Cairo: Egypt topped the list of nations in the Middle East and North Africa region for its number of startup deals, coming in at 160 deals in 2022, according to the Information and Decision Support Center of the Egyptian Cabinet.
The UAE came in second, according to the IDSC, with 153 deals, Saudi Arabia came in third with 144 deals, Qatar came in fourth with 45 deals, and Tunisia came in fifth with 30 deals.
In 2022, Egyptian startups were successful in raising $517 million in funding.
Also Read: Former UK health secretary's invitation to a conference in Qatar is withdrawn
In terms of financing volume, the financial technology sector came out on top with $217 million, followed by e-commerce with $148 million and transportation and logistics with $62 million.
Healthcare came in second with $12 million, followed by retail in fourth place with $17 million.
According to the IDSC, which stated that emerging companies are of great importance to the Egyptian economy, the number of investors in Egyptian startups increased by 30% during 2022 to reach 160, compared to 123 investors in 2021.
Also Read: Four abducted Americans entered Mexico to purchase medicine
In addition to making a significant contribution to the state's digital transformation strategy by offering technical services to individuals and businesses, it was further stated that startups are a key driver of foreign direct investment into the Egyptian economy.
According to Ghada Khalil, the Rowad 2030 Project's director, there are currently 677 startups operating in Egypt, with an average of 45,955 job openings per startup. The project's goal is to encourage young Egyptians to pursue self-employment.
Also Read: Women's rights are in jeopardy based on the report of UN secretary general
The amount of venture capital invested in Egyptian start-up companies over the past five years has increased at a record rate, according to Khalil, with a compound annual growth rate of 83.81 percent, and the total value of those investments is currently around $1.5 billion.
