RIYADH: Egypt’s Ministry of Public Enterprise Sector has announced that it has completed digital transformation projects in 15 companies. Digital transformation of 56 firms is currently underway, it added. In another development, healthcare startup Doxx has raised a significant amount in a seed funding round. Meanwhile, the European Investment Bank has expressed interest in taking part in the North African county’s seawater desalination plan.
· The Ministry of Public Enterprise Sector has announced that it has completed the digital transformation project for a total of 15 companies out of the 71 companies, local newspaper Youm 7 reported. According to sources, the ministry will continue implementation of the digital transformation project, also known as the Enterprise Resource and Planning and Management program, in the remaining firms.
· Egypt-based digital platform healthcare startup Doxx has secured $1.5 million in a seed round led by Egyptian healthcare-focused venture capital firm Elevate, local newspaper Daily News Egypt reported. The investment falls in line with Elevate’s goal of facilitating access to quality healthcare in the country.
· The private sector is a key driver of economic relations between the US and Egypt, local newspaper Youm 7 quoted the head of the Egyptian-American Business Council, Omar Muhanna, as saying. Moreover, the partnership between both countries will result in the creation of various direct as well as indirect job opportunities in Egypt, Muhanna said.
· The European Investment Bank is contemplating contributing to Egypt’s scheme to desalinate seawater in terms of financing, local newspaper Egypt Today reported, citing water expert at EIB Walid Salem.
· Egyptian banks’ net foreign assets are anticipated to recover post devaluation of the Egyptian pound, credit rating agency Fitch Ratings reported. This is mainly attributed to the increase in foreign investors’ confidence amid a more lenient exchange rate system as well as a new IMF program.