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Wednesday, 3 February 2021

GCC firms are pouring into Egypt

We’re seeing plenty of interest in Egypt from GCC-based companies, travel ban to KSA notwithstanding.

Zyda touches down in Egypt: Kuwaiti food tech startup Zyda has launched in Egypt, announcing in a statement (pdf) yesterday that it will invest USD 2 mn here. The platform offers e-commerce services to restaurants, allowing them to market their business online, track sales analytics, and deliver orders. The company charges restaurants a monthly subscription fee rather than commission on orders, and will operate across the country except in the Red Sea. CEO Hamad Al-Judai described Egypt as a “large and promising market.”

The Middle East food market is pretty hot right now: Saudi restaurant management platform Foodics, a Zyda competitor so far as we can tell, said earlier this week it had landed USD 20 mn in a series B funding. And here at home, our friends at Elmenus this week landed an undisclosed investment from former Just Eat CEO David Buttress, who will join the board of the Egyptian food delivery platform.

Real estate developer Sky Abu Dhabi — which has a very light digital footprint — is reportedly planning EGP 15 bn in Egypt over the next two years as part of its regional expansion plans, CEO Abdelrahman Agami said at a press conference Tuesday, according to local press reports. The company is reportedly a subsidiary of Diamond Group (although it is not listed among the company’s subsidiaries). The investment plans include at least EGP 4 bn for a multipurpose development in the new administrative capital, Agami said.

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