Farid stressed the need to build an economy rooted in experimentation, creativity, and knowledge, outlining a strategy to create a more flexible and attractive business environment.
Farid asserted that entrepreneurship is the true nucleus of
a modern economy, built by those who can turn ideas into large-scale projects. He
emphasized that the FRA’s role has evolved beyond traditional oversight to
include smart regulation that supports innovation without compromising
stability. He argued that effective regulation is a source of strength,
enhancing investor confidence.
The FRA Chief highlighted the success of a groundbreaking temporary
Startup License for non-banking financial activities (NBFIs), such as real
estate finance and factoring. This allows innovators to test business models in
a regulated, secure environment without meeting full licensing requirements
immediately. Several companies attracted new investments shortly after
obtaining the license, demonstrating that smart regulation facilitates, rather
than restricts, innovation.
Dr. Farid called for a cultural shift to accept
experimentation and failure as a necessary part of the entrepreneurial journey,
noting that successful companies often emerge from a high rate of initial
failures. The vision also targets building strong medium-sized companies to
serve as the backbone of the economy, connecting large and small enterprises in
an integrated system.
He pointed to the FRA's efforts to regulate innovative
fields, including Crowdfunding Platforms (especially in real estate) and new Valuation
Tools.
He concluded by stressing that achieving this vision
requires close cooperation between regulators, entrepreneurs, and investors. He
affirmed that the combination of flexible regulation and the boldness to
experiment will establish Egypt as a regional hub for entrepreneurship and
innovative finance in the MENA region.
The RiseUp Summit 2025 was held in partnership with Misr Italia Properties at Cairo Business Park, focusing this year for the first time on PropTech (Real Estate Technology).