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Tanzania’s Sumet Technologies has secured $1.5 million in pre-seed funding to enhance its FMCG distribution operations across the country. The investment, from a mix of angel investors, will support the company's mission to facilitate market entry for new brands and optimize supply chains throughout Africa. CEO Hazem Afify emphasized the importance of this funding in strengthening their technology and expanding their market presence.
Saudi Arabia's non-oil exports rose by 10.7% year-on-year in January, with national non-oil exports increasing by 13.1%. The value of re-exports grew by 5.7%, contributing to a decrease in oil exports' share of total exports from 74.8% to 72.7%. Imports also surged by 8.3%, while the trade surplus fell by 11.9%.
The National Bank of Egypt (NBE) has launched a Visa credit card in US dollars to facilitate foreign currency transactions for customers both domestically and internationally. The card, available with dollar certificates, offers benefits such as exclusive fees, a 55-day grace period, and reward points through the ‘Al Ahly Points’ program. It can be issued with a minimum value of USD 2,000 and a maximum of USD 50,000, enhancing the electronic payment experience for users.
Egypt is partnering with the International Finance Corporation (IFC) to implement public-private partnerships (PPP) at 11 airports, including Hurghada International Airport, to enhance infrastructure and services without straining the national budget. This initiative is part of Egypt's Asset Monetization Program, aiming to attract private investment and improve air connectivity, ultimately fostering economic growth and tourism. The airports involved also include Sphinx, Sharm El Sheikh, and Luxor, among others.
Orascom Construction plans to reduce its projects in Egypt to a third by 2026, focusing on international expansion, particularly in the UAE and Saudi Arabia. CEO Osama Bishai emphasized the company's preference for foreign-funded projects and noted improvements in dues collection from government entities, despite ongoing local challenges. The firm is already engaged in significant projects abroad, including power plant expansions in Saudi Arabia and seawater treatment facilities in the UAE.
Opteam is transforming construction management in the MENA region through AI-driven automation, significantly reducing delays and inefficiencies. Co-founders Ahmed and Dr. Tarek Hegazy leverage their complementary expertise to enhance project tracking and decision-making, targeting the vast amounts of unused construction data. With recent funding, Opteam aims to expand its market presence in the UAE and Saudi Arabia, offering an intuitive platform that simplifies project management and fosters real-time communication on-site.
Egypt's cabinet has approved a draft budget of EGP 4.6 trillion ($91 billion) for the 2025-26 fiscal year, aiming for tighter finances under an IMF program. The budget anticipates an 18% rise in expenditures and a 19% increase in revenues, resulting in a projected deficit of EGP 1.5 trillion ($30 billion). Key allocations include a 15.2% increase in subsidies and social benefits, with significant funding for commodities, bread, and energy support.
Egypt's ICT Ministry is set to train 30,000 AI specialists as part of its National AI Strategy (2025-2030), which aims to enhance the country's AI ecosystem through infrastructure, talent development, and regulatory frameworks. The recent "Shaping Egypt AI Horizon" forum, organized by ITIDA and 500 Global, brought together industry professionals to discuss collaboration and address skill shortages in AI. Key objectives include enabling 26% of the workforce to utilize AI tools and increasing AI adoption by 36% among citizens.
The Arab African International Bank plans to open a branch in Saudi Arabia, aiming to support the growing influx of Egyptian investments in the Kingdom. With regulatory approval from Egypt secured, the bank is seeking permission from Saudi authorities to cater to the financing needs of large-scale projects, which have attracted significant Egyptian investors. Currently, there are 6,830 Egyptian companies operating in Saudi Arabia, with investments totaling USD 18.7 billion.
InstaPay will implement transaction fees starting April 1, 2025, charging 0.1% per transfer, with a minimum of 50 piasters and a maximum of 20 EGP. Users can check their balance or request mini statements for free up to ten times monthly, after which additional inquiries will cost 50 piasters each. This change follows the app's growth to 12 million users by the end of 2024 and aims to enhance its digital infrastructure in line with Egypt’s digital transformation vision.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Tanzania's Sumet Technologies secures 1.5 million dollars for FMCG expansion
10:00 28.03.2025
Saudi Arabia's non-oil exports rise 10.7 percent in January 2025
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