• President Abdul Fattah El Sisi has announced a five-year tax exemption for startups, with an aim to boost the country’s ecosystem and retain its talent.
• The announcement was made during El Sisi’s recent visit to Borg El Arab Technological University in Alexandria.
• Over the first five months of the year, Egyptian startup attracted as much as $426 million in funding, with MNT-Halan leading the fundraise with its $400 million round raised in February.

Source: Waya

President Abdul Fattah El Sisi announced the statement during his visit to Borg El Arab Technological University in Alexandria.

The announcement came within Egypt’s current strategy to boost the startups ecosystem.

During the visit, the leading player in the Egyptian entrepreneurship ecosystem, Entlaq Holding, showcased its commitment to supporting Egypt’s startup ecosystem.

President Abdel Fattah el-Sisi has announced his unwavering support for startups, providing them with significant advantages to enhance their ability to communicate and influence the market. The support includes five-year tax exemptions, aimed at fostering the growth and development of startups in Egypt.

Entlaq’s CEO, Mohamed Ehab highlighted the pivotal role of partnerships between the government, private sector, and startups in driving growth. 

The Egyptian entrepreneurial ecosystem experiences a growth rate of 50%, it will be possible to establish startups with foreign investments totaling $8 billion by 2030, Ehab added.

He emphasized that the cooperation between all parties will ensure the startup’s sustainable growth and attract more foreign investments. 

Over the past five years, investments totaling $1.5 billion have been raised, showcasing the increasing confidence in Egypt’s entrepreneurial ecosystem.

In line with its commitment to nurturing the Egyptian startup ecosystem, Entlaq has launched the Entrepreneurship Week program. 

The transformative initiative aims to empower students from 73 Egyptian universities across all governorates, cultivating an entrepreneurial mindset and equipping them with the necessary skills to turn their innovative ideas into successful startups.

Source: https://www.wamda.com/2023/06/egypt-announces-5-year-tax-exemption-startups