Egypt Finance News
ponedjeljak, 29.03.2021.
$ 17 billion is the size of the restaurant market in Egypt annually
Foodics, which specializes in providing technological solutions for selling in restaurants and retail stores, has estimated the size of the restaurant market in Egypt at $ 17 billion annually. The company aims to contract with 2,000 restaurants in Egypt to present its solutions by the end of 2021.  Ahmed Al-Zaini, co-founder and CEO of Foodics, said that based on a study of the Egyptian market for restaurants, the company has allocated 10 million dollars to invest in new markets, including Egypt. According to the company, the volume of sales of the Egyptian restaurant market reaches 17 billion dollars through more than 400 thousand restaurants, 97% of which are local brands. He added that the company sees the Egyptian market as a gateway to Africa because Egypt has qualified human cadres to meet the needs of this market, in addition to the existence of trade and economic agreements linking Egypt with many countries of the African continent. According to Al-Zaini, the company allocates about 50% of its revenues to support the research and development of its products within two years, which helped the company to acquire a share of more than 30% of the technology solutions market for restaurants establishments and retail stores. He mentioned that the company started with about 45 employees and aims to reach 650 employees at the level of the markets in which it operates, with the number of employees in Egypt reaching 150 employees within two years. He said that "Foodics" is presently present in 25 cities in 4 countries in the region, including Saudi Arabia, Egypt, the UAE, and Jordan, and recorded about 3 billion sales orders through the electronic platform, and the company also provides its services to about 11 thousand restaurants with transactions exceeding two billion dollars. He added that "Foodics" is an Egyptian company with Saudi investments, and the company has succeeded in achieving growth rates of more than 200% annually since its inception in 2014 and is currently studying the expansion of its presence in the African and Asian markets "South Asia". He said: We look forward to continuing to accelerate the digitization of the food, beverage, and retail sector activities across the region and beyond. Foodics had succeeded in obtaining financing through a new investment round worth 20 million dollars from a number of investment entities, in Saudi Arabia and America, to develop and develop its activities and geographical expansion in the region. The company had obtained 28 million dollars in the first round of investment from local and international investors. The CEO of "Foodics" confirmed that the "Corona" crisis is an enormous opportunity to learn about the science of crisis management, which is taught in universities around the world. He added that the majority of Arab governments have been very successful in confronting the "Corona" pandemic by encouraging all government agencies to rely on digital transformation solutions. The company launched the "Foodics Capital" service, which provides financing to restaurants and retail stores for a period of 3 months, at an interest rate ranging between 13 and 15%, according to the Islamic Murabaha system. The company, in cooperation with a number of its partners concerned with assisting emerging, small and medium-sized companies, has allocated about $ 100 million to provide financing services for restaurants. |
The Egyptian Administrative Capital is preparing to receive state employees in June
 The New Administrative Capital is preparing to receive government employees, who will be transferred to it in June. Major General Ahmed Zaki Abdeen, head of the Administrative Capital for Urban Development, said in a special statement forone of the economic newspapers in Egypt that the headquarters and offices are being furnished and the interior equipment of the buildings finished. Government employees will be transferred to their headquarters in the Administrative Capital at the beginning of next June. 75% of the lands of the first phase suitable for sale were sold during the last period, as the areas sold from the first phase amounted to 18 thousand acres out of a total of 24 thousand acres that were offered. The sale of the lands of the first phase is expected to be completed by 2024, as the "Administrative Capital" aims to sell large areas of land during 2021. And the second phase, the proposals of the new administrative capital, has now entered into scrutiny and the preparation of the general urban plan for it. Analysts expect the sale of land and headquarters to increase as the government and parliament move to the capital. Abdeen indicated that the government and parliament will move to their headquarters in the capital at the beginning of next June, and said that the banks will move in succession according to the vision of each bank and finish the equipment of its headquarters. The first phase, which has been announced and implemented, includes 10 residential neighborhoods, the City of Culture and Arts, the Governmental District, Parliament, the Sheikhs District, the Presidency District, the Banks District, the Diplomatic Quarter, and a number of buildings, mosques and churches. The construction of the Administrative Capital contributed significantly to the revival of the real estate market and all activities associated with it, especially since the growth in the real estate sector is seasonal, and it is more popular in the summer seasons and coinciding with the return of expatriates abroad. Some places are witnessing a boom in sales and have not been affected by any repercussions from Corona, most notably the downtown area in the capital, "Downtown", which witnessed very high rates of sale. The number of plots of land in Downtown reaches 510 plots, which include 40 buildings with 1,320 units, and more than 40% of them have been sold, with an average of two plots of land per week, which is a very high rate. |
srijeda, 24.03.2021.
The volume of digital payments in Egypt will rise to $ 8.5 billion during 2021
 A report predicts an increase in digital trade to $ 9.85 billion this year Statista Research expects an increase in the volume of digital payments in Egypt to reach $ 12.7 billion this year, compared to about $ 8.5 billion in 2020, an increase of 42.5%. In a report obtained by Capital News, the Foundation expects that the volume of digital payments in Egypt will double to $ 25.3 billion by 2025. The digital trade sector accounts for the largest share in the digital payments activity, reaching 6.9 billion dollars during 2020, with expectations that it will reach 9.85 billion dollars this year, an increase of 43%. The corporation expects the volume of digital trade to reach 20.1 billion dollars in 2025. According to the report, the increasing demand for e-commerce is one of the trends that will last for a long time after the Corona crisis. He pointed out that electronic commerce is at its best times and that in the near future it will be one of the indispensable destinations in the e-commerce and digital payments sectors in a phase of tangible growth in 2021, in light of expectations that almost half of the consumers will tend to increase their online purchases and increase In the interest of consumers on electronic shopping more than others, and more shopping operations on the Internet during the coming year. While the other share of digital payments activity is concentrated in the point of sale sector linked to mobile wallets, which reached 1.58 billion dollars in 2020, with expectations that it will reach 2.22 billion dollars in 2021. The size of points of sale linked to mobile wallets is expected to double to $ 5.11 billion during 2025. The activity of digital payments increased significantly due to the repercussions of the Coronavirus crisis, which called for the expansion of the use of technology and procedures for online transactions to limit the spread of the Coronavirus. According to the report, the volume of digital payments worldwide will reach 5.5 trillion dollars during 2020, with expectations that it will reach 6.68 trillion dollars during 2021. The report also predicted that global digital payments would reach $ 10.5 trillion during the year 2025. The recent period has witnessed a large part of customers began to use electronic payment, and this is due to the promotion of the payment platform for the concept of financial inclusion and electronic payment, and the customers' ability to use it in an easy and safe way to pay online and on the other hand, provide sufficient labor to respond to customers for all their inquiries as well as from the logistical aspect. |
