- The Cairo meeting is part of a series of regional forums that the African Hidden Champions (AHC) initiative is undertaking.
- North Africa is a vital part of the African economic growth story, said Wael Akari Co-partner DEG.
- Edita Foods, Sekem, Haggar Group, Al Araby Group, and Andalusia Hospitals among firms at the forum.
African Hidden Champions (AHC), a platform showcasing Africa’s best companies while exploring investment opportunities has hosted its first forum in North Africa in Cairo City. The event is part of a series of regional forums under AHC targeting key trading hubs in Africa this year.
AfDB partners with African Hidden Champions
In late May, AHC held its first regional event of 2023 in Nairobi, Kenya. The session provided a platform for AHC to share its vision with business executives from the East African region.
The Nairobi reception marked the African Development Bank’s (AfDB) first official engagement with AHC, as new co-partner in the initiative with Africa Foresight Group (AFG) and DEG, the German Development Finance Institution.
Founded in 2020, AHC now has over 25 dynamic African firms in its network. AHC is supporting them by telling their stories, exposing them to new markets, and providing technical assistance.
AHC has so far selected over 20 high-performing Hidden Champions across Africa. The companies are operating in various sectors, including services, manufacturing, energy and retail, pharmaceuticals, automobiles and education.
“We are very honoured to be hosting this regional forum with key players in the business sector of not only the country but also the North African region. We believe that African companies have the necessary leadership capacity and knowhow to conquer global markets,” said Yasmin Kumi, AHC Co–Founder and CEO Africa Foresight Group.
African Hidden Champion seeks excellence
Co-partner DEG’s representative, Wael Akari, added that “North Africa is a vital part of the African economic growth story. It is no surprise that several AHC firms are located in the region”.
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Dr. Ahmed Ezz El–Din, the CEO of Cleopatra Hospitals Group, observed that being named an African Hidden Champion illustrated the business’ unwavering commitment to excellence and to the growth and development of the Egyptian healthcare industry.
“We believe in the immense potential of Africa’s business landscape. We are committed to actively contributing to its growth by sharing our expertise and best practices while fostering collaborations and partnerships that enhance healthcare outcomes across the continent. With Egypt’s strategic geographic location and its potential to serve as a regional hub, CHG is well-positioned to expand its reach and capitalize on business opportunities within Africa,” El-Din said.
Firms represented at the dinner were Edita Foods, Sekem, Haggar Group, Al Araby Group, Andalusia Hospitals, and Karm Solar. Also represented were Orascom Construction, Polyserve Group, Zworld Holding, Score Grass, as well as the Egyptian African Businessmen Association.
Africa a continent of potential
Dr. Ghada Abuzaid, Principal Industrial Program Coordinator at the African Development Bank Group, said: “The African Development Bank believes that Africa is a land of many opportunities. A narrative that AfDB supports is about “Africa being the continent of potential”, and we work with partners to realize that potential.
“AfDB is leading a mission of spurring economic development with focused support to the private sector. We have a private sector portfolio of $15 billion,” Dr Abuzaid added.
Currently, the AfDB is supporting the acceleration of industrialization and private sector development in North Africa.
This is through several flagship programs such as catalysing funding into transformative industrial projects. AfDB will invest up to $3 billion to upscale local and regional pharmaceutical champions. The investment will harmonize regulations and transfer technology for market access, noted Dr Abuzaid.
The lender will also be fostering supportive industrial policies and standards to minimize the barriers to trade. Increasingly, barriers to trade between African countries slows down growth of regional economies.
Further, AfDB will be catalysing liquid and effective capital markets. The pan-African lender also seeks to improve access to market finance for SMEs in the continent.
Scale up AfCFTA implementation
“The Bank is leading the institutional and operational support to scale up AfCFTA implementation to enhance access to markets and intra-Africa trade; promoting and driving enterprise development through its joint work with partners in scaling up non-financial support such as targeted advisory and technical assistance,” he said.
The expansion of these businesses stimulates the economies of their home nations. It also makes them active participants in the global value chain.
AHC in the upcoming months, reveal the next cohort of successful Hidden Champion enterprises. Further, the entity will continue hosting regional business forums in target African cities.
