Prime Minister of Egypt, Mostafa Madbouly, accompanied by Amr Talaat, Minister of Communications and Information Technology, Ahmed Al-Zaher, CEO of the Information Technology Industry Development Agency (ITIDA), and a group of senior government officials, visited to the Egyptian headquarters of Geidea, an international financial technology firm in New Cairo.
The visit reflects the Egyptian leadership’s focus on enhancing innovation and growth in the communications and information technology sector as a key component of Egypt’s Vision 2030, aiming to attain higher levels of economic growth and introducing greater speed and efficiency to the digital infrastructure.
The governmental delegation was received by Abdullah AlOthman, Founder and Chairperson of Geidea Group; MrAhmed Nader, Managing director of Geidea Group in Egypt; Ahmed Safwat, Regional Director of HR in Egypt; Yasmin Sameh, Director of Product in Egypt, and Ahmed Magdy, Commercial Director in Egypt, along with several leadership team members.
Geidea continues to attract exceptional talents to work throughout its offices in Egypt, which includes more than 1,200 experienced individuals in various business and technical fields. They contribute to building and developing financial technology applications and solutions for several markets and support the growth of the group internationally.
Moreover, Geidea focuses on empowering women and equipping them with sufficient expertise to become future leaders in the technology sector. The Group female workforce in Egypt represents approximately 67% of all employees, and is working closely with the Egyptian government on programs to promote gender equity as well as participation of individuals with special needs.
The visit highlights the Egyptian government’s commitment to develop an ideal climate for foreign direct investments (FDIs), and to support tech-based investments in the national market as it seeks to improve the investment ecosystem and attract more international firms to operate in Egypt.
The visit included discussions to expand the company’s cooperation with the Egyptian government across various parts of the communications and information technology space, especially in the field of human capital development where both sides explored plans to launch a training academy for men and women to augment the number of qualified IT professionals and develop a broader set of talent to feed the needs of the ongoing economic growth.
The Geidea Group is one of the leading fintech companies, having been established in the Kingdom of Saudi Arabia in 2008 and whose operations have grown significantly, which attracted an investment of approximately $270m from a UAE investor in 2018, due to its innovative business model and aggressive future potential. In the Egyptian market, the Group pumped more than $40m (EGP 1 bn), and saw its business volume tripling last year, with plans to multiply its current business volume by sevenfold in the near future.
Commenting on the visit, Ahmed Nader, Managing Director for Geidea Group in Egypt, stated, “We are grateful for the visit of His Excellency the Prime Minister, Mostafa Madbouly, and Amr Talaat, the Minister of Communications and Information Technology. We extend our thanks to the Egyptian government for its unlimited support to the information technology sector, and their help in addressing challenges facing international investments in the Egyptian market”.
He also added, “As for us, we continue to enhance our presence in Egypt by providing the latest innovative solutions in the field of financial technology, contributing to the growth of the digital economy and bringing the promise of technology to the wider business community.
Nader also noted, “The visit serves as an incentive for us to continue our ambition, expansion, and achievements. Geidea is working hard to strengthen and enhance cooperation with the Egyptian government and private sector firms in order to make Egypt a leading technological hub and a distinctive destination for industry and investment in the region”.
