With a cascade of promising opportunities, the Egyptian market provides an attractive investment ground for new and existing value chains, said Al-Suhaibaney.
“This lucrative market has driven multiple global and regional investors to increase their investment in Egypt. In light of their expansion plans across the region, Morni plans to invest $10 Million in Egypt until 2030”, he added.
According to the deal, Exits.me will act as Morni’s exclusive advisor, assisting them in their expansion strategy and fulfilling their growth objectives.
"The deal directly aligns with Exits.me’s mission to expand investment banking services to startups & small and medium-sized enterprises (SMEs) in the MENA region through its automated platform and through Morni’s mandate for geographic expansion across the region”, said Al-Suhaibaney.
According to Abu El-Naga, the deal aligns with Exits.me's mission "in helping startups and SMEs with their investment deals and creating a harmonious post-deal environment for all parties involved."
"Our ultimate goal is to create an inflow of foreign investments in the country and unlock the potential of joint Egypt-Saudi efforts in building sustainable ventures that solve real problems,” said Abu El-Naga.
Egypt's untapped potential in vehicle roadside assistance
Al-Suhaibaney also noted that he highly believes in the untapped potential in the Egyptian market within the sector of vehicle roadside assistance and automotive services.
Furthermore, he stated that he was looking forward to creating more opportunities for existing businesses and jobs under the new Super-App.
Exits.me is already engaged in a pipeline of sell & buy-side advisory mandates with a tentative size of $250 million since its launch earlier this year.
Under the newly signed mandate, Exits.me will work to help Morni in its expansion strategy across multiple markets in the region, especially within the sector of Road Side Assitance (RSA) and automotive services.
With the help of Exits.me, Morni plans to start its new expansion strategy in Q1 of 2023 with the Egyptian Market.
The global vehicle roadside assistance market size and share revenue was valued at approximately $23.6 billion in 2021.
It is expected to reach around $34.8 billion by 2030, at a compound annual growth rate (CAGR) of 4.1 percent expected between 2022 and 2030.
The MENA region is an unsaturated market in the service sector of vehicle roadside assistance, creating a highly lucrative market for expansion.
Providing vehicles to elite clientele in Egypt
In addition to roadside assistance services, both sides will also be working on expanding Morni's service lines to provide limited edition vehicles to elite clientele across the region.
These vehicles will be supplied through partnerships with luxury car providers and insurance services.
Morni's expansion in that direction, beginning with Egypt, comes after its successful partnerships in Saudi Arabia with dealers of luxury vehicles, including Bently, Ferrari, Infinity and Lamborghini.
"The opportunities within this sector are endless and highly underserviced, especially within markets that have ageing vehicles and are prone to the need for Road Sign Assist (RSA)," said Morni's managing Director Shehail Al-Shehail.
He added that they were excited at Morni "to reach strategic milestones in establishing the first deals with multiple partners presented to Morni by the Exits team over the next period."
The Egyptian Market, he said, "will be a worthwhile new addition as we start multiple upcoming deals, and will get us closer to our goal to cover 100 million vehicles with our products by 2030.”