14 Egyptian Startups Selected Among The 100 Best Arab Startups at The World Economic Forum 2017

The World Economic Forum on the Middle East and North Africa "Davos" was held at the Dead Sea in Jordan, in partnership with International Finance Corporation, under the title “Fourth Industrial Revolution (4IR)”.

For the first time this year, the World Economic Forum and the International Finance Corporation have partnered to bring together 100 Arab world startups from 17 Arab countries, which are shaping the future in the context of the Fourth Industrial Revolution (4IR).

Among the 100 startups selected were 14 Egyptian startups, including Electronic Payment Network Fawry, PayMob, MoneyFellows, ITWORX, online education platform Nafham, KarmSolar, Mumm, Vezeeta, D-Kimia, Elves, Simplex, RiseUp, Edfa3ly, and TA Telecom.

The Minister of Investment and International Cooperation Dr. Sahar Nasr met with representatives of 14 Egyptian startups among 100 Arab ones working on the formation and shaping of the fourth industrial revolution, in presence of the Minister's Assistant Dr. Shehab Marzeban.

Dr. Nasr affirmed that MIIC established Egypt Company for Investment and Entrepreneurship with the aim to invest directly and indirectly in startups and small enterprises with a capital of EGP 451 million, which is projected to reach EGP 1 billion. This is in addition to investing in business incubators, venture capital funds and various companies to support Egypt's economic development and growth, added the Minister, noting that MIIC was keen on maintaining a level playing field for all investors and on providing them with technical and financial support.

On his part, Dr. Marzeban said that the Company would contribute to bridging the financing gap of startups through providing funds in order to directly or indirectly contribute to the capital of such companies. This could be achieved through entrepreneurship incubators or venture capital funds, which would have a positive impact on supporting startups and on pushing them towards growth.