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Nine Egyptian companies made it onto the list of The Financial Times’ best-performing African companies in 2023. The recently released list was compiled in partnership with Statista, based on the compound annual growth rate (CAGR) in revenues between 2018 and 2021
Nine Egyptian companies made it onto the list of The Financial Times’ best-performing African companies in 2023. The recently released list was compiled in partnership with Statista, based on the compound annual growth rate (CAGR) in revenues between 2018 and 2021.
Importantly, Globe MedEx, which specializes in distributing ophthalmology equipment, clocked a CAGR of 95.08 percent and secured the 11th position on the list. Another company, Karmsolar, a provider of sustainable solar energy solutions, achieved a CAGR of 75.72 percent and ranked 19th on the list.
Suez Canal Bank ranked 44th with a CAGR of 41 percent, followed by CIRA Education, a private school and university operator, which achieved a CAGR of 39.02 percent and secured the 46th spot. Reefy Microfinance Enterprise Services, which provides microfinance loans, ranked 62nd with a CAGR of 27.14 percent.
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Fintech and e-commerce company, MNT-Halan, took the 68th spot with a CAGR of 24.41 percent. The remaining companies are El Fayrouz Company for Converting And Cutting Paper (92nd), EFG Hermes Holding (93rd), and Arab Contractors (97th).
The Egyptian Cabinet approved a draft decision regarding the lists of customs reductions and appendices to the African Continental Free Trade Area (AfCFTA). This was approved recently during its weekly meeting.
The AFCFTA is a comprehensive agreement that governs areas of cooperation among the member states. It includes subjects like trade in services and investment, competition regulations, liberalization of commodity trade, intellectual property rights protection, and provisions for dispute settlement. These steps, analysts say, will enhance Egypt’s intra-trade with other member states in the continent.
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The Egyptian Cabinet also approved an agreement between Egypt and Qatar that aims to eliminate double taxation on income taxes and prevent tax evasion and avoidance.
