Egypt and Burkina Faso are enhancing digital cooperation, focusing on sharing expertise and developing digital infrastructure. This collaboration aims to support Egypt’s “Digital Egypt 2030” strategy and Burkina Faso’s efforts to modernize public services, fostering technological partnerships and economic opportunities for both nations.
Connect Money, an Egyptian fintech startup, raised $8 million in seed funding to expand in Egypt and Morocco. The funds will support new business verticals and enhance technological capabilities. Founded in 2024, Connect Money offers a white-label card issuing platform and various financial solutions, aiming to transform banking operations in North Africa.
MSMEDA and Telecom Egypt have signed an MoU to support entrepreneurs and startups by offering special mobile and internet packages, integrating them into the formal sector, and enhancing their competitiveness. This collaboration aims to boost digital transformation, productivity, and local and global competitiveness.
Mal Bazaar, an Egyptian insurtech startup, has acquired a licensed insurance brokerage and launched “My Policy,” a digital platform for corporate insurance management. With over 60,000 clients, the company aims to revolutionize the insurance industry through digital transformation and enhance customer experience.
Telecom Egypt and SubCom have completed two cable landing stations in Egypt for the India-Europe-Xpress (IEX) subsea cable system. The stations at Zafarana2 and Sidi Kerir enhance connectivity between Mumbai and Milan, supporting Egypt’s role as a key hub linking Africa, Europe, and Asia.
Vodafone Egypt, in partnership with Ericsson, has deployed a triple-band radio supporting 2G, 3G, 4G, and 5G across multiple spectrums. This innovative technology reduces equipment, enhances network performance, and lowers energy consumption by up to 15%, marking a significant step in Vodafone Egypt’s network modernization and capacity expansion efforts.
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.
