KBW Ventures, founded by Saudi Prince Khaled bin Alwaleed, has invested in NoorNation, an Egyptian climatetech startup. NoorNation, which offers decentralized energy and water solutions, was recognized at the PepsiCo Greenhouse Accelerator Programme. This marks KBW’s first investment in Egypt, highlighting a commitment to sustainable technology in emerging markets.
e& Egypt has partnered with Kuwaiti firm Urbnlanes Developments to upgrade ICT and data infrastructure for projects in New Cairo and the New Administrative Capital. The collaboration will introduce advanced digital solutions and expand fiber-optic networks to provide Triple Play services, enhancing connectivity for residents.
Telecom Egypt plans to secure a $150 million loan for debt restructuring, separate from another EGP 18 billion needed due to recent interest rate hikes. This financial strategy follows a report of a 35% increase in annual revenue and significant profit, illustrating the company’s proactive management in a volatile economy.
Egypt ranks fifth globally for affordable internet, with an average cost of $8.31 per month, enhancing its technological accessibility. The country’s advancements in broadband speed and increases in mobile and fixed internet subscriptions highlight its growing digital connectivity, crucial for supporting its youthful population’s potential for innovation.
Egypt has achieved the highest landline internet speeds in Africa and ranks second continentally, fifth globally, for affordable high-speed internet at $8.31 monthly. These advancements, reported by Speedtest and Business Insider, are due to infrastructure upgrades by the Ministry of Communications and the Egyptian Telecom Company using fiber optic technology.
Telecom Egypt reported a 35% revenue increase in H1 2024, reaching EGP 38 billion, driven by a surge in retail and data revenue. Despite economic challenges, the company achieved strong growth in customer base and international operations. Telecom Egypt remains focused on optimizing CapEx and positioning itself as a regional data hub.
Egypt’s mobile manufacturing sector is expanding, boasting a production capacity of 11.5 million units and $87.5 million in investments. This growth has created 2,050 jobs and is part of an effort to increase the ICT sector’s GDP contribution, with significant new factories from Samsung, Vivo, and others driving this surge.
Huawei and Orange Egypt have implemented the first Bare Metal Container in Egypt, enhancing their long-term collaboration. This deployment of Huawei’s virtual Evolved Packet Core (vEPC) supports seamless mobile network convergence and advances Egypt’s digital transformation. The partnership underscores both companies’ commitment to innovation and aligns with Egypt’s 2030 Vision.
Egyptian fintech Lucky ONE has raised $3 million in a convertible note, aiming for profitability by Q1 2025. The funds will expand its credit lending services, aligning with Egypt’s financial inclusion goals. Co-founders Momtaz Moussa and Ayman Essawy emphasize sustainable growth, with plans for regional expansion and a comprehensive financial services offering.
### AOI Localizes Cellular Tower Manufacturing in Egypt
The Arab Organization for Industrialization (AOI) has inaugurated the Cellular Tower Manufacturing Center at its Aircraft Factory, marking a significant step in localizing the manufacturing of cellular towers in Egypt. Mokhtar Abdel Latif, Chairperson of the AOI, led the inauguration, which was attended by Abdul Rahman Osman, General Manager of AOI; Tarek Hassan, Chairperson of the Aircraft Factory; and several industry leaders.
This initiative is part of AOI’s ongoing efforts to localize technology, increase the percentage of local manufacturing, and produce items under the “Made in Egypt” banner. Abdel Latif highlighted the focus on localizing mobile phone communication tower technology and upgrading production lines with the latest digital manufacturing machines. The center features some of the world’s most advanced production lines for angle forming and cutting, with engineers and technicians trained to the latest Fourth Industrial Revolution standards.
The Aircraft Factory of AOI has successfully achieved 100% local manufacturing of mobile phone communication towers. The factory has begun supplying towers to Etisalat&e, fulfilling the company’s increasing demands. By June 2024, 67 communication towers had been manufactured and supplied to Etisalat&e, with 70 more towers in production for delivery by the end of September 2024.
Abdel Latif noted ongoing coordination to sign memorandums of understanding with Telecom Egypt and other major telecom companies to expand mass production of communication towers. He emphasized AOI’s commitment to enhancing cooperation with all Egyptian telecom companies and developing integrated smart solutions in design, manufacturing, and assembly, driven by Egyptian creativity and national manufacturing capabilities. This initiative aims to meet local market needs and expand exports to African and Arab countries.
