Egypt announces new startup regulations

During the last four days of the 9th Techne Summit, Egypt announced new startup regulations. The summit is one of the principal entrepreneurial annual events in Egypt and the Mediterranean region. The summit successfully brought together entrepreneurs, officials, investors, and aspiring youth in various seminars and networking events. Egypt’s Minister of Communications and Information Technology, Amr Talaat, mentioned several measures during the summit that the state is implementing to enrich the startup ecosystem. The General Authority of Investment is now planning to launch a platform to aid in establishing startups. This initiative is made so accessible that any citizen can set up his startup remotely with a capital of EGP1,000 without a fixed location requirement. The Minister also noted that despite the economic downturn, Egyptian startups raised approximately $434.7 million in just the first 10 months of the current year. He firmly believes that Egypt, with its vast talented pool of human resources, robust infrastructure, and a growing ecosystem, is 'well-positioned' to become the tech hub of the region. The Techne Summit is an investment opportunity for international investors and was inaugurated by notable figures like Håkan Emsgård, the Ambassador of Sweden in Cairo, and Christine Arab, the Country Representative of UN Women.