Restaurant market in Egypt estimated at $17bn annually

Foodics, specialised in providing cloud-based all-in-one restaurant management solutions, has estimated the size of the restaurant market in Egypt at $17bn annually. 

The company aims to present its management solutions to 2,000 restaurants in Egypt by the end of 2021.

Ahmad Al-Zaini, Co-Founder and CEO of Foodics, said they allocated $10m to expand into new markets, including Egypt.

According to the company, there are more than 400,000 restaurants in Egypt, of which 97% are local brands.

He stressed, in a press statement on Thursday, that Foodics considers the Egyptian market as a gateway to Africa.

According to Al-Zaini, the company has allocated about 50% of its revenues to support the research and development of its products within two years, which helped the company to acquire more than 30% market share.