Socialeyez Acquires Egyptian Social Media Ad Agency Bsocial
Socialeyez, the Dubai-based social media agency, has acquired Cairo’s Bsocial for an approximate value of 10 million Egyptian pounds (around $1.12 million) to boost its service offffffering in Egypt. Bsocial is a digital services and social media management agency with a brand portfolio that includes General Electric, Mercedes Benz, Warner Bros, and 20th Century Fox, among others. It will be incorporated in Socialeyez’s local operations as Socialeyez Egypt. Bsocial founder and CEO, Ehab Fares, will be the Managing Director of the new entity. The new entity will employ a team of over 120 digital media professionals catering to almost 30 million social media users on behalf of regional clients. Socialeyez had acquired a minority stake in Bsocial around two years ago. It will bring to the table competitive advantages through its partnerships with global leaders like Hootsuite and Linkedin. Socialeyez is currently rebranding as a full-fledged digital engagement agency and reinforcing its position in new markets particularly Egypt. According to Fares, social media penetration in Egypt is at an all-time high. A report compiled by the Arab Social Media Influencers Summit in 2015 showed that the country had the third highest rate of daily access to Facebook and Whatsapp among MENA countries (94% of social media users in each case), behind Syria and Lebanon. These stats, combined with the size and relative stability of the country, naturally make Egypt the best choice for Socialeyez’s expansion.