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Egypt: Plug and Play establishes local presence in Egypt as investments in tech startups rise

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Itida Egypt

ITIDA has signed an MoU Plug and Play, a global startup enabler company specialized in startups in an effort to boost Egypt’s entrepreneurship and startup ecosystem.

The agreement states that Plug n Play will launch an operational office in Egypt at Sultan Hussein Kamel’s archeological palace in Cairo. Amr Talaat, Egypt’s ICT Minister witnessed the signing of the strategic partnership aimed at boosting the country’s entrepreneurship and startup ecosystem.

The agreement looks to create a vibrant startup community in Cairo’s Creativa Innovation Hub which in turn boosts Egypt’s status as a top destination for innovation-driven entrepreneurship across the MENA region. During the ceremony, ICT Minister emphasized their resolve to “promote entrepreneurship and foster tech- and innovation-driven projects” He further emphasized the need to “create an enabling environment for the growth of startups.”

The partnership with MCIT will advance the government’s desire to partner with major companies specialized in startup incubation and acceleration. He further mentioned that Creativa Innovation Hubs will be opened nationwide to empower university students and entrepreneurs by supporting their ICT projects and developing their innovation skills. ITIDA CEO described Plug and Play as “one of the world’s leaders in managing innovation hubs.” 

Mahfouz also believes that Egypt’s global standing and rank will rise this year thanks to the boom in entrepreneurship and the YoY investment surge in Egyptian Startups. He touted the government’s setting up of Creativa Innovation Hubs aimed at equipping the young with technology innovation and freelancing skills.

Plug and Play CEO, Saeed Amidi, showed excitement in launching the Egypt office going ahead to thank the ICT Minister for supporting their quest of “accelerating and incubating Egyptian startups.”

Plug and Play operates a bridge between Silicon Valley and over 35 locations worldwide. It remains one of the top innovation-enablement platforms globally.

According to Plug and Play VP Sobhan Khani, Egypt’s economy will stand out as one of the “ top 10 economies in the world by 2030.” The three-year agreement will culminate in the launch of an innovation platform for Cairo startups in addition to an acceleration program targeting 60 growth-stage startups and incubating 60 early-stage startups. This will attract around $20 million in investments to the top startups in turn creating over 500 job opportunities.

The idea behind the creation of Creativa Innovation Hub at a place like  Sultan Hussein Kamel Palace that bears a lot of historical significance is part of the national plan aimed at transforming some of the country’s cultural heritage buildings into youth innovation hubs.

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