Cairo – June 26, 2024: Reflecting Egypt’s growth as a regional entrepreneurial hub, Cairo secured the 3rd position in the Middle East and North Africa (MENA) startup landscape in the latest Global Startup Ecosystem Report 2024 (GSER 2024) by Startup Genome.
Egypt’s capital city climbed from the 51-60 range last year to the 41-50 range in the overall Emerging Ecosystems ranking, underlining its rapid development and increasing influence within the global startup community.
It also took the top ranking in the Bang for Buck category among MENA ecosystems, highlighting its efficient utilization of venture capital to support tech startups, the report noted.
With a 10/10 score in funding and an 8 in talent and experience, Egypt’s capital city demonstrated its capacity to attract investment and nurture a skilled workforce essential for startup success.
Silicon Valley maintained its top position globally, with New York City and London following closely.
Egypt has become one of the largest startup hubs in the Arab world, with over 280 startups founded and funded since 2010.
The Ministry of Information Technology and Communications’ initiatives such as the Technology Innovation & Entrepreneurship Center and CREATIVA Innovation Hubs have played a crucial role in cultivating the local startup scene, providing essential resources and support for entrepreneurs.
FinTech Egypt – an initiative by the CBE – revealed that local FinTech and FinTech-enabled startups, and PSPs successfully attracted a total of $796.5 million in 2023, where private equity investments summed up to $437.7 million, in addition to a total of $358.8 million venture capital investments which have been multiplied by 28.7 times, in the past 3 years.
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