Good morning, friends, and welcome to a new edition of EnterpriseAM Forum Playback, where we bring you highlights from our successful Enterprise Egypt Forum 2025, held on 7 October.
In today’s issue, we revisit our panel discussion on the recipe for Egyptian companies’ successful expansion into foreign markets. We also bring you interviews conducted on the sidelines of the forum with Mashreq Egypt CEO Amr El Bahey, who spoke to us about growing global interest in investing in Egypt, and with Sanaddak co-founder Hamd Alkhayat, who discussed how Egypt’s gold market can become a driver of economic growth.
At this year’s EnterpriseAM Egypt Forum, we turned our focus to a challenge that faces nearly every Egyptian business looking to grow in new markets: how to expand into new and unfamiliar markets, and how to take your brand credibility and translate it into a new market to sell to people who have never heard of you before. Andrew Key, executive director at Enza, and Ahmed Wahby, group CEO for the Middle East and Africa at Egypt Education Platform (EEP) and Spark Education Platform (SEP), joined the stage to unpack how they’re doing just that. One builds the rails that power financial systems across Africa; the other exports Egyptian-built education models to Gulf cities.
Pick a market where regs and repatriation make sense: “How digitalized is it? What payment methods are being used? Can we repatriate profits in hard currency?” Andrew Key noted. For Enza, market selection begins with the obvious metrics: population size, GDP and scalability, followed by the maturity of the payments ecosystem, regulatory clarity, and currency stability. “A mature, stable regulatory environment is better for us,” he said. “If we can understand what the regulator expects of us and of our customers, we can assess whether we can meet those expectations.”
“Scaling outside Egypt had to start with building a scalable model inside Egypt,” said Ahmed Wahby, whose company now runs 25 educational assets serving some 20k students. For EEP, expansion starts where education quality gaps are most visible. “We study cities, not countries,” he said. “Abu Dhabi and Sharjah, yes; Dubai, no, because the quality gap isn’t big enough. Our value proposition starts where that gap exists.”
Chasing gaps, not geographies: Diversification across income segments helps EEP stay relevant through economic swings, Wahby said. “Education is tied to families’ financial situations, which can be turbulent,” he added. “We play across both affordable and premium segments” Enza applies a similar principle when sizing up competition, Key said.
“Competition is a good thing, it keeps you on your toes,” according to Key. For Enza, competition comes in a number of forms: Some banks or fintechs build their own systems, others operate regionally, and some focus on a single market. Enza’s focus spans ten African markets, with a strategy built around providing solutions that help banks and fintechs build relationships with SMEs. “There are 60 mn unbanked or underbanked SMEs across Africa, those 60 mn SMEs today are the med-sized and large businesses of the future… if payments can be the starting point for a relationship with them, banks can later cross-sell lending, deposits, and treasury products,” Key explained.
There are no wrong markets, just wrong timing or design: “There’s no such thing as a wrong market,” Wahby said. “Regulation can make or break an investment, but every market has a product that fits, you just have to design it right.” The only real deterrent, he added, is entering during periods of “major turbulence.”
Flexibility matters more than checklists. “You’ve got to go to places you didn’t plan to,” Key said. “French-speaking West Africa wasn’t on our list, but customers took us there. Sometimes you follow them where they go.”
Balancing speed with control is key: “Our scars help us avoid pitfalls,” Key said, describing Enza’s 60-person team led by veteran founders. “Younger team members solve problems faster, they see things differently. But you have to stay on the right side of regulators. Upset them, and your business is dead.”
“Success isn’t financials alone,” Wahby noted. “We measure quality outcomes: parent satisfaction, learning results, word of mouth.” He recalled spending six months preparing for EEP’s first big Saudi break only for it to collapse. “We were ready to do it again, and that’s how we won later. Pivoting is part of the game.”
FOMO is real: For Key, traction shows up when clients start spending behind Enza’s solutions. “If they’re investing in promoting what they’ve built on our platform, it’s working,” he said. “And when other banks come knocking because they don’t want to miss out, that’s proof too. FOMO is real.”
On earning trust before launching: “You can’t just show up and launch,” Wahby said. “You have to prep the market.” Before entering Saudi Arabia, EEP met repeatedly with the Ministry of Education and the Royal Commission of Riyadh. “We don’t send a logo into a market; we send the people behind the brand,” he added. “We grow them into regional roles and hire local talent who believe in what the brand stands for.”
Egypt’s real export story is talent: “Access to talent in Egypt is actually a competitive advantage,” Wahby said. EEP exports teachers and middle management to the Gulf while running its back office from Cairo, covering IT, procurement, and accounting. “It’s efficient and lets us reinvest in what matters most: quality.” “Pretty much our whole tech and ops team is in Egypt,” Key said.
The talent you can get in Egypt, would cost you 10x more in the UAE, according to Key. As Enza expands into Ghana and Nigeria, regulators now require qualified executives in those markets, so Key had to rethink how to scale. Maybe your CFO in Ghana is technically a CFO, but the group CFO sits elsewhere, he explained.
The formula? Credibility at home + agility abroad: “Ultimately, you have to go where the opportunity takes you,” Key said as the discussion wrapped. Wahby agreed: success abroad begins with credibility at home paired with the agility to adapt everywhere else.
Arkan Palm’s 205 is a 205-acre “city within a city” in Sheikh Zayed located directly on 26th of July Corridor. Designed as a self-sustained masterplan, it integrates 12 distinct districts that create a luxurious ecosystem of branded high-rise living, business hubs, world-class hospitality (with Intercontinental Hotel Group), retail, and a fully integrated medical hub in West Cairo, including a state-of-the-art Al Safaa Hospital, alongside a unique 2 km central canal. This holistic approach ensures unparalleled convenience and functionality.
The luxurious centerpiece is the 205 Towers, three landmarks that are the tallest mixed-use structures in West Cairo. These towers house branded smart residences serviced by InterContinental Hotel, offering bespoke à la carte services, exclusive private amenities, and views of the Giza Pyramids. Residents benefit from the ultimate assurance of top-tier operational excellence, with property management by Savills.
Complementing this vertical icon is the Financial District, a 60,000 sqm hub, serving as West Cairo’s definitive business address. With modern office buildings, the district is already home to leading institutions, including CIB, Banque Misr, Ebank, and Arab African Bank, creating a clustered financial ecosystem with unmatched visibility directly on the 26th of July Corridor. Through these flagship districts, 205 establishes a new benchmark for integrated luxury, hospitality, and corporate power in the region.
Click here to explore more about 205’s towers, financial district, and integrated city vision.
Mashreq Egypt continues to cement its position as one of the group’s fastest-growing markets outside the UAE. We spoke with Mashreq Egypt CEO Amr El Bahey on the sidelines of the forum to discuss the bank’s expansion strategy, its digital push through Mashreq Neo and the soon-to-launch NeoBiz platform, and his outlook on Egypt’s investment climate, AI’s impact on hiring, and what’s driving his optimism heading into 2026.
EnterpriseAM: So, what’s new with Mashreq Egypt?
Amr El Bahey: We are continuing to grow across all business lines in Egypt. Egypt is a top priority country for Mashreq Group and the largest market outside the UAE. We’re growing in our corporate investment banking group, leading syndications, and deepening our relationships with core Egyptian conglomerates. We’re also supporting multinationals and regional names to further invest and grow in Egypt.
On the retail banking side, we’re pioneering advances in technology and digitalization that are providing amazing experiences to our clients. We’re focusing on financial inclusion through Mashreq Neo, which is growing at a phenomenal rate and receiving great reviews. We also have a collaboration with e&, through e& Mashreq Neo, which focuses on financial inclusion in that segment.
Perhaps the newest development is that we are very soon launching Mashreq NeoBiz, our digital platform catering to SMEs. A critical segment for Mashreq Egypt.
E: What are the most promising sectors you see in Egypt today?
AB: It’s really very diverse. The industrial sector is a major one, as well as services. We’ve seen huge interest both regionally and globally in Egypt, given recent macroeconomic developments and global logistical disturbances. Egypt has secured its position as a top investment destination, and we’ve seen strong interest from Asia and China, the Gulf region, as well as the UK and the US.
E: On a personal level, which asset class do you prefer to invest in at the moment?
AB: I get asked that question a lot, and my personal answer isn’t necessarily the model one, because investment has to follow two things: your personal financial objective and your risk appetite.
Your financial objectives depend on where you are in your career lifecycle — how far you are from retirement, whether you have 20 years left in your career or are looking to retire earlier, and what your financial obligations are. The answer will differ for a 25-year-old compared to a 45-year-old.
The second factor is risk appetite, which also varies based on life stage. In general, you should have a balanced and mixed approach between various asset classes that reflect your lifestyle and career stage — one that is both balanced and diversified.
E: Has AI had any impact on your hiring plan at Mashreq Egypt?
AB: If the answer were no, then we’d be in trouble. AI is an integral part of our future, and even our present. It’s helping us with internal efficiency and enhancing client experience. The impact of AI in providing efficiencies in certain areas is already embedded in our future growth plan. It affects how we hire, whether we need as many people in certain areas, or whether we reallocate people where AI can support us better.
E: Are you optimistic, pessimistic, or neutral about the outlook for your industry in 2026, and why?
AB: Highly optimistic, and not just because I’m an optimistic person. Egypt’s macroeconomic indicators are heading in a very positive direction. On a regional and global level, many challenges are being subdued, and there’s a positive outlook we can be confident about.
We’re also seeing a harmonious interaction between government and the private sector. There’s invigorating investment and growth from the private sector, and government performance — especially recent economic decisions — has been phenomenal and supportive. All of this gives us reason to expect accelerated growth in 2026.
In less than a decade, GlobalCorp has redefined Egypt’s financial innovation landscape — a story of ambitious vision and bold transformation. Founded in 2015 as a dedicated leasing venture, the company quickly established itself as a trusted name in corporate finance, building the foundation for sustained growth and diversification. By 2019, GlobalCorp took a decisive step forward, launching its factoring arm and starting its evolution toward becoming a fully integrated non-banking financial powerhouse.
A landmark achievement came in 2021 with the execution of Egypt’s first and largest factoring syndication, alongside obtaining its securitization license from the FRA. This ambitious transformation was spearheaded by Wael El Rashidy, Group Deputy CEO for Financial Affairs. This expansion not only strengthened the Group’s market position but also reinforced its mission to deliver comprehensive financial solutions that empower businesses and shape the future of finance in Egypt.
Building on its B2B success, GlobalCorp strategically expanded into the B2C space. In 2022, it launched Ollin Lifestyle Finance, delivering innovative consumer financing solutions. The Group further diversified in 2023 with a mortgage finance license. Within just one year, the business captured an impressive 10% market share, reinforcing its dominance in Egypt’s growing home finance sector.
With cumulative bookings surpassing EGP 62 bn, over EGP 13 bn worth of securitization issuances, and a portfolio under management exceeding EGP 30 bn, the Group seamlessly integrates leasing, factoring, consumer, and mortgage finance into a unified, high-performing ecosystem. This model continues to redefine the contours of Egypt’s non-banking financial sector.
GlobalCorp is establishing the Global Digital Hub, led by Group CTO Mr. Mina Nageh, as the cornerstone of its innovation strategy to become a fully digital-driven organization. The Hub unites modern infrastructure, advanced data architecture, and next-generation cybersecurity. It focuses on in-house development of proprietary digital platforms to enable faster innovation, greater flexibility, and reduced time-to-market. Crucially, the Digital Hub leverages Artificial Intelligence (AI) and Machine Learning (ML) to transform data into actionable intelligence, enhancing predictive capabilities and automating complex processes – from credit scoring and risk assessment to customer engagement and product personalization. This central engine for data intelligence ensures technological differentiation and continuous innovation.
The Group's strategic vision and conscious leadership ensure it continues its pioneering role in shaping the future of Egypt’s non-banking financial services sector, setting new standards for digital maturity, intelligent automation, and customer experience excellence.
Sanaddak has officially launched operations in Egypt, with branches now open in both Alexandria and Cairo. The gold-backed liquidity platform is already deploying capital and building momentum in a market that its co-funder and executive vice chairman, Hamd Alkhayat, believes is ripe with opportunity. We spoke with Alkhayat on the sidelines of the EnterpriseAM Egypt Forum 2025 to talk about Sanaddak’s growth plans, his outlook for Egypt’s economy, the future of gold prices, and why he’s betting big on Egypt’s turnaround story.
EnterpriseAM: What’s new with your company?
HK: We’ve officially launched. Sanaddak is now operating in Alexandria and Cairo across multiple locations. We’ve started deploying capital and taking people’s gold. We’re very excited about where this is going.
E: If you were to start over and build a new business in a different sector, what would it be?
HK: I wouldn’t choose another sector. I love this one. I picked Egypt as a destination because I see the size of the market and the opportunity in the country. I would do exactly the same thing, in the same place.
E: Any advice for people investing in gold?
HK: Gold is a great asset to invest in. We’re very in tune with that market and I think prices will appreciate. There could be some turbulence ahead, but it’s a great long-term asset.
E: Where do you think prices are headed by year-end?
HK: It’s tough to say, but if we break through USD 4k per ounce, we could reach USD 4.6k in short order.
E: On a personal level, which asset class do you prefer to invest in at the moment?
HK: I definitely love gold, but beyond that, any investment tied to Egyptian business is a great opportunity. Egypt is ripe for a turnaround. As you’ve heard from cabinet members today, there’s a very pro-business attitude. Anyone betting on Egypt in the short, medium, or even long term will be a winner.
E: What exchange rate are you penciling in for your 2026 budget?
HK: We’re not penciling in a specific rate, but if we stay around EGP 48–50 to the USD, that stability will help investors come in and deploy capital. It will encourage Egyptians to put their money into Egyptian businesses — and that’s what we’d love to see.
E: How do you plan to finance growth in 2026?
HK: We grow based on the amount of funding we receive and can deploy. That comes through partnerships with banks, institutions, and funds that work with us.
E: Where would you like to see interest rates normalize?
HK: We’d love to see rates much lower than they are today. A reduction of around 400 basis points would be a great push forward for the entire economy.
E: Has AI had any impact on your hiring plans?
HK: We’ve embraced AI heavily. It hasn’t necessarily changed our hiring plans, but it’s made our team much more productive. Our security systems, for example, are more advanced now thanks to AI image detection and comparison.
E: Do you plan for your hiring rate to go up in 2026?
HK: We’re a growing company, so yes, we’ll continue to expand. Hopefully, we’ll bring in people who can leverage AI just as effectively as our current team does.
E: Are you optimistic, pessimistic, or neutral about your industry’s outlook for next year, and why?
HK: We’re very optimistic. There’s about EGP 5 tn worth of gold in Egyptian hands and a significant financing gap in the country. Allowing people to unlock the value that’s been sitting in drawers for years will help expand Egypt’s economy and industry.
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