Top 10 Business Ideas In Egypt – Egypt is often under-recognized for its business and entrepreneurial achievements despite its many change-makers who have built a reputation as entrepreneurial wizards at home and internationally.
It is undeniable that the country’s economy and potential for innovation have been stunted for many years due to the political events of 2011, which not only stopped the flow of tourism in Egypt, but also led to a drop in the country’s foreign exchange reserves from USD 36 billion in 2011. December 2010 to just $16.3 billion in January 2012.
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However, thanks to a series of financial reforms, Egypt’s net foreign reserves reached $45.457 billion in January 2020, as reported by the Egypt Independent. This significant improvement was supported by the government’s success in securing a three-year, $12 billion International Monetary Fund loan in 2016 as part of efforts to revive the country’s ailing economy.
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Egypt’s startup scene also gradually took off, with a number of Egyptian startups routinely making Forbes and the World Economic Forum’s lists of the most successful startups in the Arab world.
As such, Egyptian Streets has selected the most influential and influential companies and personalities that have shaken up the business, technology and startup scenes in Egypt in the last decade. Without them, it would be easy to imagine financial winds blowing in other directions.
Egyptian-born economist Nemat ‘Minouche’ Shafik, who currently serves as Director of the London School of Economics and Political Science (since 2017), is a force to be reckoned with.
Often hailed as the most powerful woman in London, Minouche was born in the coastal city of Alexandria. She traveled overseas to earn a BA in Economics and Politics from the University of Massachusetts-Amherst, followed by an MSc in Economics from the London School of Economics and a DPhil in Economics from the University of Oxford.
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Nemat’s studies were followed by a stellar career in economics, public policy and banking. She became the World Bank’s youngest-ever vice president, where she was in charge of revitalizing the bank’s infrastructure business, as well as overseeing the performance and infrastructure of approximately $50 billion of investments. She then served as Permanent Secretary at the Department for International Development (DFID) from 2008 to 2011, overseeing the UK’s development activities and bilateral aid program in over 100 countries.
Nemat then served as Deputy Managing Director of the International Monetary Fund from 2011 to 2014, overseeing the IMF’s $1 billion administrative budget and overseeing its work in Europe and the Middle East, as well as human resources policy for its 3,000 staff and training.
She made history by becoming the first ever deputy governor of the Bank of England, overseeing the bank’s international supervision, monetary framework and risk management practices, with one aim being to stabilize the UK’s falling inflation levels.
From an academic point of view, Nemat is the author and co-author of a number of articles and books. She also holds honorary doctorates from Glasgow University, the University of Warwick and the University of Reading.
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In 2009, she was named “Woman of the Year” for Global Leadership and Global Diversity in 2009, and ten years later, she received the 2018 100 Women in Finance award, a European award for industry leadership.
Notably, in 2015 she was named a Dame Commander of the British Empire in the Queen’s New Year’s Honors list.
Naguib Sawiris – financial tycoon and billionaire – is undoubtedly Egypt’s most famous and respected businessman. With a Twitter presence of 6.2 million followers, he is also considered one of the most active business tycoons on social media.
The 65-year-old Egyptian studied engineering in Switzerland before returning to his homeland to take over the family business Orascom, which he helped grow into the country’s largest private sector employment conglomerate.
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Much of his fortune was built on the multibillion-dollar deal that saw Orascom Telecom sell to Russian telecom company Veon (formerly VimpelCom) in 2011.
He currently serves as chairman of Orascom Telecom Media and Technology Holding S.A.E and the Italian internet company Italiaonline, and has a majority stake in the Lyon-based television news network Euronews. Similar to his brother Samih Sawiris’ affinity for developing luxury resorts, Naguib founded the ‘Silversands’ resort on the island of Grenada near the Caribbean Sea.
According to recent reports, Sawiris’ interest in gold mining has gained momentum as he seeks to increase investment in gold mining in Egypt, where competition is high in the international tender for gold mines in the Eastern Desert. He is currently the head of the American mining company La Mancha Resources Inc, which he acquired in 2012 and which is engaged in mining activities in five African countries and also in Australia.
He briefly dabbled in politics and founded the liberal “Free Egyptians” Party during the 2011 revolution. He also made international headlines in September 2015 when he proposed giving hundreds of thousands of Syrian refugees a new home in the form of an island (“Independence”) off Italy or Greece. Although the plan never came off due to legal restrictions, the move was hailed as deeply compassionate among Egyptians.
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At the end of 2019, he was ranked as the seventh richest African by Forbes. He currently owns a net worth of approximately $3 billion.
Mona Zulficar, a prominent name in the fields of law, finance and human rights, is the Founding Partner and Chairman of the Executive Committee of Zulficar & Partners – the leading law firm in the country.
She received a bachelor’s degree in economics and political science from Cairo University, then a law degree from Mansour University, as well as an honorary degree from the University of Zurich.
With more than 30 years of legal experience, Zulficar specializes in financial, industrial and commercial transactions, which is particularly significant when it comes to concluding business-to-business and top-level corporate contracts. She is credited with handling Heineken’s US$300 million takeover of Ahram Beverages and the largest transaction in the Middle East: the sale of Orascom Building Materials Holding SAE to Lafarge for nearly US$13 billion. Its clientele includes MobiNil, Kraft, Lecico, EFG Hermes, Helwan Cement, InterGen and others.
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In addition, Zulfikar is known for her advisory role to various Egyptian government entities and her participation in the preparatory committees regarding the recent regulations of the Banking Law, the Telecommunications Law and the Special Economic Zones Law aimed at providing more investment opportunities. As a member of the Board of Governors of the Central Bank of Egypt, she is also involved in overseeing the country’s economic and banking reforms.
Her sense of commitment and achievements in the field of human rights and women’s rights for more than forty years have contributed to her reputation as a distinguished lawyer. Zulfikar was involved in several key campaigns such as the New Marriage Contract (1985) for women to assert their right to terminate the marriage contract and restrict husbands from taking a second wife, he pushed for a nationality law for Egyptian women married to foreigners. reducing Egyptian citizenship to descendants and introducing “family courts” for family disputes.
She has also maintained a strong position against FGM, through her defense of the Ministry of Health’s 1996 decree banning female genital mutilation. Her campaign also supported the establishment of the National Council of Women and non-discrimination in the law, specifically the removal of the “religious” slot in identification documents.
In 2009, former French President Nicolas Sarkozy awarded her the Legion of Honor not only for her work in the field of human rights, but also for her role in arranging financial transactions between Egypt and France.
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Hailed as governor of the Central Bank of Egypt for a second term – one of the most financially strategic positions in Egypt – Tarek Amer’s reputation is the brain behind Egypt’s economic development in the past few years.
In the midst of a worsening financial crisis, with the Egyptian pound at its weakest in years and the country’s foreign exchange reserves depleted, Amer is credited with flotation of the Egyptian pound in 2016. The move was made to ensure that Egypt’s debt remained manageable and suitable for maintaining the country’s business activities.
In a 2019 report, London-based economic research consultancy Capital Economics described Amer as “contributing to the restoration of macroeconomic stability over the past few years, taking the painful decision to devalue the pound in 2016, as well as steps to improve the credibility of the CBE”.
Amer’s academic background was in economics, with a degree from the American University in Cairo in 1980. With a 27-year portfolio in the world of finance and banking, he held important roles such as the first deputy governor of the Central Bank of Egypt and then, most notably, six years as the director general of the National Bank Egypt.
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He also has experience as Vice-Chairman of the Egyptian Banking Institute, Vice-Chairman of Arab International Bank and executive positions at Citibank, Bank of America and Banque Misr.
In 2013, he became the General Manager and Managing Director of the National Bank of Egypt’s London branch.
With over two million followers on LinkedIn, Dr. Mohamed Aly El-Erian is one of the most followed, followed and respected marketers in the world. The
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