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Egyptian billionaire Mohamed Mansour, who sits at the helm of the $6 billion family-owned Mansour Group, believes artificial intelligence (AI) can help Africa close the gap with developed economies and expand access to education, healthcare, and economic opportunity across the continent.
AI as Africa’s growth engine
The 77-year-old businessman, whose group operates across automotive, retail, logistics, and financial services in Africa, the Middle East, and Europe, said his interest in technology dates back decades. He recalled an event where a speaker predicted that computers, not doctors, would one day assess patients. That moment, Mansour said, convinced him that technology could be a powerful tool for social and economic progress.
“AI is the biggest lever that Africa can pull to close the gap with developed countries,” Mansour said. “It can accelerate access to education, healthcare, and economic inclusion. But none of this is easy. There are challenges, and much of it depends on securing greater funding from large institutions like pensions, endowments, and sovereign wealth funds. This capital needs to flow into privately held startups across Africa if we are to seize this opportunity.”
Investing in tools that uplift communities
According to Forbes, Mohamed Mansour has a net worth of $3.4 billion, placing him among Africa’s ten richest people and the third wealthiest in Egypt. His family-owned conglomerate, Mansour Group, is one of the world’s largest automotive distributors with more than 125 outlets across Africa and the Middle East. The group also operates McDonald’s franchises and General Motors dealerships reflecting its reach across consumer and industrial markets.
Mansour has spent decades betting on technology as a driver of progress. Alongside his core businesses, he has put money into global names such as Airbnb and Spotify, signaling his interest in companies reshaping how people live and work. Years ago, he was among the first business figures in the Middle East and Africa to see the impact social media could have. Today, his attention is increasingly on artificial intelligence.
“My investment team and I have searched the globe for technologies that can transform societies and create opportunities for underserved communities,” he said. “That is why we are enthusiastic about companies like South Africa’s Mindjoy, which is developing AI tools for educators in Africa. We invested in it through our partners at Africa-focused P1 Ventures.”
Mohamed Mansour bets on Africa’s tech future
Mohamed Mansour’s backing for Africa’s growing technology sector extends through P1 Ventures, an investment firm managing over $60 million in assets and focused on AI, enterprise software, and fintech. With Africa’s startup ecosystem still underfunded, P1 Ventures tracks more than 10,000 startups through its proprietary data science tool and has built a strong presence in markets such as Nigeria, South Africa, Egypt, Kenya, and Francophone Africa.
To help address the capital shortfall, Mansour joined the International Finance Corporation (IFC) and other investors to support P1 Ventures in raising its first $50 million institutional fund. The move aims to expand tech investment across Africa, with particular emphasis on Francophone regions and major startup hubs.
