The General Authority for Investment and Free Zones (GAFI) has announced significant new initiatives to bolster Egypt’s startup ecosystem, including the launch of a dedicated Technology Hub, during the final demo day for the Elevate Lab accelerator program. The event, held in partnership with Enactus Egypt and ExitsMENA under the patronage of the Ministry of Youth and Sports and GAFI, showcased the country’s top emerging entrepreneurial talent.
Hossam Heiba, CEO of GAFI, addressed an audience of over 200 entrepreneurs, investors, and ecosystem partners, emphasizing the unprecedented opportunities available for startups in Egypt. He urged founders to seize the moment and stressed the importance of creating a supportive business environment to transform innovation into tangible economic value.
A New Hub for Regional Expansion
In a key announcement, Heiba revealed plans to launch a new Technology Hub within the free zone in Nasr City. Developed in partnership with a specialized developer, the hub is designed to be an integrated center that supports startups in their efforts to scale, export to foreign markets, and enhance their regional and international competitiveness.
Heiba also highlighted the strategic importance of Egypt’s inclusion in the European Union’s Horizon Europe program. He described it as a vital link between local research institutions and the innovation ecosystem, presenting a golden opportunity to leverage national research capabilities to develop globally competitive solutions.
Streamlining Support for Emerging Companies
Detailing GAFI’s ongoing efforts, Heiba explained that the authority is actively simplifying the business climate for entrepreneurs. This includes streamlined company formation procedures through the “One Company” system and the establishment of a dedicated, integrated unit to serve startups with incentives and free services.
“We are working to provide the necessary facilities for startups to ensure they receive institutional support that enables them to achieve sustainable growth,” Heiba stated. “Entrepreneurs represent the business leaders of tomorrow and are the main engine of the Egyptian economy.”
He further noted the collaborative efforts between GAFI, the Financial Regulatory Authority, and the Tax Authority to ensure startups receive comprehensive support.
Elevate Lab Highlights Top Innovators
The Elevate Lab program serves as a critical platform for empowering young entrepreneurs and strengthening their role as a driver of economic growth. The latest cohort attracted immense interest, receiving over 1,000 project ideas from across various governorates.
Following a rigorous evaluation process, 10 startups were selected to pitch before a high-level judging panel of experts and investors and receive awards in recognition of their innovative solutions and high-growth potential.
About Elevate Lab
Elevate Lab is an intensive training program designed to support and empower entrepreneurs and emerging startups in Egypt. In collaboration with key ecosystem partners like Enactus Egypt and ExitsMENA, the program provides founders with the tools, mentorship, and network access needed to transform innovative ideas into competitive, scalable businesses.
Source: Shorouk News
