The startup drive is slowly but steadily gaining pace in the Arab world, especially in countries such as Egypt and Oman as lots of innovative technology startups are being gradually nurtured by venture capital funds hoping to change the Arab world’s economic landscape.
A statement released ahead of the Annual Investment Meeting in Dubai said that with the number of startups increasing in the Arab region, the ecosystem is improving for entrepreneurs.
In 2017, the United Arab Emirates was ranked 20th in Global Index, where a lot of other countries in the MENA region followed, including Egypt and Saudi Arabia.
Over half of the leading 200 funded startups in the region were established in the past 5 years, according to a report. Startups from Jordan, Egypt, Lebanon, Saudi Arabia, and the UAE account for 90% of overall funding increases. As much as 46% of these startup companies originate from the UAE.
According to the managing director of the International Monetary Fund (IMF), Christine Lagarde, a lot of Arab countries are leveraging technology to advance financial and economic inclusion.
She told delegates at a recent conference that FinTech startups have increased in the region since 2009, mostly in Lebanon, Egypt, Jordan, and the UAE.
Lagarde said that Jordan for instance, introduced an electronic platform that permits people to pay bills online and from ATMs, eFawateerCom. She said that it processes over a million transactions a year and connects with over 70 online billers.
The conference that was titled ‘How to Pitch’ took place in Egypt’s Creative Hub, with Flat6Labs community manager, Sara Abdelazim as the presenter.
The conference discussed the dos and don’ts of preparing your pitch when showcasing your startup and call for investments.
The tech scene in Egypt continues to develop, with many key launches and funding rounds happening in 2017. Egypt’s Algebra Ventures has said it raised $40 million to invest in local tech startups.
As the ecosystem of Egyptian startups booms, a number of well-known startups are growing their teams and focusing on constructing a community to benefit innovators, developers, and creators of the next generation to accelerate the economy of the country. The key motivation is building a world-class network that supports innovative enterprises at their initial stage.
Among 50 applicants to get into the pitch competition in Egypt, AIM Startups team has been shortlisted 25 startups, in the sector of Health, Sustainable development, IOT, Technology, Government Safety, and Agriculture.