Egypt is looking into new expansions for emerging companies in European partnership
Hossam Heiba, CEO of the General Authority for Investment and Free Zones, anticipates a highly positive future for Egyptian startups, projecting expansions into Europe in the coming years.
He highlighted growing interest from European investors in high-risk capital investments in Egypt, noting the increased resilience and flexibility of the Egyptian entrepreneurial environment.
These remarks were made during an “Entrepreneurship” session at the Egyptian-European Investment Conference, attended by Dr. Amr Talaat, Minister of Communications and Information Technology; Dr. Ayman Ismail, Chair Professor at the AUC’s Abdul Latif Jameel Center for Entrepreneurship; Matthew Buskieh, Head of the Neighboring Countries Unit at the European Commission; Munir Nakhla, Founder and CEO of “Halan”; Amal Anan, Partner at 500 Global Capital Investment in Risk Capital; and Ibrahim Ramadan, Partner at “Sawari Ventures” for Investment.
Heba emphasized that startups represent the future of the Egyptian economy, offering sustainable opportunities for growth and development.
He also outlined efforts by the General Authority for Investment and Free Zones to support entrepreneurship activities, including the establishment of a digital platform consolidating services for entrepreneurs, hosting a permanent unit supporting startups under the Cabinet, and forming an advisory council from the private sector to provide supportive proposals for entrepreneurs.
Additionally, incentives for investment in small and medium-sized enterprises under the Investment Law were launched, along with facilitating the establishment of service companies in free zones for outsourcing, information technology, innovation centers, and data centers.
Dr. Amr Talaat is an Egyptian minster of communication and technology ,discussed the state’s strategic pillars to support entrepreneurship, focusing on capacity building in various technological specialties, providing digital skills required by startups, offering training programs for entrepreneurs, and hosting their projects in Egypt’s digital innovation centers.
He emphasized simplifying procedures for establishing startups, spreading the culture of entrepreneurship among youth, and providing economic incentives to support startups.
Matthew Buskieh highlighted increasing European Union interest in investing in Egyptian startups, given their significant growth and increasing numbers.
He noted the EU’s intention to use its economic tools to support entrepreneurship activities in Egypt, including technical support and encouraging European investors to invest in the Egyptian market, backed by sufficient guarantees.
Dr. Ayman Ismail mentioned that Egypt’s entrepreneurial activity can attract investments worth $5 billion annually, owing to its comprehensive success factors.
He pointed out the recent diversification of entrepreneurship fields in Egypt after a period focusing on financial technology.
Munir Nakhla stated that Egyptian companies have become more resilient post-COVID-19 pandemic and are expected to thrive in the coming years, benefiting from stable exchange rates and lower interest rates on borrowing.
Ibrahim Ramadan, Partner at “Sawari Ventures,” announced their investment of over $90 million in 16 Egyptian companies, with plans for new investments in the future.
Amal Anan, Partner at 500 Global Capital Investment in Risk Capital, noted that their fund has invested nearly $30 million in 65 Egyptian companies over 10 years, leveraging the influx of young skilled individuals eager to take risks in founding companies and the excellence of Egyptian entrepreneurs in managing their enterprises.
She highlighted an increasing trend among recent graduates joining startups as a gateway to learning business management skills before launching their own ventures, contributing to the resilience and competitiveness of Egypt’s entrepreneurial environment.
