ITIDA and 500 Global Signed MoU to Establish 500 Global Office in Egypt and Running Giza Creativa Innovation Hub

Dr. Amr Talat, Minister of Communications and Information Technology, has witnessed the signing of a cooperation agreement between the Information Technology Industry Development Authority (ITIDA) and 500 Global Company for the opening of a headquarters in Egypt, the first in the African continent, as the operator of Giza Creative Innovation Hub as a vital global center equipped at the highest level to develop the capabilities of startups, support digital creativity and entrepreneurship among young people.

The agreement was signed by Dr. Hosam Osman, Deputy Chief Executive Officer of the Information Technology Industry Development Authority (ITIDA), and Ms. Courtney Powell, Chief Operating Officer and Managing Partner of 500 Global.

With a duration of 3 years, the agreement includes the establishment of 500 Global headquarters in Egypt, the capacity-building of about 200 startups during the period of the agreement, as well as the establishment of a fund to invest in Egypt's startups.

Dr. Amr Talat, Minister of Communications and Information Technology, stressed that this partnership comes in the light of the Ministry’s keenness to cooperate with major global operators and business accelerators to build a wide network of experts, investors and companies to develop the startup sector and technological innovation-based entrepreneurship. The Ministry is keen to optimize all its potential and use global expertise to create a supportive environment for the growth of startups, attract foreign investment to them and stimulate innovative thinking among young people.

Dr. Amr Talat added that the Ministry is working to establish Egypt's digital creative centers in all governorates to develop the capabilities of startups and promote the culture of entrepreneurship; The Ministry aims to establish 30 centers spread throughout Egypt with investments estimated at 5 billion pounds.

Under this collaboration, an annual course of the startup program will be implemented for 15 startups in pre-Series A, as well as two annual courses of the startup camp program for 25 startups, as well as an annual course for the incubator/accelerator management team camp program aimed at preparing about 60 young people for business accelerator management.

A series of events will also be carried out with the aim of networking the startup community locally, regionally and internationally, and establishing a fund to invest in startups in Egypt.

Ms. Courtney Powell, Chief Operating Officer and Managing Partner of 500 Global, expressed her pleasure to collaborate with ITIDA and launch a number of programs supporting the working environment and growth of Egyptian startups. In addition to the incubator/accelerator management team camp program. She stressed the company's confidence in the potential of the Egyptian market and its aspiration to be a key partner in this prosperous and rapidly growing sector in Egypt.

500 Global is one of the world's largest and most active startup investors, especially in the Middle East and North Africa. The company is headquartered in Silicon Valley, California, USA, with offices in 27 countries.

500 Global has succeeded in contributing to the success stories of many outstanding Egyptian startups, reaching more than 60 companies including MaxAB, Homzmart and Breadfast. The company has a unique business model compared to VC investors globally in terms of providing an integrated range of services important to the prosperity of the startup sector.

Dr. Hosam Osman, Executive Vice President of the Information Technology Industry Development Authority, said that ITIDA seeks through this agreement to empower the entrepreneurial community and encourage them to launch their startups and innovative projects in Egypt with world-leading brands and prestigious investment funds such as "500 Global," referring to the evolving working environment and the international specifications offered by Creative Innovation Hub in Giza.

As part of its expansion strategy, 500 Global announced the appointment of Amal Annan as the company's managing partner in Cairo to oversee the implementation of activities related to the Convention. Mrs. Amal Annan has more than 8 years of experience in the Egyptian startup sector, contributing to the growth and expansion of the Egyptian startup business during her assumption of a number of executive positions at the American University of Cairo, Global Ventures, the Egyptian American Enterprise Fund, the Ministry of Finance, Hermes and the International Finance Corporation.

Ms. Amal Annan, the Managing Partner of 500 Global, said that cooperation with ITIDA underscores the company's commitment to supporting the founders of Egyptian startups and entrepreneurs at all stages of the growth of their companies. She expressed her pleasure to join 500 Global and support entrepreneurs and startups in their careers as a vital sector contributing to the growth of the Egyptian economy.

It should be noted that the Ministry of Communications and Information Technology had signed a cooperation protocol with Cairo University, with the aim of developing an archaeological building of the University in Giza and transforming it into a creative innovation hub. The Ministry develops a range of technical and technological works and construction procedures needed to preserve the building's heritage value; to make it a special center for creativity and entrepreneurship for Cairo University students and other Egyptian universities and graduates, as well as support young innovators in the field of ICT through specialized technical and scientific supervision.

This is in the light of the Ministry's implementation of the project to publish creative innovating hubs throughout Egypt; Where 8 centers were opened and work is underway to establish another 10 that will soon be inaugurated, including the Giza Creative Innovation Hub. The rest of the centers will be completed successively to reach 30 centers throughout the Republic.

The Giza Creative Innovation Hub will include labs equipped with state-of-the-art technology, training halls and spaces for the implementation of digital creativity care activities, including brainstorming camps, incubators and business accelerators for companies, with training for those involved, and forums for networking between them and investors.