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Egypt's startup ecosystem defies global trends, attracts over $500M in 2022

Egypt's startup scene remains resilient and attractive, securing over $500 million in investments in 2022.

By: Mohamed Zain

Sun, Oct. 8, 2023

Amr Talaat, Egypt's Minister of Communications and Information Technology - File Photo

Amr Talaat, Egypt's Minister of Communications and Information Technology, revealed that global investments in startups reached a staggering $680 billion in 2021.

However, due to the economic crisis and geopolitical uncertainties, these investments declined to $445 billion in 2022.

Despite these challenges, Egypt's startup sector managed to attract over half a billion dollars in 2022, marking a significant achievement given the global economic and political circumstances that have made investors more cautious about entering new ventures.

Dr. Talaat made these remarks on the sidelines of the ninth edition of the Techne Summit, hosted by the Bibliotheca Alexandrina from October 7th to 10th.

Egypt currently holds the second position in the region in terms of foreign investments in the telecommunications and information technology startup sector.

Moreover, it leads in the number of deals made. In 2020, the country attracted $190 million in foreign investments in startups, a figure that surged to $490 million in 2021.

In 2022, Egypt's startup ecosystem continued its growth, securing over $500 million in investments.

The Techne Summit is an international event focused on startup investments and entrepreneurship.

Its goal is to impact various fields and the communities of startup founders in the Mediterranean region. The summit showcases different technologies and ways to apply them across industries.

Egypt's remarkable success in attracting investments to its startup ecosystem is a testament to the country's commitment to fostering innovation and entrepreneurship.

Despite global economic challenges, Egypt's strategic positioning and focus on technology and information technology have made it an attractive destination for investors looking to support promising startups.