Is Egypt Becoming the Next Big Startup Hub in MENA?

Egypt, with its youthful population of over 110 million and high digital adoption, stands out as a rising player in the MENA and African startup ecosystems. Contributing over 40% to its economy, MSMEs and startups are critical to Egypt's Vision 2030 goals of economic diversification and innovation.

Despite challenges like inflation, currency devaluation, and limited funding access, Egypt remains resilient. The country ranks 3rd in MENA for startup deals, driven by sectors like fintech and e-commerce. Fintech alone dominates funding, thanks to major players like MNT-Halan and Fawry.

Egypt's strengths include high internet penetration, a digitally savvy workforce, and supportive government initiatives. However, startups face hurdles such as retaining talent, revenue management, and scaling internationally. Many are now expanding to GCC markets like Saudi Arabia and the UAE to mitigate challenges.

With over 160 VCs and accelerators backing the ecosystem, investors see Egypt as a land of opportunity despite short-term economic woes. Its potential as the next big tech hub lies in its adaptability, innovation, and resilience amidst adversity.

Dive into our latest Special Report—The MEAPT PropTech Review 2024—and explore how technology is reshaping cities, creating economic potential, and addressing critical urban challenges: https://lucidityinsights.com/reports/...

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