Is Egypt the World's Most Underrated Market?


But marketers haven’t given up. Last year Coca-Cola announced a $500 million investment and two new factories. Food is a fast-growing sector in Egypt, and Nestl in January pledged about $138 million over the next few years. Procter & Gamble’s general manager and VP for the Near East, Mohamed Sultan, recently told Reuters he expects Egypt’s economic growth to rebound within three years to 5% to 7% annually. The country’s gross domestic product grew 5.6% in the first half of its 2014-15 fiscal year, which began in July, vs. 1.25% in the same period a year earlier, Reuters reported earlier this month.

Even Victoria’s Secret is opening in Egypt. Two outlets, in malls popular with well-to-do Egyptians, “will feature a wide assortment of the beautiful and feminine lingerie collections that Victoria’s Secret is known for,” as well as fragrances and body-care products, according to a statement from M.H. Alshaya, the Kuwait-based company bringing the Victoria’s Secret franchise to Egypt.

When it comes to marketing, the lasting impact of the revolution — which was driven by social media — is that consumers are much more aware and connected. Mobile phone penetration in Egypt is more than 120% (some people own two) and 85% of adults spend time online, according to eMarketer statistics.

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