{"id":657907,"date":"2024-12-29T00:00:00","date_gmt":"2024-12-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/29\/2024-a-year-for-expansions-abroad\/"},"modified":"2024-12-29T00:00:00","modified_gmt":"2024-12-29T00:00:00","slug":"2024-a-year-for-expansions-abroad","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/29\/2024-a-year-for-expansions-abroad\/","title":{"rendered":"2024: A year for expansions abroad"},"content":{"rendered":"

This past year saw many Egyptian companies step foot \u2014 or express interest in stepping <\/strong>foot \u2014 in markets abroad. <\/strong>Between the FX crunch that saw many companies struggle to secure their imported materials, the float that ate away at companies\u2019 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.<\/p>\n

Below we recap some of the expansions and expansion plans announced in 2024<\/strong> across various sectors. <\/p>\n

REAL ESTATE-<\/p>\n

#1- TMG, Ora Developers are <\/strong>heading to Iraq<\/a><\/strong>:<\/strong> 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 \u2014 what is set to be the biggest residential complex in Iraq \u2014 Ali Al Wardi New City in Baghdad, where 120k residential units will be built.<\/p>\n

#2- TMG also stepped foot into the Saudi market this year<\/strong> with its Benan City project<\/a> that raked in over EGP 64 bn in sales.<\/p>\n

#3- Mountain View <\/strong>announced it will step into the Saudi market<\/a><\/strong> 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.<\/p>\n

#4- Tatweer Misr is also <\/strong>heading to Saudi Arabia<\/a><\/strong> through a JV with Naif Alrajhi Investmen<\/a> 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.<\/p>\n

#5- Wadi Degla Developments will be joining them,<\/strong> too<\/strong>, as the local real estate developer signed an MoU<\/a> with Saudi developer Miskan to collaborate on the Kingdom\u2019s first Wadi Degla Club Town project.<\/p>\n

#6- <\/strong>Tabarak Holding<\/strong> is another developer <\/strong>en route to the Kingdom<\/a><\/strong>, 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. <\/p>\n

#7- <\/strong>Palm<\/strong> Hills step foot in the Saudi market this year:<\/strong> Real estate developer Palm Hills Developments (PHD) set up a Saudi branch<\/a> in August and tapped SODIC\u2019s former managing director Magued Sherif as its CEO.<\/p>\n

#8- <\/strong>Lasirena<\/strong> to expand in UAE:<\/strong> Local real estate and tourism company Lasirena Group is<\/a>heading to Abu Dhabi<\/a> through a strategic alliance with Emirati conglomerate HE Holding. Lasierna also has plans to expand into several other countries. <\/p>\n

\n

CONSTRUCTION- <\/p>\n

Hassan Allam <\/strong>inaugurated regional HQ<\/a><\/strong> in Riyadh in March after securing its investment license from the Saudi Investment Ministry. <\/strong>The new headquarters is part of the group\u2019s plan to expand across the Middle East and Africa. Hassan Allam Utilities<\/a>, Hassan Allam Properties<\/a>, and Hassan Allam Construction Saudi<\/a> all inked agreements for projects in the Kingdom this year. <\/p>\n

** W<\/strong>e dive into where construction firms are expanding<\/strong> and the obstacles they are facing in a Hardhat<\/a> published earlier this year. <\/p>\n

\n

FINANCIAL SERVICES-<\/p>\n

#1- Thndr heads to UAE: <\/strong>Local digital investment platform Thndr received the greenlight<\/a> from the Abu Dhabi Global Market Financial Services Regulatory Authority to expand into the UAE market. <\/p>\n

#2- CI Capital is going to the GCC: <\/strong>Financial services group CI Capital announced its<\/a>intentions earlier this year<\/a> to establish an \u201con-the-ground presence\u201d in the KSA and UAE. <\/p>\n

#3- Non-banking financial services firm Contact Financial Holding <\/strong>opened its first<\/a><\/strong>branch in Dubai earlier this year<\/a><\/strong>, aiming to cater to Egyptian expats.<\/p>\n

#4- <\/strong>Belmazad<\/strong> wants to expand regionally:<\/strong> Digital auctioning platform Belmazad announced plans to expand in Middle Eastern and African countries<\/a> in the future. <\/p>\n

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

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

\n

EDUCATION-<\/p>\n

#1- EFG Hermes <\/strong>launched a USD 300 mn<\/a><\/strong> Saudi Education Fund this year. <\/strong>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. <\/p>\n

#2- Palm Hills Developments will <\/strong>develop up to 15 new schools<\/a><\/strong> in KSA<\/strong> in partnership with Dallah Albaraka, with combined investments of USD 300 mn. <\/p>\n

#3- Homegrown edtech startup Farid <\/strong>secured USD 250k<\/a><\/strong> to expand <\/strong>into Saudi Arabia and the UAE. <\/p>\n

\n

F&B-<\/p>\n

#1- SEKEM subsidiary Isis Organic <\/strong>announced plans to open two factories<\/a><\/strong> in Saudi <\/strong>Arabia and Algeria. <\/strong>Its facility in the North African nation is slated for operations in 1H 2025.<\/p>\n

#2- <\/strong>Budget<\/strong> supermarket chain Kazyon <\/strong>invested USD 144 mn to expand in Morocco.<\/a><\/strong> 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.<\/p>\n

#3- Local food solutions provider startup Brotinni <\/strong>pencilled in expansion into KSA and<\/a><\/strong>UAE in 3Q 2025<\/a><\/strong>.<\/strong> The startup announced its plans shortly after accelerator and consulting firm Entlaq Holding acquired a minority stake<\/a> in the company.<\/p>\n

#4 - <\/strong>Spiro Spathis<\/strong>\u2019 Mymco is also planning to expand into the <\/strong>Gulf through franchises<\/a><\/strong>, using the region as an export base for neighboring countries.<\/p>\n

\n

LOGISTICS-<\/p>\n

#1- Local digital shipping startup Nowlun <\/strong>earmarked fresh funds for expansion<\/a><\/strong> locally <\/strong>and in the Saudi market<\/strong>. <\/p>\n

#2- Supply chain tech startup Qara announced <\/strong>it will expand its existing operations in<\/a><\/strong>the Kingdom<\/a><\/strong> after securing USD 2.6 mn in funding. <\/p>\n

\n

MANUFACTURING-<\/p>\n

Local<\/strong> industrial machinery manufacturer Simplex is looking to expand in the region<\/strong>, with plans to step into three new countries<\/a> \u2014 Tunisia, Morocco, and Algeria. <\/p>\n","protected":false},"excerpt":{"rendered":"

Between real estate and construction players to education and logistics firms, many local players expressed interest in expanding abroad in 2024<\/p>\n","protected":false},"author":1,"featured_media":657908,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8968],"tags":[73,72,890,83,123,8967],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-year-in-review-expansion","tag-education","tag-enterpriseam","tag-hassan-allam-holding","tag-real-estate","tag-startups","tag-year-in-review-expansion","wpautop","entry"],"acf":{"mongo_id":"01e1df44-bc8c-41c7-b661-3826b75deb7b","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2392.jpg","photo_position":"above","homepage_title":"","full_issue_title":"2024: 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to launch its first projects in Saudi Arabia","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1245.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644393,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/25\/elsewedy-electric-partners-with-siemens-to-develop-usd-800-mn-power-plant-in-saudi-arabia\/","url_meta":{"origin":657907,"position":1},"title":"Elsewedy Electric partners with Siemens to develop USD 800 mn power plant in Saudi Arabia","author":"enterpriseam admin","date":"25 September 2024","format":false,"excerpt":"The move comes as more and more Egyptian firms bring their expertise to bear in the Saudi market","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1937.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545519,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/fintech-app-khazna-raises-usd-38-mn-in-series-a-funding\/","url_meta":{"origin":657907,"position":2},"title":"Fintech app Khazna raises USD 38 mn in series A funding","author":"enterpriseam admin","date":"3 April 2022","format":false,"excerpt":"Local fintech startup Khazna has raised USD 38 mn in equity and debt in a series A funding round, according to a press release (pdf). The round was led by US-based Quona Capital and includes previously announced funding from Nclude \u2014 the new USD 85 mn fintech fund launched by\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/84.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":703711,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/fewer-egyptian-undergrads-are-choosing-to-pursue-higher-education-abroad-heres-why\/","url_meta":{"origin":657907,"position":3},"title":"Fewer Egyptian undergrads are choosing to pursue higher education abroad \u2014 here\u2019s why","author":"enterpriseam admin","date":"19 May 2026","format":false,"excerpt":"The outbound student outflow has plummeted by an estimated 60% to 70% compared to previous peak years","rel":"","context":"In "Education"","block_context":{"text":"Education","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1145.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568446,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/now-imagine-what-no-rona-and-low-interest-rates-will-do\/","url_meta":{"origin":657907,"position":4},"title":"Now imagine what no \u2018rona and low interest rates will do\u2026","author":"enterpriseam admin","date":"30 December 2020","format":false,"excerpt":"Let\u2019s get three things taken care of right off the bat, shall we, and make sure we\u2019re all speaking the same language?#1- This report is drawn from data in our Enterprise Investment Tracker, wherein we chronicle salient data points from all of the stories we cover under this theme. By\u2026","rel":"","context":"In "YEAR IN REVIEW: INVESTMENT"","block_context":{"text":"YEAR IN REVIEW: INVESTMENT","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-investment\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/498.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554410,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/06\/this-evening-has-big-tobacco-swayed-the-state-on-the-tobacco-license-tender-elsewedy-edita-go-big-on-africa-expansions\/","url_meta":{"origin":657907,"position":5},"title":"THIS EVENING: Has Big Tobacco swayed the state on the tobacco license tender? + Elsewedy, Edita go big on Africa expansions","author":"enterpriseam admin","date":"6 December 2021","format":false,"excerpt":"Today is a big news day for Egyptian companies investing abroad, ladies and gentlemen, with Elsewedy Electric and Edita both announcing key updates to their African investments this week. Further afield, the Evergrande saga continues. But before we dive deeper into these\u2026THE BIG STORIES TODAY- Did Big Tobacco get its\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=657907"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657907\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/657894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/657908"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=657907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=657907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=657907"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=657907"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=657907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}