This past year saw many Egyptian companies step foot — or express interest in stepping foot — in markets abroad. Between the FX crunch that saw many companies struggle to secure their imported materials, the float that ate away at companies’ bottomline, the high interest rate environment, and the increasing opportunities to transfer Egyptian expertise abroad, local players had more than one reason to look into expanding abroad.

Below we recap some of the expansions and expansion plans announced in 2024 across various sectors.

REAL ESTATE-

#1- TMG, Ora Developers are heading to Iraq: Local real estate giant Talaat Moustafa Group (TMG) began carrying out legal and technical procedures prior to an investment in Iraq. Meanwhile, Ora Developers inked an agreement with Iraqi authorities to set up — what is set to be the biggest residential complex in Iraq — Ali Al Wardi New City in Baghdad, where 120k residential units will be built.

#2- TMG also stepped foot into the Saudi market this year with its Benan City project that raked in over EGP 64 bn in sales.

#3- Mountain View announced it will step into the Saudi market by launching a project in partnership with Saudi developers Maya Real Estate Development and Investment and Al Saedan Real Estate. The local real estate player set its eyes on bringing in some SAR 2 bn with this project, which will include residential, commercial, and administrative projects.

#4- Tatweer Misr is also heading to Saudi Arabia through a JV with Naif Alrajhi Investmen t. The company is also studying 3-4 potential investments in Riyadh. Its ambitions also extend to Libya and Iraq, and will announce concrete plans early next year for expanding into Oman.

#5- Wadi Degla Developments will be joining them, too, as the local real estate developer signed an MoU with Saudi developer Miskan to collaborate on the Kingdom’s first Wadi Degla Club Town project.

#6- Tabarak Holding is another developer en route to the Kingdom, by acquiring new land in Saudi. The company is looking to respond to the growing demand for real estate. Tabarak also announced plans to enter new European markets in the future.

#7- Palm Hills step foot in the Saudi market this year: Real estate developer Palm Hills Developments (PHD) set up a Saudi branch in August and tapped SODIC’s former managing director Magued Sherif as its CEO.

#8- Lasirena to expand in UAE: Local real estate and tourism company Lasirena Group isheading to Abu Dhabi through a strategic alliance with Emirati conglomerate HE Holding. Lasierna also has plans to expand into several other countries.

CONSTRUCTION-

Hassan Allam inaugurated regional HQ in Riyadh in March after securing its investment license from the Saudi Investment Ministry. The new headquarters is part of the group’s plan to expand across the Middle East and Africa. Hassan Allam Utilities, Hassan Allam Properties, and Hassan Allam Construction Saudi all inked agreements for projects in the Kingdom this year.

** We dive into where construction firms are expanding and the obstacles they are facing in a Hardhat published earlier this year.

FINANCIAL SERVICES-

#1- Thndr heads to UAE: Local digital investment platform Thndr received the greenlight from the Abu Dhabi Global Market Financial Services Regulatory Authority to expand into the UAE market.

#2- CI Capital is going to the GCC: Financial services group CI Capital announced itsintentions earlier this year to establish an “on-the-ground presence” in the KSA and UAE.

#3- Non-banking financial services firm Contact Financial Holding opened its firstbranch in Dubai earlier this year, aiming to cater to Egyptian expats.

#4- Belmazad wants to expand regionally: Digital auctioning platform Belmazad announced plans to expand in Middle Eastern and African countries in the future.

#5- Paysky is also heading to KSA: Local digital payment platform Paysky plans to partner with Saudi investors to expand into the Saudi market in 1Q 2025 through its Yalla app.

#6- Dopay is looking to expand into Morocco, Saudi Arabia, and the UAE: Local fintech startup Dopay is planning to expand across MENA markets in 2025, with a particular focus on Morocco, Saudi Arabia, and the UAE.

EDUCATION-

#1- EFG Hermes launched a USD 300 mn Saudi Education Fund this year. The fund plans to deploy USD 300 mn over the next three years, with a primary focus on the Kingdom, alongside its ventures in the UAE and Bahrain.

#2- Palm Hills Developments will develop up to 15 new schools in KSA in partnership with Dallah Albaraka, with combined investments of USD 300 mn.

#3- Homegrown edtech startup Farid secured USD 250k to expand into Saudi Arabia and the UAE.

F&B-

#1- SEKEM subsidiary Isis Organic announced plans to open two factories in Saudi Arabia and Algeria. Its facility in the North African nation is slated for operations in 1H 2025.

#2- Budget supermarket chain Kazyon invested USD 144 mn to expand in Morocco. The company opened 120 stores in Morocco since beginning operations in the country in October 2023 and plans to open an additional 150 stores in the coming year.

#3- Local food solutions provider startup Brotinni pencilled in expansion into KSA andUAE in 3Q 2025. The startup announced its plans shortly after accelerator and consulting firm Entlaq Holding acquired a minority stake in the company.

#4 – Spiro Spathis’ Mymco is also planning to expand into the Gulf through franchises, using the region as an export base for neighboring countries.

LOGISTICS-

#1- Local digital shipping startup Nowlun earmarked fresh funds for expansion locally and in the Saudi market.

#2- Supply chain tech startup Qara announced it will expand its existing operations inthe Kingdom after securing USD 2.6 mn in funding.

MANUFACTURING-

Local industrial machinery manufacturer Simplex is looking to expand in the region, with plans to step into three new countries — Tunisia, Morocco, and Algeria.

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