Supply chains, transport, and logistics were impacted globally as well as in Egypt when the pandemic hit. While sectors of the F&B industry took it hard, others actually thrived, and as online delivery apps flourished, other formats struggled. However, where businesses are concerned, that timeframe faced challenges in terms of profitability, cash flow, and productivity. As Egypt saw the budding stages of digitization emerge pre-COVID-19, the pandemic still pushed the transition to accelerate, with companies and businesses adapting their models to include a digital aspect, to stay afloat. “The pandemic was a huge interruption,” CEO of Gourmet Food Solutions, Amgad…
Author: Dina Khadr
Africa is currently facing two challenges pertaining to climate change: energy security and energy transition, according to Secretary-General of the East Mediterranean Gas Forum (EMGF), Osama Mubarez. “We need to have the right balance between energy transition and security because if we focus on energy security for only the short-term, we’ll have a lot of challenges,” Mubarez said at the 11th AmCham MENA Regional Council Conference “Accelerating Green Investments in the MENA Region: U.S. and Regional Partnerships for Growth” which was hosted by the American Chamber of Commerce in Egypt in February. During the event, prominent figures within the sector…
With a rise in population predicted to reach nine billion in 2050, natural resources and energy sources are and will further be placed under duress, according to statistics released by the Organization for Economic Co-operation and Development (OECD). In addition, greenhouse emissions are predicted to increase by 50% with a need for over 80% of the energy needed by the world economy by 2050, as per the report. Plastic waste is produced globally at 400 million tons on a yearly basis, as per the World Economic forum. The fashion industry alone is accountable for plastic making up an estimate of…
Egypt needs $1.6 billion to rehabilitate the country’s Cotton, Spinning, Weaving and Clothing Holding Company, Egypt’s Prime Minister, Moustafa Madbouly said in February. The overhaul for the company will include upgrading machinery worth $696 million, as well as investing in new ones, according to Al Ahram. The announcement came after Madbouly was led on a tour of the company’s factories, which are based in the governorate of Al Mahalla, known for its cotton harvesting and weaving. In 2023, Egypt will also start building the world’s largest textile factory in Al Mahallah, Al Ahram reported in December. This is part of…
An international non-profit, Pathfinder International partners with the Egyptian Ministry of Health and Population to launch a $39 million health program, OSRA. The program, which aims to facilitate accessibility for family planning information in Egypt, will be funded by the United States Agency for International Development (USAID), according to Pathfinder International. The five-year program, which plans to promote information on reproductive health as well as offer counseling to families, was officially launched last week with the announcement taking place on 21 February at the Grand Egyptian Museum. Targeting 10.6 million individuals across ten governorates, the early stages will target Sharkia, Fayoum,…
The General Authority for Investment and Free Zones (GAFI) has granted 13 companies the golden license, as per a statement on February 21. Of these, nine companies were given the license in December 2022, while the remaining 4 received it in February. These companies include Bloom Real Estate Development, Hassan Allam Utilities, the National Company for Transport Industry, Vaccine & Biotechnology City Company, Al Arabi Group of Companies and Factories for Electrical and Home Appliances, Hyper Electric Egypt Limited Company, and Misr Green Ammonia Company, among others. The Golden license has been set in place in an effort to boost…
Egyptian fintech startup, MNT-Halan has raised over $200 million from private investment firm, Chimera Abu Dhabi, in addition to $140 million through two securitized bond issuances, becoming the latest unicorn from the Middle East and North Africa (MENA). Chimera Abu Dhabi currently owns 20% of the company, according to a statement released in February. The deal was first announced in October 2022 when GB Auto, a major shareholder of MNT-Halan, announced that its affiliate signed the definitive agreements for the sale of 21.7% to Chimera. MNT-Halan also said it is in the advanced stages with international investors to raise $60…
Since the 1880s, global sea levels have risen about 21 to 24 cm, with 2021 registering a new high at 9.6 cm, as per NOAA Climate.gov, Science & Information for a Climate-Smart Nation. Last year was a testament to the gravity of the consequences of climate change with the Pakistan floods that took place earlier this year, and the droughts that have hit several countries in the horn of Africa leaving them barren and further driving famine, according to the World Food Programme (WFP). Similarly, temperatures across the European continent reached record highs in the past year. The MENA region…
El Sewedy Data Centers, a subsidiary of Egypt-based ElSewedy Capital, has signed a $2.1 billion memorandum of understanding (MOU) with the Gulf Data Hub to revamp and develop Africa’s largest data hub in Egypt. The complex is set to include three data centers spread out in the North-African country, housing 192 megawatts of repository space, and 300 megawatts in terms of the total power load. “The project shall position our nation as a data storage and transfer hub, linking the Western and the Eastern countries with Africa, while leveraging natural and human resources, like available energy sources, equipped lands, and…
Multi-award-winning reality series, Shark Tank , kicked off its first season on January 7, 2023. The series, which revolves around entrepreneurship, comes under the patronage of the Ministry of Communications and Information Technology. The first season features a slew of Egyptian startups and business spanning several fields including fintech, agritech, health, and e-commerce. The premise sees the business owners pitch their ideas to a jury of experts and professionals in a bid to secure funds for their startup. The investors, dubbed sharks, decide whether the startup is worth investing in while simultaneously looking for cracks and strengths within the business…