This initiative is part of a strategic push to attract both foreign and local investments, focusing particularly on artificial intelligence and software firms. By doing so, Egypt aims to stimulate private sector growth and cement its status as a regional hub for venture capital.
Heiba revealed that approximately 9,000 square meters have been earmarked within the free zones for companies to use as administrative and operational space. The primary targets are firms involved in software exports, AI applications, and various support services such as legal, marketing, and consulting. Such a focus is crucial in helping startups expand and compete on an international scale.
This policy aligns with Egypt’s obligations to the International Monetary Fund (IMF) to increase private sector participation in the economy to 65%, while reducing the state’s involvement in non-strategic areas.
Heiba discussed the ongoing efforts to enhance Egypt’s startup environment, a journey that began with the creation of the Bidaya Center for SME development 15 years ago and the launch of Egypt Ventures in partnership with the Ministry of International Cooperation. More recently, a permanent entrepreneurship unit was established under a ministerial group to better coordinate efforts and provide a support structure for early-stage companies.
Startups are granted premium services at investor service centers without additional costs, and sole proprietorships can register online in just two hours. Additionally, GAFI is collaborating with the European Union, Saudi Arabia, and Morocco to facilitate the entry of Egyptian companies into international markets, addressing challenges like double taxation and trade barriers.
