Egypt's FEC, TRAIN partner to support food exporters    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Egypt's Environment Minister attends AMCEN conference in Nairobi    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Sri Lanka's expat remittances up in June '25    EU–US trade talks enter 'decisive phase', German politician says    Egypt's Health Min. discusses drug localisation with Sandoz    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egyptian startups collecting largest number of investment deals reflect market opportunities: ITIDA
Egyptian startups collecting largest number of investment deals reflect market opportunities: ITIDA
Mohamed Alaa El Din Published in Daily News Egypt on 15 - 01 - 2020

Hala El Gohary, Chief Executive Officer of the Information Technology Industry Development Agency (ITIDA), said in a recent report from MAGNiTT -the largest online community for startups across the Middle East and North Africa (MENA) that tracks the values and number of exit deals and investments in startups in the region- that the Egyptian communications and information technology (CIT) sector is a pioneer in the industry. The Ministry of Communications and Information Technology and the ITIDA have been looking to continue incubating and financing technological ideas from the younger generation in order to further develop the nation.
She pointed out that the report put Egypt in first place for the first time in terms of the number of investment deals in startups, which reached its highest levels ever, confirming that "we are on the right path" and reflects the maturity of the entrepreneurial climate in Egypt. Egypt has also witnessed a steady growth in the availability of technological skills and the direction of youth towards establishing private entrepreneurship based on innovative solutions that attract capital interest.
According to MAGNiTT's ” 2019 MENA Venture Investment Report” report, Egypt saw a new record of 564 investments in startups in the MENA region, totalling $704m. The number of deals increased by 31%, and the total financing value increased by 12% compared to 2018, after excluding the two exit deals from Souq and Careem.
According to the report, 2019 saw $15m in funds in 5 deals, which means that total financing increased at a compound annual growth rate (CAGR) of 47% and deals increased at a CAGR of 60% over the past decade. In other words, the region made a quantum leap in just 10 years.
The report pointed out that one of the main drivers of this increase is government support, as over the past few years, governments have increasingly focused on entrepreneurship and startups through the launch of funds, matching programmes, accelerators, licencing of emerging projects, investment companies, and many other initiatives.
It is worth noting that MAGNiTT is one of the most prominent startups in the field of collecting and auditing data for startups through following-up and monitoring investments and acquisitions. MAGNiTT provides a deep analysis of the entrepreneurial climate and emerging projects in the MENA region.

Clic here to read the story from its source.