CAIRO - 26 September 2022: Advisor to the Minister of Communications for Technological Innovation, Dr. Hossam Othman, confirmed that the volume of investment in the field of startup companies slightly decreased in Egypt to 450 million dollars, affected by the economic conditions witnessed worldwide.
The startups in Egypt is developing its performance and is aiming to increase it from the current size.
He added that the volume of investment in the field of startup companies was $621 billion in 2021 in Egypt, and as a result of the hard economic status globally, investment in startup companies decreased by about 20% by the end of the year and reached about $500 billion.
Dr. Hossam Othman indicated in an interview with the program From Egypt with Amr Khalil on CBC, that "Startups rely on financing from money and risk funds, and they are not traditional companies, but they rely on technology."
He added that startups have great creativity; they aim to achieve great value, and they are based on foundations and a business model.