The Middle East and Africa include 70 countries with a total population of over 1.6 billion people. Countries in this region are experiencing strong demand for technological products to meet essential needs for the development of their infrastructures. Be it for healthcare and medical equipment, the modernization of energy infrastructures, or the digitalization of their administrations and their public and private companies. These markets are experiencing economic growth of more than 3.5% and represent two export markets with great business potential.
Growth has picked up across the region and is projected to strengthen over the next few years. And almost all MENA countries have moved to reduce or eliminate energy subsidies, identify new sources of non-oil revenues, and expand social safety nets.
Economic growth in Sub-Saharian Africa continues to steadily recover and is forecasted to pick up to 3.1% in 2018 and to firm to an average of 3.6% in 2019-20. This moderate growth upswing nonetheless remains uneven, with considerable variation across countries..
With a population of 40 million, Algeria is the 10th exporter of natural gas and the 16th largest exporter of natural gas. The Algerian economy began to recover in 2021 with growth of 4.0%, after a decline of 4.9% in 2020.
With a population of 102.3 million, Egypt’s economy is expected to grow by 5.7% in the fiscal year 2022-2023. This growth is projected to be 6% for the 2024/25 fiscal year, according to the Egyptian Ministry of Finance.
With a population of 37.8 million, Morocco has implemented comprehensive and far-reaching reforms to become the fastest-growing market in Africa. Morocco has experienced unprecedented GDP growth of more than 7.4% for several years.
With a population of 52.6 million, Kenya has enjoyed a decade of strong economic growth, i.e. 5.8% in 2022. Thanks to the reforms implemented and massive foreign investment, Kenya is now the most attractive market in sub-Saharan Africa.
The World Bank’s MENA Economic Update estimates that the economies of the Middle East and North Africa will grow by 5.2% in 2022, the highest rate since 2016.
The countries of the Middle East and North Africa have long used their natural resources of oil and other commodities to enrich themselves and thus experience exponential growth. However, since the collapse of black gold prices, the region has developed new strategies to promote other sectors of the economy (notably with the Abu Dhabi Economic Vision 2030 plans in the United Arab Emirates and the Qatar National Vision, and the 2030 Saudi Arabia Vision) and prepare for the post-oil era. Although the region faces numerous environmental challenges such as extreme temperatures, the countries in the region are showing great resilience and offer numerous opportunities.
The Middle East and North Africa market offers significant business opportunities for high-tech companies. Therefore, in order to optimize your chances of business development in this area, it is essential to have a local partner who can advise and assist you in your integration and development in a region that is experiencing unprecedented growth.
The Saudi Vision 2030 plan has the essential goal of ensuring the Kingdom’s transition to a new economic model that creates jobs and prosperity. Saudi Arabia’s Public Investment Fund plans to make large-scale investments of more than $300 billion in various sectors such as tourism, energy, healthcare, construction, and others.
The Abu Dhabi Economic Vision 2030 aims to effectively transform the emirate’s economic base and achieve global integration and lasting benefits for all.
Abu Dhabi aims to build a sustainable and diversified economy with high value added by 2030.
Qatar’s national vision aims to shape an advanced society capable of sustaining its development and providing a high standard of living for its people. It defines the country’s long-term goals and provides a framework within which national strategies and implementation plans can be developped.
Africa`s population increased by more than 30 Million in the past 8 years.
At S-Force Technology, we are keeping an eye out on the top African countries with the biggest business opportunities for your company.
The African continent is expected to “do well” by 2023, according to forecasts by the International Monetary Fund (IMF). In 2022 and 2023, sub-Saharan African countries are expected to grow at 3.8% and 4%, respectively. Meanwhile, Nigeria is expected to continue its economic growth and reach 3.4%, according to the IMF.
Most economists agree that Africa represents tomorrow’s growth. A large proportion of countries today enjoy political and economic stability, with growth figures in excess of 3.5%. Moreover, these are countries with significant demographic growth (2.5 billion inhabitants in 2050 compared to 1.3 billion today) and therefore a continent whose needs will evolve in the coming years.
Betting on Africa can allow a higher return on investment faster than in other countries.
Provided of course to use the right tools and the right techniques, to be in a win-win perspective and to offer added value.
In 2012, Africa’s 500 largest companies generated $757 billion in revenue, while in 2020 it will be $592 billion, a 3.6% decline due to the economic impact of Covid 19. The year 2021 was considered a period of net growth for most African companies. This can be seen in the sales of giants such as OCP (Morocco), Sonatrach (Algeria) and Sasol Group (South Africa).
"*" indicates required fields
By submitting this form, you agree to the processing of your personal data by S-Force Technology as described in our Privacy Statement.