Tech sector set for accelerated growth

The Sultan Hussein Kamel Palace in Cairo's Heliopolis district, once a symbol of Egypt's aristocratic past, has transformed into a prominent hub for Egypt's innovation economy. Inaugurated in 2022, the Cairo Creativa Innovation Hub, operated jointly by Plug and Play and the Egyptian government, facilitates the convergence of ideas, capital, and talent. The hub serves as a launchpad for startups in sectors ranging from financial services to artificial intelligence.

Karima El Hakim, Plug and Play's Africa partner, credits the government's commitment to the initiative, noting that Egypt has become one of Africa's most successful technology ecosystems. According to Chantal Sabbagh, head of business development and non-financial services for SMEs at the National Bank of Egypt, geography, institutions, and policy have all contributed to Egypt's success as a tech hub.

The government's active support and the presence of international investors have contributed to the country's tech ecosystem growth.

Fintech has emerged as the driving force behind Egypt's technology boom, with companies such as Paymob and MNT-Halan transforming financial services. Fintech is moving beyond payments to offer wealth creation opportunities for Egyptians, particularly younger generations and first-time investors. Bokra, founded by former investment banker Ayman El-Sawy, has developed a digital investment marketplace providing access to real-world assets such as real estate, gold, and sukuk.

MNZL, led by Sameh Saleh, aims to unlock the value trapped within residential property, filling the gap in credit access for Egyptian families. Meanwhile, Digified, the first startup to receive an eKYC license under Egypt's Financial Regulatory Authority, is accelerating Egypt's transition towards fully digital financial services.