Has the Egyptian startup ecosystem “made it”?
Dec 12 2021
Michel Assaad is a startup mentor and the vice president of Europe, Middle East and Africa strategy at Citi Bank.The views expressed below belong solely to him and not his employer.
A couple of months ago, I landed in Cairo for the first time in nearly two years. My last visit to Egypt – or anywhere outside of England, where I live – was in pre-Covid times. Since then, I tried to remain as connected as ever to the Egyptian economic, business and entrepreneurial developments but that did not quite prepare me for what I experienced when I landed.
I only spent one day in Cairo before making it to my hometown, Alexandria, but that day was enough for me to realise the extent to which things have changed in the past couple of years. Walking around the streets of Cairo, you cannot go a few minutes without seeing Fawry’s colourful and distinctive logo on either side of the street. Of course, I knew how successful Fawry has been in scaling its businesses and reaching more and more customers – I even reported on it in