Startups
Egyptian E-waste Recycling Company Looks Forward To Be The Next Umicore
Electronic waste (E-waste) is the fastest growing waste stream among solid waste worldwide. Also, 50 million tons is generated every year, with only 13 percent recycled. The rest are mostly disposed in landfills.
Reports from the United Nations (UN) predict this number to reach 65 million tons by 2017.
Recycling E-waste holds two advantages: the first is the typical advantage of protecting the environment from the danger of landfills and incinerators; the second is the extraction of valuable minerals.
A report issued in 2014 by the U.S. Environmental Protection Agency states that recycling 1 million smartphones produces 9,000 Kg from copper, 250 kg of silver, 24 kg of gold and 9 kg of Palladium.
If, however, this waste stream continues to grow at this rate, then by 2020 we will have a market of $50 billion of disposable E-waste.
Egyptian Entrepreneur Hacks E-waste Recycling
At a time where the Egyptian economy is facing several crises after the Egyptian pound dropped to a record low against the U.S. Dollar, the courage and hard work of visionary youth are the most needed.
Essam Hashim, a serial entrepreneur, recognized the dire necessity of having an E-waste recycling technology that would boost local recycling industries and, on a larger scale, help the economy by producing valuable metals and reducing the need for importing them.
Now, Essam has launched his own e-waste cost efficient shredder in Egypt and is preparing to launch it in Emirates as well. These steps comes after one month of Dr. WEEE launch, as a mobile app for the android users, for e-waste collection, so that he is closing the loop.
Meanwhile, he is looking forward to get franchisees for the African and the Indian markets, given that he has already signed his first franchising contract with an Indian business man.
“I’m working on developing a technology that can dismantle and shred E-waste and then let them pre-processed locally through our machines for recycling and metal extraction”, says Hashim.
About 3 years ago I went to Europe, and visited more than 40 factories,” Hashim said. “I benefitted a lot from the technology there. I’m really done with that now and I’m launching my company in Cairo and Alexandria, and in Emirates the next three months, then will enter the Indian market as it’s the biggest worldwide know in terms of e-waste opportunities.” he said.
It’s worth to mention, that Dr. WEEE has launched a pilot last May, within some International universities and schools to test the app, prove concept and create awareness about the brand and the culture.
In order to have his strategies materialized, Hashim approached governmental entities and others from the private sectors with the offer of partnerships. He refused to disclose the nature of these partnerships, simply saying that “My fieldwork is largely supported by environmental and industrial entities of the government of Egypt, which had begun to consider local E-waste recycling more seriously.”
Who is Dr. WEEE?
In order to create an interaction with electronic consumers in Egypt, Hashim created the cartoon character Dr WEEE, as a symbol of the E-waste collection. WEEE is an abbreviation of the term Waste of Electrical and Electronic Equipment. These include phones, laptops, computers, chargers, batteries, screens and pads.
Dr. WEEE is supposed to be launched through a web app that allows users to register for a garbage picking service. Every company partnering with Dr. WEEE will receive an E-waste collection box with its own brand printed.
Hashim’s team of developers made sure the user experience of the whole process was smooth, composed of only three steps: registration, command and confirmation (of picking up E-waste). Users also get redeemable points once they start contributing E-waste. The prizes won will be from electronic stores.
Also, the waste collection will be done by private cars, which “will help create opportunities for those looking for an extra source of income, as well as opportunities for those working in the factories, and finally; serving environmental and governmental economic causes,” said Hashim.
Hashim did not receive any local or regional investments yet, as he is relying on a self fund, which has so far cost him more than 2 million GDP (almost $115,000) through research and developing the hardware , the app and the market studies of Egypt, Africa and the rest of the region.
“I did not and won’t pursue the chance for investments before proving the practical value of my project,” he said. “I’d rather wait so my focus doesn’t shift to attracting investors.”
Aggressive Marketing and global attempts
Hashim’s marketing strategies include Facebook advertising, hands-on campaigns for awareness and advertising, and appearing on TV programs that host technology and economical topics in local Egypt.
At the same time, Hashim is partnering right now with an Emirati company that allows him to collect E-waste in Abu Dhabi, Dubai, Ajman and Al Sharjah. This partnership is the precedent of a huge factory that would take on the responsibility of recycling Emirates’ E-waste.
Hashim attributes his ability to penetrate the Emirati market to a number of degrees that he had obtained throughout his journey. These include a degree in managing E-waste from the United Nation of Nairobi, as well as a degree in archaeological assessment from Egypt.
Hashim aspires for the globalization of the E-waste recycling technology the he had been building; he aspires for that to happen through the Franchise way, so that an Eco business model would have four pillars, including collecting waste for recycling, selling them to the benefit of others, and extracting metals from the recycling process.
What really helps Hashim with his vision, the fact that he is a second-time entrepreneur, Essam has launched Spearink in 2006, as an e-waste cartridges remanufacturing company that operates on a franchise model, providing the machines and training on how to refill refurbished cartridges.
Based on these givens, shall we expect that Dr. WEEE will make it worldwide and be the next Umicore in the Arab region?
Al Nashmiah Farms, committed to aiding women burdened by debt and facing the threat of incarceration, offers a novel solution for them to earn their way to freedom. Under the leadership of Razan Harb, motivated by her family’s financial struggles, the farm has become a pivotal force in rescuing those ensnared in the debt trap, providing them with employment and a sense of purpose.
Harb, observing the plight of many women who took loans in hopes of improving their families’ fortunes, only to be overwhelmed by unfortunate circumstances, economic downturns, and oppressive taxes, has established a farm that serves as both a source of employment and a supplier of high-quality produce to major markets.
The farm’s operations include the provision of household essentials, emphasizing the importance of quality through methods such as nitrogen sterilization and the use of healthy packaging. Additionally, Harb has initiated work-from-home opportunities, enabling women to engage in the packing of vegetables and fruits for market and direct sales, thereby offering a sustainable model for economic independence and recovery from debt.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.
Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.
“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.
Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape
Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”
“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.
Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).
Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.
The Small and Medium Enterprise financing landscape in the Middle East and North Africa (MENA) presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.
The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.
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