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. |
