{"id":656792,"date":"2024-12-10T00:00:00","date_gmt":"2024-12-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/10\/entrepreneurship-ministerial-committee-to-release-its-start-up-charter-to-support-the-sector-in-1q-2025-plus-uvaii-venture-studio-electra-elsewedy-electric-at-lease-kima-strategizeit-air-arab\/"},"modified":"2024-12-10T00:00:00","modified_gmt":"2024-12-10T00:00:00","slug":"entrepreneurship-ministerial-committee-to-release-its-start-up-charter-to-support-the-sector-in-1q-2025-plus-uvaii-venture-studio-electra-elsewedy-electric-at-lease-kima-strategizeit-air-arab","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/10\/entrepreneurship-ministerial-committee-to-release-its-start-up-charter-to-support-the-sector-in-1q-2025-plus-uvaii-venture-studio-electra-elsewedy-electric-at-lease-kima-strategizeit-air-arab\/","title":{"rendered":"Entrepreneurship Ministerial Committee to release its start-up charter to support the sector in 1Q 2025. PLUS: UVAII Venture Studio, Electra + Elsewedy Electric, AT Lease, Kima, StrategizeIT, Air Arabia, G-Tec Education"},"content":{"rendered":"

STARTUPS-<\/p>\n

#1- New startup charter to be finalized in 2025: <\/strong>The government is set to finalize its charter outlining strategies and recommendations for supporting startups as part of the government\u2019s new Entrepreneurship Ministerial Committee, Planning and International Development Minister Rania Al Mashat said at Hapi Journal's Economic Conference, according to a statement<\/a>. <\/p>\n

Remember:<\/strong> The recently formed Entrepreneurship Ministerial Committee has announced ambitious plans to increase investments<\/a> in Egypt\u2019s startups tenfold to USD 5 bn in the coming period from a current USD 500 mn over an unspecified timeframe.<\/p>\n

** We sat down with Al Mashat \u2014 the head of the committee \u2014 to get the inside scoop<\/strong> on how the committee will work as the government executes its plan to position Egypt as a regional startup hub. Check out our interview here<\/a>.<\/p>\n

\n

#2- Startup investment<\/strong> firm <\/strong>UVAII Venture Studio<\/a><\/strong> is looking to expand in Egypt<\/strong>, Saudi Arabia, and Bahrain, with an investment ticket ranging from USD 100k to 600k for each startup, Al Borsa<\/a> reports, citing UVAII Venture co-founder Ahmed Zalat. The firm\u2019s investments will target early-stage and growth-stage startups in gaming, edtech, and sports tech with a focus on expanding to Upper Egypt and within Saudi Arabia.<\/p>\n

M&A-<\/p>\n

Electra ups stake in Elsewedy Electric:<\/strong> Abu Dhabi-based Electra Investment Holding has acquired some 8.3 mn additional shares of Elsewedy Electric \u2014 some 0.39% of the company \u2014 for EGP 88.15 per share, bringing the transaction\u2019s total value to EGP 740.3 mn, according to an EGX disclosure (pdf)<\/a>.<\/p>\n

Remember:<\/strong> Abu Dhabi-based Electra Investment Holding acquired 20%<\/a> of Elsewedy Electric in a USD 449.1 mn transaction<\/a> in July. <\/p>\n

MANUFACTURING-<\/p>\n

Robbiki Leather City to launch equipped factory offering: <\/strong>Robbiki Leather City will launch an offering of 43 fully equipped factories for leather product manufacturing, part of its third development phase, according to a cabinet statement<\/a>. The offering includes 17 factories with a total area of 121 sqm, 6 with a total area of 1k sqm, and 20 with a total area of 2k sqm. In order to help investors cover start-up costs, the government is offering investors the option to pay 25% up front in exchange for a one-year grace period on payments, with the remaining balance to be paid over five years at a 10% annual interest rate. <\/p>\n

Interested? <\/strong>The factories will be offered up on the newly-launched<\/a> Egypt Digital Industrial Platform starting tomorrow and will run until 25 December.<\/p>\n

DIPLOMACY-<\/p>\n

Gaza and investment topped the agenda of President Abdel Fattah El Sisi\u2019s visit to<\/strong> Norway <\/strong>\u2014 the first by an Egyptian head of state since diplomatic relations were established in 1936. El Sisi met with Norwegian King Harald V<\/a>, Prime Minister Jonas Gahr St\u00f8re<\/a>, and Parliament Speaker Masud Gharahkhani<\/a> to discuss furthering relations, renewables and green hydrogen production \u2014 sectors in which Norway is a world leader \u2014 and conflicts in the region.<\/p>\n

NBFS-<\/p>\n

AT Lease enters the mortgage finance market: <\/strong>Islamic leasing outfit AT Lease has received the green light from the Financial Regulatory Authority to start offering mortgage financing, the firm said in a press release (pdf)<\/a>. The move is part of a wider push by the firm to further expand into the non-banking financial sector to become a \u201cone-stop shop\u201d for all non-banking financial services \u2014 the firm now offers leasing, factoring, and mortgage services. <\/p>\n

EARNINGS-<\/p>\n

Kima sees net income, revenues dip during 1Q 2024\/2025: <\/strong>Egyptian Chemical Industries (Kima) saw its net income fall 89.1% y-o-y during the first quarter of the current fiscal year to record EGP 38.2 mn, according to the company\u2019s earnings release (pdf)<\/a>. The company pointed to a 61% y-o-y dip in exports driven by falling global export prices, lower sales revenues, and increased financing expenses for driving the decrease. Total sales fell 32.6% y-o-y to EGP 958.9 mn during the quarter. <\/p>\n

COMMODITIES-<\/p>\n

Egypt to receive 63k ton wheat shipment by end of year after three-month delay:<\/strong> The first 63k tonne shipment of a 430k tonne Russian wheat buy negotiated by the government has begun loading onto an Egypt-bound ship after a nearly three month delay, Reuters<\/a> reports. The shipment is expected to reach Egypt by the end of the year.<\/p>\n

Remember:<\/strong>State grains buyer GASC announced in mid-September that it had purchased 430k tonnes of Russian wheat in September at USD 235 per ton, with shipments set to begin in October. Supply Minister Sherif Farouk told Bloomberg in October<\/a> that shipments would begin in November, following reports that the shipment might not be moving forward.<\/p>\n

EDUCATION-<\/p>\n

G-Tec expands into Egypt with 25 new training centers:<\/strong> Indian training center operator G-Tec<\/a>Education<\/a> plans to launch 25 branches in Egypt in 2025 with USD 1.5 mn worth of investments, offering programs in AI, data science, IT security, and more, with globally recognized certifications, Al Borsa<\/a> reports, citing Managing Director Mehroof Manalody. The company plans to expand to 100 branches by the end of 2026.<\/p>\n

EXPANSION-<\/p>\n

StrategizeIT<\/strong> eyes Saudi and UAE expansion: <\/strong>Digital transformation solutions provider StrategizeIT Egypt<\/a> plans to enter the Saudi and UAE markets next year, Managing Director Ahmed Maher told Al Mal<\/a>. The company will open a regional office in Saudi Arabia and establish a UAE presence through strategic partners, with plans to invest over EGP 20 mn in 20 new projects in 2025.<\/p>\n

StrategizeIT? <\/strong>The homegrown firm provides integrated GIS, data analytics, and business intelligence solutions for companies and state entities around the region, with 80% of its clients based in the government sector.<\/p>\n

AVIATION-<\/p>\n

Air Arabia launches new flights connecting Alexandria to Taif:<\/strong> Emirati Air Arabia\u2019s subsidiary Air Arabia Egypt is launching new weekly flights connecting Alexandria\u2019s Borg El Arab Airport and Saudi Arabia\u2019s Taif Regional Airport beginning 21 February, the airline said<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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Some of the oxygen and nitrogen produced at the factory, which is set to\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578369,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/uaes-fintech-galaxy-acquires-underlie-o7-gears-up-for-a-gcc-expansion-in-2023\/","url_meta":{"origin":656792,"position":2},"title":"UAE\u2019s Fintech Galaxy acquires Underlie + O7 gears up for a GCC expansion in 2023","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"STARTUPS-UAE-based open banking platform Fintech Galaxy has acquired Egyptian API provider Underlie for an undisclosed sum, according to a press release. The acquisition comes as part of the Emirati fintech\u2019s expansion plans, capitalizing on Underlie\u2019s local expertise to enter the Egyptian market, Fintech Galaxy Chairman Riyadh Al Zamil said in\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/525.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560203,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/18\/also-on-our-radar-on-18-february-2021\/","url_meta":{"origin":656792,"position":3},"title":"Also on our radar on 18 February 2021","author":"enterpriseam admin","date":"18 February 2021","format":false,"excerpt":"Other stories we\u2019re keeping an eye on this morning: US web hosting company GoDaddy is partnering with Startups Without Borders to train some 500 entrepreneurs in the MENA region on how to use its services to take their businesses online, the company said in a statement (pdf) on Tuesday.UAE budget\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":655034,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/12\/government-lays-out-target-to-increase-startup-investments-10x-to-usd-5-bn\/","url_meta":{"origin":656792,"position":4},"title":"Government lays out target to increase startup investments 10x to USD 5 bn","author":"enterpriseam admin","date":"12 November 2024","format":false,"excerpt":"Madbouly met with ten local startups to discuss how the government can support the sector","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/1007.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556009,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/sequence-ventures-launches-egp-500mn-egypt-deep-tech-fund\/","url_meta":{"origin":656792,"position":5},"title":"Sequence Ventures\u2019 launches EGP 500mn Egypt Deep-Tech fund","author":"enterpriseam admin","date":"6 October 2021","format":false,"excerpt":"Venture capital firm Sequence Ventures has launched a new EGP 500 mn fund dubbed Egypt Deep-Tech, it said in a press release (pdf). 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