due to the current financial uncertainty, the company has canceled its sales forecast for the rest of the year. "In light of the uncertainties surrounding the current economic and business environment, the Company decided to no longer provide a specific outlook for non-GAAP software and software-related service revenues for the full-year 2008," it said in a company statement.

In the Middle East, SAP is remaining positive for the coming quarter with plans to expand its workforce threefold by the end of the year.

“We are definitely watching the global market situation, but we are not blocking our growth,” added Maccotta.

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