Four Egyptian firms among 100 fastest growing businesses in Africa 2023: FT/Statista ranking

Muhammad Khalid, Thursday 11 May 2023

Four Egyptian firms have made the list for the 100 fastest growing businesses in Africa in 2023 according to the second annual ranking by Financial Times/Statista that was released in early May.

Suez Canal Bank new smart branch in City Stars.
Suez Canal Bank s new smart branch in City Stars. (The bank s website).


"List of 100 shows that sectors from fintech to renewable energy to healthcare managed to develop their businesses while much of the world shut down," explained the FT.

Globe Medex for Trade and Distribution, which achieved a 95 percent compound annual growth rate (CAGR), was ranked 11th.

Al Karm for Solar Energy, which achieved a 75.7 CAGR, was ranked 19th.

The Suez Canal Bank made 44 on the list with a 41 percent CAGR

Finally, Cairo for Investment and Real Estate Development made 46 on the list with a 39 percent CAGR.

The number one rank went to Nigeria's AFEX Commodities Exchange brokerage with a 505 percent CAGR.

Another Nigerian firm, the fintech Moniepoint, came in second with a 321 percent CAGR.

"After a recent period in which capital flows to emerging markets have slowed, and start-up companies have been rattled by the collapse of Silicon Valley Bank, the FT/Statista 2023 annual ranking of Africa’s fastest-growing companies casts its gaze back to encapsulate a time of corporate dynamism at what was the height of the pandemic," added FT.

In recent years, Egypt has intensified efforts to promote entrepreneurship and support start-ups.

In December, Egypt ranked first in the Middle East and North Africa in financing start-ups, raising $45.7 million.

Forbes also recently selected eight Egyptian companies for its list of the Top 30 Fintech Companies in the Middle East for 2023.

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