Egypt is positioning itself as a smartphone manufacturing hub, partnering with Samsung, Oppo, Xiaomi, Vivo, and Nokia. The government aims to attract Apple, boosting local production and exports. These partnerships are creating job opportunities and leveraging Egypt’s free trade agreements, aligning with the country’s goal to increase exports by 2030.
Telecom Egypt reported a 1.83% increase in Q1-2024 net profit, reaching EGP 3.88 billion. Consolidated operating revenues grew to EGP 17.48 billion. The standalone net profit rose to EGP 4.38 billion, with operating revenue at EGP 12.59 billion. The company plans to enhance cost efficiency and monetize assets generating foreign currency returns.
IBM has completed an energy-efficient data center for Telecom Egypt, the largest fixed-line telecom provider in the Middle East. The project, part of IBM’s “Big Green” initiative, aims to enhance Telecom Egypt’s capacity while improving energy efficiency and server performance, supporting Egypt’s growing telecommunications demands.
Beyon Solutions acquired Link Development, expanding its digital transformation services. This move enhances Beyon’s offerings and reach, creating a major regional hub. The acquisition, pending regulatory approval, is the eighth exit for investment firm A15.
Valu has partnered with Hive Analytics to foster AI talent in Egypt through Hive Academy. This initiative will offer flexible payment solutions for AI courses and award 125,000 EGP in prizes for top projects. The partnership aims to support over 10,000 learners, promoting AI innovation and development in Egypt.
OneOrder, an Egyptian logistics and supply chain tech company for the HoReCa industry, raised $16 million in a Series A round to expand into the GCC region. The company aims to streamline supply chains with AI-assisted technology, enhancing operations for over 1,370 customers with comprehensive solutions.
Telecom Egypt has secured a $200 million medium-term loan from Banque Misr UAE to refinance short-term facilities. The five-year loan will be repaid using foreign currency revenues, enhancing the company’s liquidity and aligning with its proactive capital expenditure strategy to mitigate forex risks.
e-finance has acquired stakes in Al Ahly Momken (25%) and EasyCash (13%) to expand its digital payments presence in Egypt, supporting Vision 2030. This partnership aims to leverage e-finance’s technology to develop innovative payment solutions, enhancing services for over 90,000 merchants and 5 million customers.
Telecom Egypt and Huawei Cloud have launched the first locally based public cloud platform in Egypt and Northern Africa. This collaboration aims to position Egypt as a premier digital hub, offering advanced, secure cloud solutions to businesses, fostering innovation, and creating job opportunities across the region.
Orange Business has partnered with EdgeConn to establish direct private connectivity to AWS, enhancing cloud services for the Egypt Ministry of Education. This agreement aims to transform digital content delivery for 22 million students and teachers, reinforcing EdgeConn’s role in Egypt’s education sector’s digital transformation.
