|25 June, 2019

Startups leading rapidly global economies; Egypt at top of MENA: expert

Rapid growth rate of startups in Egypt, which reached 7% in 2018, representing 22% of total startups investment in the Middle East and North Africa.

Image used for illustrative purpose. business meeting.

Image used for illustrative purpose. business meeting.

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Arab Finance: The "Global Impact Challenge" Competition, which is being held in the MENA region for the first time, announced that the number of participants reached 220 attendees including Lebanon, Tunisia, Algeria, Morocco and Egypt which was at the top of the list with 55% of the participants in total. This percentage reflects the rapid growth rate of startups in Egypt, which reached 7% in 2018, representing 22% of total startups investment in the Middle East and North Africa.


Within this context, Eng. Haider Ghaleb, Singularity University Ambassador in Egypt, said: “The boot camp for the participants will take place in Gouna starting the 19th until the 26th of July, sponsored by Orascom Development Holding, EFG-Hermes and Endure Capital. With the assistance of Singularity University professors and multiple industry specialists, the camp will integrate tailor-made programs for startups and future-oriented thinkers to enable them to transform their ideas into tangible impact on people’s lives within their communities.

Haider added: “The Global Impact Challenge” Competition that took Egypt as the regional hub, is based on finding solutions to the issues facing the region to have a positive impact on both the economic and social levels. This competition represents a significant step towards decreasing the brain drainage that can alter and create the optimum atmosphere to foster startups and creative ideas."

Participants will prepare for the final event where they will present their ideas to a panel of judges from Singularity University and multiple professionals across various fields. At the closing ceremony, the GIC winner will be chosen and will receive a full scholarship of US $ 60,000 to join the SU’s Global startup program.

Eng. Walid Khalil, Managing Partner, Endure Capital said: “The Egyptian government has ambitious initiatives to motivate young Egyptians and empower them to become entrepreneurs and self-reliant, particularly as they have enlightened minds, countless talents and skills, but lack some stimulus regulations for the startups community."

According to Angel Co., the number of startups in Egypt has reached 664, with an average value of $ 2.6 million per startup. This shows young people’s interest in obtaining an independent career, particularly with the elevated unemployment rate.

Investing in MENA region startups amounted to $893 million in 2018, up to 31% increase from $679 million in 2017 according to MAGNiTT, which is platform for investors, entrepreneurs and businesses.

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