Egypt's tech pioneers aspire to a global role

Significance

These came after leading fintech firm, Fawry, achieved ‘unicorn’ status in August 2020 with a market valuation over USD1bn, and after transportation app Swvl announced plans to list on the Nasdaq. These deals highlight Egypt’s attraction for investors, owing to its large market, strong growth potential and close ties to financial and talent centres in the Gulf.

Impacts

• Communications will remain the fastest-growing sector of the Egyptian economy in the coming years.
• Investment in upgrading the fixed mobile network is rising, but with input from the military.
• Tech-based services catering to women will have a substantial market.