GAFI's CEO noted that approximately 9,000 square meters are available for startup administrative and operational headquarters. The authority will focus on attracting investments in software export and AI applications, while also ensuring the presence of support services like consulting, marketing, and legal firms to boost startup growth and international market entry.
Heiba highlighted GAFI's efforts
to bolster the entrepreneurship ecosystem, starting with the "Bedaya"
Center for Entrepreneurship and SME Development 15 years ago, followed by the
establishment of the startup investment company "Egypt Ventures" in
cooperation with the Ministry of International Cooperation, then hosting the
permanent unit for entrepreneurship and startups, and finally membership in the
Ministerial Group for Entrepreneurship. He emphasized that these entities have
collectively streamlined collaboration among entrepreneurship stakeholders,
creating a supportive framework for startups, removing obstacles in the growing
sector, and enhancing incentives for entrepreneurs to adapt to its ongoing
evolution.
GAFI's CEO further stated that a
fast-track system is in place for entrepreneurs to launch and run their
businesses. Notably, online incorporation for single-person companies takes
just two hours. Additionally, entrepreneurs benefit from complimentary VIP service
at investor service centers.
He also emphasized GAFI's
coordination with the EU, Saudi Arabia, and Morocco to ease the expansion of
Egyptian companies into these markets by addressing double taxation and
protectionist measures. This collaboration includes administrative and
promotional support, particularly for companies newly entering these markets,
and aims to attract new investments.
On the legislative front, Heiba announced the issuance this year of a law creating and regulating financial and business zones. This legislation seeks to position Egypt as a regional hub for establishing investment funds, especially venture capital, to attract both local and foreign funding for Egyptian startups.