/// Google and Boston Consulting Group Partner for a Study of a Potential New Internet Economy
If I were to describe a country where the Internet contributes as much as a percentage of GDP as its health services, education and oil industries, and is growing at nearly twice the rate as in Europe — driven in large part by growth in private and corporate-backed entrepreneurship — where would you guess? Looking forward, if such a country has the largest population of Internet and mobile users in its region with one of the largest youth populations in the world; is a large consumer market in the early days of e-commerce; is a global tourist destination where roughly only five percent of all travel revenue is booked online — might this be an intriguing investment opportunity? Am I describing Germany? China? Brazil? Try Egypt. Two years after the Arab uprisings and in the midst of wrestling significant economic and political change, the Internet is quietly and increasingly growing as a central platform of economic development around the country as it is around the globe. And according to a new Google-commissioned study by The Boston Consulting Group — Egypt at a Crossroads: How the Internet is Transforming Egypt’s Economy — policy makers, executives and investors alike are poised at a central moment of opportunity to embrace this platform for economic growth, job creation and returns. David Dean, Senior Partner and Managing Director at the Boston Consulting Group — and one of the authors of the study — told me that this is the latest of fifteen country-wide studies his company has done, and he was impressed by what he found. “I think the biggest positive surprise was that there are many entrepreneurial companies using the Internet to grow their businesses.” The report highlights a handful of among hundreds of recent Egyptian startups as diverse as the content portal Masrawy, which now reaches over eight million unique users per month; e-commerce destination Nefsak, which offers over 25,000 products; and Alexandria’s Vimov, whose paid weather app WeatherHD was the fourth-best seller in Apple’s App store after its recent release. It notes that Vodafone, among other global investors, is making serious commitments both to the infrastructure and to funding startups in the region. “The report makes clear that there is much uptapped potential for Egypt’s nascent Internet ecosystem,” Samir El Bahaie, Google’s Head of Policy in the Middle East and North Africa, said — adding that “there is also a great opportunity for investment, economic growth and job creation waiting to be seized.” The study underscores that the opportunity is now. Egypt’s population of 31 million Internet users is the largest in the Middle East, and while mobile penetration exceeds 100 percent in many parts of the country, the big news is that smartphones — with real computing capabilities — are expected by some to reach 50 percent penetration in the next three to five years.
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Google and Boston Consulting Group Partner for a Study of a Potential New Internet Economy