28 March, 2023

Egypt’s macro environment will create $500m in new investment opportunities in two key sectors

Written by Omar Makkawy, Investment Banking Analyst at DAI Magister

Currency devaluations and inflation erode investment returns, reducing a company’s valuation and the value of its total addressable market (TAM). However, several sectors have demonstrated resilience in such conditions and can actually generate substantial shareholder value in difficult economic times. A major example is Egypt which suffers from an inherent current account deficit and imports most basic commodities, including food. In markets like this currency devaluations result in nearly a 1:1 inflation pass-through to customers.

Non-bank lending and payments offer the best investment opportunities in Egypt’s current macro environment. We estimate that there will be at least $500m in transaction value amongst companies in the non-bank lending and payments sectors in 2023 which investors can potentially capitalise on. Moreover, there is financial and strategic investment appetite in those two sectors, as demonstrated by various successful exits, enabling investors to eventually realise significant profits.

The impact of currency devaluation

The impact of a currency devaluation on a sector and company level can be broken down into 3 buckets:

The losers

These are typically capex-intensive businesses, particularly those in the industrial sector where capex is denominated in foreign currency. Non-exporting manufacturers are also particularly hard hit as they rely on imported raw materials.

The neutrals

Companies and sectors that fall under ‘Neutral’ divide into two groups. The first is businesses in inflation pass-through sectors, such as retail and consumer staples. Such businesses can quickly adjust their prices in response to currency devaluation and the resulting imported inflation.

Retail/consumer staples tend to fall into this category, which can be extended to various sectors that depend on retail activity such as groceries, B2B commerce, payments, etc. These tend to be companies and industries that generate revenue via a take rate mechanism linked to ‘consumer staples-like’ GMV (i.e., grocery for Food Tech business/B2B commerce such as Breadfast and MaxAb or bill payments in the case of e-payment companies like Fawry).

The second group consists of businesses in sectors that may not be able to raise prices enough over the short to medium term to offset the impact of currency devaluation. As consumers seek ways to alleviate the squeeze on disposable income, gig economy companies benefit from demand-led growth, offsetting their inability to raise prices enough to combat devaluation. Examples of such sectors in the gig economy include ride-hailing, freelancer marketplaces, and home rentals.

The winners

The winners are typically lending companies and export-oriented industries such as manufacturing and tourism. Specifically, lending businesses benefit in three keyways:

  • Larger ticket sizes due to inflationary pressures
  • Higher volume of lending due to an inflationary-driven squeeze in consumers disposable income
  • Higher net interest margins (NIMs)/lending spreads resulting from rising interest rates designed to curb domestic and imported inflation

Due to government intervention, investors have viewed Egypt’s manufacturing sector as largely unattractive because the private sector was competing with the state, which investors deemed a losing battle. Late last year, the International Monetary Fund (IMF) imposed restrictions to cut the state’s footprint and level the playing field, potentially opening up investment opportunities and unlocking the $3bn extended arrangement Egypt needs. However, the net impact here remains yet to be seen.

Non-bank lending & e-payments poised to deliver exponential returns

Egypt’s non-bank lending and e-payments sectors have proven resilient to FX depreciation and investors can expect them to continue delivering exponential returns in the years to come. The non-bank lending sector benefits from effective cash collection policies with NPL ratios for the companies mentioned earlier in the single digits range. Investors have achieved 4-10x (USD) returns despite the country experiencing a series of currency devaluations and political turbulence. The non-bank lending sector in particular benefits most from currency devaluations as imported inflation results in larger ticket sizes, lending volumes and interest rate margins.

Provided the proper governance structures and processes are in place (i.e., effective cash collection, low NPLs, profitability, etc.), the non-bank lending sector is one of the most attractive sectors to invest in across both early and late stage because companies can generate meaningful profits and positive cash flows early in their development. Both sectors also benefit from structural growth drivers, given 73% of Egypt’s 110 million population is underbanked.

This may offer opportunities for companies in adjacent Fintech verticals as more mature players seek horizontal and vertical integration via inorganic growth/acquisitions. For example, Paymob and Khazna’s partnership to expand access to digital financial services and Tanmeyah’s acquisition of Fatura (a B2B e-commerce marketplace) in mid-2022 in order to fill the credit gap in the B2B market are examples of the appetite and opportunities for Fintechs to vertically and horizontally integrate.

Moreover, the acquirer types are diverse in nature including corporate (i.e. CI Capital & EFG’s acquisitions of Reefy and Tanmeyah respectively), quasi-sovereign (Chimera’s acquisition of GB Auto’s stake in MNT) and sovereign (PIF’s acquisition of DPI’s stake in B.Tech). This provides investors with a wide range of exit options to turn investment returns into cash much more quickly, and more certainly, than in many other sectors of the African growth landscape.

We have identified 20 non-bank lending and 3 mature e-payments businesses in Egypt, of which there are nearly 10 businesses are at growth stage. Based on last year’s fundraising activity, recent Fintech fundraises and secondary transactions in Egypt and exit time horizons for existing investors, we believe those businesses will be seeking transactions in the region of $50m-100m+ each in the form of primary and/or secondary capital. In conclusion, there will be at least $500m in transaction value in the non-bank lending and e-payments sectors which investors can potentially capitalise on in Egypt’s current macro-environment.


Kingston FURY Expands the Look of DDR5 Lineup


  • Eye-catching Aggressive Heat Spreaders In White
  • Dynamic, Customisable RGB Lighting with Kingston FURY CTRL
  • Intel XMP 3.0 Certified


Dubai, UAE – March 28, 2023 – Kingston FURY, the high-performance division of Kingston Technology Company, Inc., a world leader in memory products and technology solutions, today announced the addition of white heat spreaders to its award-winning line of Kingston FURY DDR5 memory modules providing more options for those looking to build a system that stands above the rest, in and out of the game.


Kingston FURY Beast DDR5 offers the superior speed and low latency solutions to take your experience to the next level of performance, now with a low-profile heat spreader design in white to combine outstanding cooling functionality and bold styling. Go for a simple and easy upgrade with Plug N Play at 4800MT/s or select an Intel® XMP 3.0 or AMD EXPO™ Certified kit. Kingston FURY Beast DDR5 RGB lets users personalise even further with the Kingston FURY CTRL™ RGB tool by selecting or customising one of the 18 built-in, vibrant, and stunning RGB lighting effects, all kept smooth and in unison with Kingston’s patented Infrared Sync Technology. The Kingston FURY Beast DDR5 line hits speeds up to 6000MT/s, is available in 8GB, 16GB, and 32GB single modules and, kits of 2 up to 64GB, with kits of 4 coming next month.


For system builders and DIY PC enthusiasts who want to maximise the performance of their next-gen DDR5 platforms and complement the look of the latest PC builds, Kingston FURY Renegade DDR5 enhances your system with aggressive low latencies and extreme speeds up to 7200MT/s. Whether creating content, multi-tasking or pushing the limits in-game, users can tap into the extreme overclocking potential of DDR5 in style. Again, with FURY CTRL users can select from 18 customisable lighting effects to highlight the sleek, aluminum heat spreaders of the Kingston FURY Renegade DDR5 RGB available now in white & silver. Available in single module capacities of 16GB and 32GB and Dual Channel kits of 2 with capacities up to 64GB.

“We’re pleased to expand the look of our Kingston FURY DDR5 lineup with the addition of white heat spreaders,” said Iwona Zalewska, DRAM business manager, Kingston EMEA. “As creativity flows and gaming evolves, we want to empower our users to choose the modules that best fit their individual style.”


The Kingston FURY DDR5 line of memory is 100% tested at speed and backed by a limited lifetime warranty and legendary Kingston reliability.

For more information visit kingston.com.


Kingston FURY Beast DDR5 Features and Specifications

  • Greater starting speed performance: With an aggressive starting speed at 4800MT/s, DDR5 is 50% faster than DDR4.
  • Improved stability for overclocking: On-die ECC (ODECC) helps maintain data integrity to sustain the ultimate performance while you push the limits!
  • Increased efficiency: Boosted by double the banks and burst length and two independent 32-bit subchannels, DDR5s exceptional handling of data shines with the latest games, programs and demanding applications.
  • Intel® XMP 3.0 certified: Advanced pre-optimised timings, speed and voltage for overclocking performance and save new user-customisable profiles utilising a programmable PMIC.
  • AMD EXPO certified: AMDs Extended Profiles for Overclocking
  • Qualified by the worlds leading motherboard manufacturers3Tested and approved so you can build and upgrade with confidence on your preferred motherboard.

Low-profile heat spreader: Newly designed heat spreaders in black or white combine bold styling and outstanding cooling functionality.

  • Plug N Play at 4800MT/s: Kingston FURY Beast DDR5 will auto-overclock itself to the highest listed speed allowed by the system BIOS.


  • Enhanced lighting with new heat spreader design: Game in style by customising the black or white heat spreaders with the smooth, stunning range of 18 RGB lighting** effects using [Kingston FURY CTRL] or the motherboard manufacturers software.
  • Patented Kingston FURY Infrared Sync TechnologyVibrant RGB effects light in unison with Kingstons patented Infrared Sync Technology.
  • Capacities:

Singles: 8GB, 16GB, 32GB

Kits of 2: 16GB, 32GB, 64GB

  • Speeds4: 4800MT/s, 5200MT/s, 5600MT/s, 6000MT/s
  • Latencies: CL36, CL38, CL40
  • Voltage: 1.1V, 1.25V, 1.35V
  • Operating Temperature: °C to 85 °C
  • Non-RGB Dimensions: 133.35 mm x 34.9 mm x 6.62 mm
  • RGB Dimensions: 133.35 mm x 42.23 mm x 7.11 mm


Kingston FURY Renegade DDR5 Features and Specifications

  • Engineered to Maximize Performance: With speeds up to 7200MT/s, Kingston FURY Renegade DDR5 RGB features premium components hand-tuned by engineers, rigorously tested for compatibility across the industrys leading motherboards, and backed by 100% factory testing at speed for a hassle-free overclock experience.
  • Tap Into Extreme Overclocking Potential: DDR5 ushers in a whole new era of memory technology to make extreme overclocking a more stable option than previous generations. On-die ECC delivers more reliable DRAM components, an on-board PMIC balances power when and where its needed, and two independent 32-bit subchannels provide dramatic increases in data efficiency for multi-core processors.
  • Intel® XMP 3.0 Certified: Intel Extreme Memory Profile technology makes overclocking a breeze with advanced pre-optimised factory timings, speeds and voltages for overclocking performance. [Renegade DDR5 RGB] features a programmable PMIC for XMP 3.0, supporting up to two customisable profiles to optimise your own unique timings, speeds, and voltages saved directly to the DIMM.
  • Qualified by the Worlds Leading Motherboard Manufacturers: Tested and trusted for your preferred motherboard so you can build with confidence.
  • Aggressive Aluminum Heat Spreader Design: Newly designed black & silver and white & silver aluminum heat spreaders with black PCB keep your rig running and looking cool to complement the look of your latest PC build.


  • Dynamic RGB lighting: Bring your system to life with 18 preset RGB lighting effects utilising Kingston FURY CTRL or the motherboard manufacturers RGB software with the sleek newly designed black & silver or white & silver aluminum heat spreaders with black PCB.
  • Kingston FURY Infrared Sync Technology: Ensure your RGB lighting effects stay in perfect lock-step with Kingstons patented [Infrared Sync Technology].
  • Capacities: Singles: 16GB, 32GB

Kits of 2: 32GB, 64GB

  • Speeds:  6000MT/s, 6400MT/s, 6800MT/s, 7200MT/s
  • Latencies: CL32, CL36, CL38
  • Voltage : 1.35V, 1.4V, 1.45V
  • Operating Temperature: °C to 85 °C
  • Non-RGB Dimensions:  133.35mm x 39.2mm x 7.65mm
  • RGB Dimensions:  133.35mm x 44mm x 7.66mm


Global Wellness Company Fine Hygienic Holding Launches eon Longevity, an All-Natural Herbal Longevity Supplement

All-Natural, Herbal, Clinically-Tested Powdered Beverage Supplement Offers Proven Health Benefits


Amman, Jordan / Dubai, U.A.E. — Fine Hygienic Holding (FHH), one of the world’s leading wellness groups, today announced the launch of eon™, a powdered, herbal beverage supplement that supports overall health and longevity. Comprising an all-natural, proprietary herbal blend, eon Longevity +Plus (eon’s signature product) underwent one of the largest clinical studies in the supplement space. The results verified that eon supports the health of the cardiovascular, respiratory, and gastrointestinal systems; regulates normal metabolic balance; and helps reduce inflammation — all of which result in a healthier and stronger body. One of the most impactful findings is eon’s ability to reduce inflammation, which is a breakthrough since inflammation is at the core of most, if not all, diseases in the human body.


“With these outstanding clinical results, it can be argued that eon could be the healthiest beverage a person can consume and should be part of everyone’s personal wellness program to improve quality of life and even life expectancy,” said Medical Wellness Association (MWA) President Dr. Christopher Breuleux, who underwrote the clinical study.


“We are a company devoted to improving people’s health and lives by providing reliable, tested, high-quality products,” said eon Founder and FHH President of Wellness Elia G. Nuqul. “We are extremely happy to finally make this amazing product available after more than 3.5 years of hard work. The biggest reward in all this is knowing we have something that can really improve people’s health and lives, and unlock their longevity at an affordable price.”


eon is the first FHH product to be fully procured, manufactured, packaged and launched in the U.S. The beverage supplement has also been professionally certified by the MWA.


FHH CEO James Michael Lafferty said, “eon reduces total body inflammation, resulting in significant health benefits. You will not find a modern drug using these powerful ingredients to battle inflammation, which is often linked to conditions such as cancer, heart disease, diabetes, asthma, and Alzheimer's disease.”



Inspired by Tea from the Mediterranean

The inspiration behind eon’s innovation came from a viral video viewed by Lafferty and Nuqul. It featured a centenarian man youthfully navigating his village, climbing trees, and attributing his long and healthy life to his herbal tea. Captivated by this video, Nuqul embarked on an international sojourn to locate the elder gentleman and learn directly about the drink that kept him so spry. After studying, modifying, and enhancing the tea with the MWA, eon is the result.


“eon is a beautiful marriage of nature and science. The ingredients of this beverage supplement have been tested independently and proven to have significant health benefits, most notably in the battle of inflammation and the systemic problems it causes,” added Lafferty. “Here was this centenarian living a healthy and full life attributed to drinking this drink, so we asked ourselves: What if the root to longevity is in the Mediterranean — and what if this benefit was available to everyone for the same price as a cup of coffee?”


Clinical Study Results

The clinical study, underwritten by the Medical Wellness Association, was one of the largest ever in the wellness supplement industry. Each participant consumed the beverage daily, all under medical supervision. The clinical trials scientifically proved, with statistical significance, that the consumption of eon Longevity +Plus yielded a range of health benefits, including:

  • Reduces and controls inflammation and pain, breakthrough since inflammation is at the core of most, if not all, diseases in the human body
  • Supports cardiovascular and respiratory health
  • Powerful source of antioxidants
  • Regulates normal metabolic syndrome and improves gastrointestinal (gut) health
  • Improves kidney and liver function (*amongst a subset of the clinical study)
  • Reduces pre-diabetes risk factors
  • Reduces stress
  • Improves mood, vitality and sleep


eon Now Available

In addition to the clinically proven eon Longevity +Plus (which includes the highly bioavailable curcumin), customers also have access to eon Longevity, which is the all-natural herbal proprietary blend inspired by the centenarian man (without the curcumin). For best results, consume either blend at least once daily mixed with warm or cold water on an empty stomach. It may also be added to other beverages such as coffee or tea.


The beverage supplement is only available as individual stick packs online at www.eon-longevity.com.


* * *

مجموعة فاين الصحية القابضة تطلق 
مسحوق الشراب التكميلي "إيون لونجيفيتي eon Longevity" المحضر من الأعشاب الطبيعية


مسحوق الشراب التكميلي محضر من الأعشاب الطبيعية وخاضع لسلسلة من الدراسات السريرية التي أثبتت مزاياه الصحية العديدة


القاهرة، 27 مارس 2023  – أعلنت مجموعة فاين الصحية القابضة، إحدى المجموعات الرائدة عالمياً في صناعة المنتجات الصحية، عن إطلاق علامة "إيونeon"، الشراب التكميلي المحضر من مسحوق الأعشاب الطبيعية، والمخصص لتعزيز الصحة العامة والمساهمة في إطالة العمر. وخضع"إيون لونجيفيتي بلسeon Longevity +Plus"، المنتج الخاص بعلامة "إيونeon"، لواحدة من أكبر الدراسات السريرية التي شهدها عالم المكملات الغذائية الصحية على الإطلاق.


وأكّدت النتائج التي توصلت إليها الدراسة قدرة منتج "إيونeon" على دعم صحة القلب والأوعية الدموية والجهازين التنفسي والهضمي، وتنظيم التوازن الأيضي الطبيعي، والحد من الالتهابات، والتي تسهم مجتمعة في جعل الجسم أكثر صحة وقوة، وكانت قدرة "إيونeon " على الحد من الالتهابات، إحدى أكثر النتائج التي توصلت إليها الدراسة تأثيراً، لا سيما وأنّ الالتهابات تشكل جزءاً رئيسياً من غالبية الأمراض التي تصيب جسم الإنسان، إن لم تكن جميعها.


وتعليقاً على هذا الموضوع، قال الدكتور كريستوفر برولو، رئيس الجمعية الطبية العالمية في الولايات المتحدة، التي صممت الدراسة السريرية وتولت مهمة اكتتابها مع قيام أحد أعضائها بتقييم نتائجها: "نستطيع بفضل النتائج المذهلة لهذه الدراسة القول بأنّ منتج إيون قد يكون أكثر المشروبات التي يتناولها الناس صحية، ولا بد أن يكون جزءاً من البرنامج الصحي الشخصي للجميع لتحسين جودة الحياة ومتوسط العمر المتوقع على حد سواء".


ومن جانبه، قال إيليا غسان نقل، مؤسس "إيونeon" ورئيس المنتجات الصحية لدى مجموعة فاين الصحية القابضة: "تتمحور رسالة شركتنا حول تحسين صحة ونوعية حياة الناس من خلال توفير منتجات عالية الجودة موثوقة ومجربة ومدروسة علمياً، إذ أننا متحمسون لإطلاق هذا المنتج المذهل بعد ثلاثة أعوام ونصف من العمل الجاد، والذي سيساهم في تحسين صحة الناس وتعزيز متوسط العمر المتوقع لديهم، وبسعر معقول".


ويُعد "إيونeon" أول منتج لمجموعة فاين الصحية القابضة يتم تصنيعه وتغليفه وإطلاقه في الولايات المتحدة، علماً أنّ مسحوق الشراب التكميلي المبتكر قد حصل على الاعتماد المهني من قبل الجمعية الطبية العالمية في الولايات المتحدة.


وبدوره، قال جيمس مايكل لافيرتي، الرئيس التنفيذي لمجموعة فاين الصحية القابضة: "يحد إيون من التهاب الجسم الكلي، ما يسفر عن العديد من الفوائد الصحية الهامة، منوهاً بأنه لا يتوفر في السوق أي منتج دوائي حديث يستخدم هذه المكونات الفعّالة لمكافحة الالتهاب، والذي يرتبط عادة بحالات مرضية مثل السرطان وأمراض القلب وداء السكري والربو والزهايمر".


شراب مستوحى من شاي من الشرق الأوسط


جاءت فكرة تطوير "إيونeon" من مقطع فيديو انتشر بكثافة عبر الإنترنت وشاهده كُلٌّ من لافيرتي ونُقل، ويظهر في الفيديو رجل مُعمّر يتجول بكل حيوية في قريته ويتسلق أشجارها ويعزو الفضل في طول عمره وصحته إلى الله تعالى وتناول شاي الأعشاب الذي يحضره بنفسه. دهش نُقل بهذا الفيديو مما دفعه للانطلاق في رحلة عالمية لتحديد مكان إقامة هذا الرجل والتعرّف مباشرة على هذا الشاي الذي كان سر حفاظه على نشاطه، وكان "إيونeon" ثمرة سلسلة طويلة من الدراسات والتعديلات والتحسينات التي طالت خلطة الرجل المعمّر بالتعاون مع الجمعية الطبية العالمية في الولايات المتحدة.


وأضاف لافيرتي: "يُمثل إيون مزيجاً مذهلاً يجمع بين الطبيعة والعلم، وقد تم اختبار مكونات مسحوق الشراب التكميلي في عدد من المختبرات المستقلة التي أثبتت مزاياها الصحية المتعددة، لا سيما فيما يتعلق بمكافحة الالتهابات والمشاكل التي تتسبب بها في أنظمة الجسم، دفعتنا رؤية هذا الرجل المعمّر، بنمط حياته الصحي الذي يعود لتناول هذا الشراب، إلى التساؤل حولما إذا كان السر وراء ذلك موجودفي الشرق الأوسط– وفيما إذا كانت فوائد مسحوق الشراب هذا متاحة أمام الجميع بسعر يعادل سعر كوب قهوة".


نتائج الدراسة السريرية

كانت الدراسة السريرية، التي اكتتبتها الجمعية الطبية العالمية، واحدة من أضخم الدراسات التي شهدها قطاع المكملات الغذائية الصحية على الإطلاق. وتناول جميع المشاركين في الدراسة مسحوق الشراب التكميلي بشكل يومي تحت إشراف طبي كامل. وأثبتت التجارب السريرية علمياً، وبالدلائل الإحصائية، بأنّ تناول شراب "إيون لونجيفيتي بلسeon Longevity +Plus" يسفر عن مجموعة من المزايا الصحية، التي تشمل:

       الحد من والسيطرة على الالتهابات والآلام.

       تعزيز صحة القلب والأوعية الدموية والجهاز التنفسي.

       مصدر قوي لمضادات الأكسدة.

       تنظيم متلازمة الأيض الطبيعية وتحسين صحة الجهاز الهضمي.

       تحسين صحة وأداء وظائف الكلى والكبد (*كما أُثبت من خلال مجموعة فرعية من الدراسة السريرية).

       التقليل من عوامل الخطر لمرحلة ما قبل السكري.

       تخفيف التوتر من خلال السيطرة على مستوى الكورتيزول.

       تحسين المزاج والحيوية والنوم.


توفر منتج "إيونeon"

وبالإضافة إلى منتج "إيون لونجيفيتي بلسeon Longevity +Plusالمثبت سريرياً (والذي يحتوي على الكركم عالي الامتصاص)، يستطيع المستهلكين أيضاً الحصول على "إيون لونجيفيتيeon Longevity"، المحضر من نفس الخلطة الخاصة من الأعشاب الطبيعية بالكامل (دون إضافة الكركم). ولضمان أفضل النتائج، ينصح المستهلك باستخدام إحدى الخلطتين مرة واحدة يومياً على الأقل مع الماء الدافئ أو البارد على معدة فارغة. كما يُمكن إضافة الخلطة إلى المشروبات الأخرى مثل القهوة أو الشاي.


ويتوفر مسحوق الشراب التكميلي حصرياً عبر الإنترنت على www.eon-longevity.com.