The Egyptian government is finalizing a strategic charter to strengthen the startup ecosystem, with plans to release it in the first quarter of 2025, outlining key strategies and recommendations to support startups, according to Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat.
New startups charter
The new charter is an initiative of the recently created Entrepreneurship Ministerial Committee to enhance startups’ capabilities and improve the entrepreneurial ecosystem. It also aims to promote sustainable and rapid economic growth driven by competitiveness and knowledge, while contributing to the creation of quality job opportunities, a statement showed.
Al-Mashat highlighted that the new charter will encompass strategies and recommendations to elevate entrepreneurship and innovation.
The Entrepreneurship Ministerial Committee has set ambitious goals to increase investments in Egyptian startups to reach $5 billion over the coming period up from the current $500 million.
Entrepreneurial ecosystem
In June, Cairo ranked 3rd position in the Middle East and North Africa (MENA) startup landscape in the latest Global Startup Ecosystem Report 2024 (GSER 2024) by Startup Genome. The report showed that Cairo climbed from the 51-60 range last year to the 41-50 range in the overall Emerging Ecosystems ranking. This ranking underscored Egypt’s growth as a regional entrepreneurial hub.
Cairo also secured the top ranking in the Bang for Buck category, which measures the value startups gain from venture capital rounds among MENA ecosystems. The report noted that this highlighted Cairo’s efficient use of venture capital to support tech startups.
The report also added that with a full 10/10 score in funding and an 8 in talent and experience, “Egypt’s capital city demonstrated its capacity to attract investment and nurture a skilled workforce essential for startup success.”
Remarkably, Egypt is currently home to over 2,100 startups, with a total valuation exceeding $8 billion. The country’s startup ecosystem employs more than 50,000 people.
In the first half of 2024, Egyptian startups succeeded in raising $88.7 million, according to Cairo-based think tank Entlaq’s Egyptian Entrepreneurship Sector Diagnostics Report.
Investments push
Startup investment firm UVAII Venture Studio has announced plans to expand within the Egyptian market along with Saudi Arabia, and Bahrain. Co-founder Ahmed Zalat revealed to Al Borsa the firm plans to invest $100,000 to 600,000 per startup, “focusing on early-stage and growth-stage companies in gaming, edtech, and sports tech sectors.”
Notably, UVAII plans to expand its investments into Upper Egypt and various regions within Saudi Arabia as part of its regional strategy.
