The pact was signed in Cairo on 16 June 2026 at the “Huawei Cloud Fintech Summit” by Jo Xu, chief executive of Huawei Cloud Egypt, and Ahmad Hammouda, co-founder and chief executive of Thndr.

Under the MoU, the two companies will be working on joint innovation projects using cloud and AI to improve the efficiency and security of digital financial services. As per Huawei Cloud, the latter is also building a financial-grade AI platform to help institutions adopt AI-driven services.

“Since launching our cloud region in Egypt in 2024, we have built a strong foundation that enables organizations to innovate through secure, flexible, and scalable cloud services, accelerating their digital transformation journeys. Over this period, we have seen strong momentum and a series of successes in empowering Egypt’s fintech sector. Today, we are building on that momentum through our partnership with Thndr, as we work together to deliver advanced cloud and AI solutions that enhance the efficiency of digital financial services and enable more intelligent, adaptive customer experiences. This collaboration reflects our vision of driving the financial sector toward the next generation of intelligent services while strengthening its competitiveness in a rapidly evolving market,” said Xu.

Huawei Cloud opened its first large-scale public cloud region in Egypt in 2024. As per the company, the facility has been certified by the National Telecommunications Regulatory Authority (NTRA) under a Tier 3 license and keeps financial data inside Egypt, following the Financial Regulatory Authority’s (FRA) localization rules.

“At Thndr, our mission is to make investing more accessible, simple, and inclusive for millions of people across Egypt and the region. Achieving this mission requires not only innovation in financial services but also strong technology foundations that can support growth, resilience, security, and an exceptional customer experience. We are pleased to strengthen our collaboration with Huawei Cloud as we continue to scale our platform and explore new opportunities enabled by cloud and AI technologies,” said Hammouda, adding that scaling the platform depends on strong technology foundations.

With the Thndr deal, Huawei firmly extends its growing presence in Egypt. The Chinese tech conglomerate has already pushed its fiber and 5G infrastructure in the North African country.

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Richard Yu will oversee the company’s smartphone, smart device, newly created automotive, cloud and AI operations. Yu has been with Huawei for over three decades now and will take over his new role from February 7^th, media reports said.

With regard to rumours that Huawei will sell its high-end M and P smartphone business, the company said in a statement that, “There is no merit to these rumors whatsoever. Huawei has no such plan. We remain fully committed to our smartphone business, and will continue to deliver world-leading products and experiences for consumers around the world.”

Last year, Huawei sold its mobile manufacturing sub-brand to a consortium led by Digital China and the Shenzhen government, media reports said. The deal will help Huawei focus on high-end handsets and corporate-oriented business.

After the completion of the deal, Digital China, the main distributor of Honor, will become a top-two shareholder of Honor Terminal with a near-15 percent stake. It is reported that Honor will retain most of its management team and 7,000-plus workforce and go public in the next three years.

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During the third quarter of this year, the market grew significantly by 33 percent to reach $36.5 billion. Even though Desktop as a Service (DaaS) is projected to post the highest growth, Software as a Service (SaaS) will continue to be the largest segment, growing to $104.7 billion in 2020 from $120.1 billion in 2019.

Top-tier cloud providers collectively account for 40% of market growth 

The global cloud computing sector is dominated by four big players, namely Amazon Web Services (AWS), Microsoft Azure, Google Cloud and Alibaba who have contributed 40 percent of the growth recorded by the sector in the third quarter of 2020. AWS continues to be the top player globally beating the likes of Google and Microsoft with a 32 percent share of total spending, according to global technology market analyst firm Canalys. The report also revealed that even though AWS’ market share was up from 31 percent in the second quarter of 2020, it had dropped from 33 percent in the third quarter of last year.

In terms of revenue, AWS reported revenue of around $11.60 billion in the third quarter, which is more than the combined revenue of the other three big players. The technology giant has contributed 12 percent of Amazon’s revenue during the period. Microsoft Azure’s market share also increased from 17 percent in the third quarter of 2019 to 19 percent in the third quarter of this year. However, there was a slight drop from its 20 percent market share recorded in the second quarter of 2020. Microsoft’s commercial cloud revenue increased by 31 percent year-on-year to reach $15.2 billion. Microsoft recorded the highest sales growth among its competitors with its commercial cloud revenue growing by 31 percent year-on-year to reach $15.2 billion.

Alibaba to overtake Google?

Google was the third biggest cloud services provider globally with a market share of 7 percent during the third quarter of 2020. During the third quarter of 2019, Google had a market share of 6 percent. Its cloud revenue increased by 44.7 percent year-on-year, from $2.379 billion to $3.4 billion in the third quarter of 2020. Chinese ecommerce giant Alibaba’s cloud unit finished fourth globally with a 6 percent market share and around 40 percent in its domestic market in China. In the third quarter of 2019, Alibaba had a market share of 5 percent. Alibaba’s competitors in its home market are Tencent and Huawei cloud.

While Alibaba is recording impressive growth in aspects, American market research company Forrester is predicting that Alibaba will overtake Google becoming the third biggest cloud technology solution provider worldwide. Forrester forecasts Alibaba Cloud to displace Google Cloud to take the third spot for revenue in the global public cloud infrastructure market. While Amazon will continue to hold the coveted top spot, other small players are expected to create noise in the market such as China’s Huawei and US-based Oracle. Forrester said that the market will see the emergence of new business models next year that will facilitate the deployment of edge, efforts by cloud platforms to compete, and AI and 5G facilitating the expansion of edge use cases. “Over the next three years, buyers will shift their cloud strategies toward the edge to capture all this innovation and become more connected,” Forrester said.

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Besides launching its cloud services, Huawei is also looking to develop 5G infrastructure in Brazil.

Business development manager at Huawei Cloud, Erik Schanz told the media, “Huawei’s technological capacity has allowed it to develop its cloud services in 11 regions around the globe, including Mexico, Chile and now Brazil. We have positioned ourselves in Brazil, and in Latin America in general, to cater to all companies that are marching towards digital transformation.”

He added, “Cloud computing is an essential factor in driving the digital transformation of companies. That’s why we are determined to disseminate the Huawei Cloud concept as an innovative platform that can, as a result, contribute to the country’s economic development.”

Erik Schanz also pointed out that in Brazil, Huawei will compete with American giants such as Amazon, Microsoft, and Google who also provide clouding solutions in the reason.

With regard to the development of 5G infrastructure in Brazil, China’s Ambassador to Brazil Yang Wanming said that China is confident Brazil will take a decision based on its own interest and allow Huawei to develop a 5G ecosystem in the country.

Chinese President Xi Jinping is also scheduled to meet his Brazilian counterpart during an upcoming BRICS summit.
With regard to 5G, Huawei will compete with the likes of Ericsson and Nokia who are also eyeing the Brazilian market.

Local media in Brazil sees Huawei as a leading contender as Brazil plans to commence 5G auction next year.

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