Egyptian President Abdul Fattah El Sisi has announced a significant advantage for startups to improve their ability to communicate and influence the market. The government has decided to provide 5-year tax exemptions to new startups, part of Egypt’s strategy to boost entrepreneurial activity. The announcement has come amidst the country’s thriving startup ecosystem, which has seen the emergence of numerous innovative companies in recent years.
Entlaq Holding, a key player in the Egyptian entrepreneurship ecosystem, showcased its commitment to supporting the startup ecosystem, and its CEO, Mohamed Ehab, emphasized the essential role of partnerships between the government, private sector, and startups in driving growth. Ehab highlighted that with a growth rate of 50%, it will be possible to establish startups with foreign investments totaling $8 billion by 2030. The cooperation between all parties will ensure that startups achieve sustainable growth and attract more foreign investments.
Egypt has experienced an increase in investor confidence in its entrepreneurial ecosystem. Over the past five years, startups have raised $1.5 billion, with the first five months of this year attracting as much as $426 million in funding, led by MNT-Halan’s $400 million round raised in February.
In line with its commitment to nurturing the Egyptian startup ecosystem, Entlaq has launched an Entrepreneurship Week program. The initiative aims to empower students from 73 universities across all governorates, cultivating an entrepreneurial mindset and equipping them with the necessary skills to turn their innovative ideas into successful startups.
President Abdel Fattah el-Sisi’s announcement of tax exemptions for startups is an indication of the government’s unwavering support for the startup community, providing significant advantages to start and thrive in this innovative space. The move aims to foster the growth and development of startups in Egypt, which is fast becoming a hub for entrepreneurship in the region.
