Technology and communication companies bet to take advantage of the economic crises that have hit the European continent, led by the high price of energy, to implement ambitious plans within the framework of its policy to diversify its income portfolio in foreign currencies and new markets to explore through which it seeks to attract a new customer with a high purchasing power compared to other emerging markets.
Youssef Salem, the financial director of Swvl Holdings Corp for smart transport services, said his company is continuing its expansion plans within Europe as it plans to enter Austria, Poland and the Netherlands, explaining that the company is currently studying the best investment alternatives. to choose one before the end of this year by obtaining Technology operating licenses from the governments of their countries without direct investments in the three markets.
Salem emphasized that the economic crises that Europe is witnessing, including the fall in the price of foreign currencies such as the euro and the rise in energy prices, contribute significantly to affecting all countries inside or outside the old continent. For example, America is currently facing a inflation rate of 9%.
He believed that the European consumer is still characterized by higher purchasing power compared to other markets, despite the economic crises that surround the continent. This also enables companies to build up a portfolio of returns from services that are in ‘ a basket of various currencies is provided, and thus the ability to face risks.
Ahmed Hanafy, CEO of Digital Planets for Information Security Solutions, for his part hinted that the rise in energy prices in Europe has led to an increase in the prices of contracts for products and technological solutions used by Egyptian companies as their agents in the local market is offered. by up to 33%.
Hanafy confirmed that Digital Plants is currently negotiating with a list of its suppliers abroad to offer exclusive offers and discounts to its customers in order to contribute to reducing the severity of the stagnation that the markets may face during the next phase see as a result of these new increases.
While Ahmed Ashour, co-founder of Baylon Smart Energy Solutions, pointed out that the energy crisis affecting the European markets in terms of high prices or the availability of the same energy sources will force its citizens to rationalize the consumption rates of electricity and gas services. , and push them to use modern programs to monitor consumption, which opens the door Before the emergence of new markets, including Egypt, to introduce the analysis programs necessary for rationalization operations.
In a related context, he indicated that “Baylon” is signing a cooperation agreement with one of the governments of Eastern European countries to provide smart solutions to rationalize its energy consumption.
Ashour pointed out that the technical solutions to monitor consumption will increase their costs with the continued rise in the cost of energy, and that their returns from investment will be short-term, pointing out that the returns of the solution companies will be within reach become at most a year instead of two years.
He believed that sooner or later European countries will turn to alternative sources of energy, in addition to the use of non-recyclable waste, and will convert it into gas and liquid fuel through environmentally friendly technology or green hydrogen sources in what is known as waste to energy.
He added that some countries have started thinking of establishing nuclear plants to generate electricity, which take a long time to establish, up to 5 years, as opposed to green hydrogen plants, which take at most two years to establish.
He added that the use of technological solutions to rationalize energy consumption is the fastest in its implementation on the ground, taking a maximum of 6 months, indicating that the sudden rise in energy prices has caused a shock to the markets – as he said.
An official source in a semiconductor company has confirmed that the global economy cannot bear any other painful blows apart from the stagflation wave hitting all markets worldwide, in the face of another crisis (smart chips), expecting governments to raise energy prices on factories . This leads to higher prices for electronic products.
He predicted that sales of consumer electronics products such as tablets and notebooks worldwide will continue to decline until the middle of next year, especially with the weak purchasing power of consumers.
In a related context, Khaled Mustafa, CEO of KBE Digital Marketing Agency, said the agency aims to set up shop in the English market at the beginning of next September, in addition to expanding the export of products to the State of Kuwait .
Mustafa confirmed that the agency also intends to contract with 40 factories, pointing out that the volume of investments for expansion within the English and Saudi market amounts to $50,000 in the form of funds from angel investors from Saudi Arabia and Kuwait.
He explained that the agency has a target sales volume within each country, which amounts to 4 million riyals in Saudi Arabia, and 200,000 dinars in Kuwait, in addition to sales of 100,000 pounds in the English market per month.
And the CEO of the agency revealed that it has contracted with two factories, one for clothing and the other for accessories, to market and ship their products within Saudi Arabia from next month, noting that the two factories have sales of 250,000 riyals target during the first year.