CorporateStack has announced the launch of their presence in Egypt by setting up an office in Cairo. The office is being established as a base of its sales operations for the booming Egyptian market.
CorporateStack decided to enter Egypt to service the huge demand generating from the Small and Medium Enterprises (SME) sector in the country. SME is one of the fastest growing sectors in the country and according to Egypt’s fifth economic census, there are nearly 1.7 million SMEs in the country with a workforce of 5.8 million employees.
In a statement, Egypt’s Central Agency for Public Mobilization and Statistics stated that SMEs in the Egyptian market operate their business with EGP 77.1 billion worth of capital. “Egypt is a potential market for digital transformation in general. Following governmental initiatives across all sectors (banking, trading, industrial and construction) majority of SMEs are now looking for the right partner for their digitization process. This has further been fast tracked due to the COVID-19 pandemic. It is our country and we have a duty to share our success and bring all the know-how and the experiences we have achieved back to Egypt,” says Mohamed Abdin, Co-Founder and Managing Director for Egypt at CorporateStack.
The new office in Cairo will be the headquarters for Egypt as well as facilitate company’s ambitious expansion plans to grow across Africa. The office equipped with a world class facility will help company create more jobs in Egypt in the coming months. With an initial headcount of 5, the company intends to strengthen this to 25 in the short term, with the head count expecting to touch 100 by mid-2022.
“We are looking to invest almost 10 million Egyptian pounds in next two years to boost our operations in the country. The new office premises will also serve as Global Delivery Center for all our products in future apart from having independent sales and marketing operations for Egypt,” Abdin added.