In the presence of the Minister of Communications… «Global 500» opens its first branch in Egypt

dr. Amr Talaat, Minister of Communications and Information Technology, attended the signing ceremony of the cooperation agreement between the Information Technology Industry Development Agency (ITIDA) and Global 500 to open the company’s headquarters in Egypt, the first for the company on the African continent.

This comes as it manages the Digital Egypt Innovation Center “Giza” as a vital global center that is equipped at the highest level to develop startup capabilities and supports digital creativity and entrepreneurship among the youth.

The agreement was signed by Hossam Othman, Executive Vice President of the Information Technology Industry Development Agency (ITIDA), and Courtney Powell, Chief Operating Officer and Managing Partner of 500 Global.

The duration of the contract is 3 years, and the contract includes; 500 Global will establish its headquarters in Egypt and build capacity for around 200 startups during the agreement period, in addition to establishing a fund to invest in startups in Egypt.

Talaat emphasized that this partnership comes in light of the desire of the Ministry of Communications and Information Technology to work with major global operators and business accelerators to build a wide network of experts, investors and companies to develop the sector of emerging companies and entrepreneurship based on technological innovation.

He explained that Egypt is experiencing great growth in the entrepreneurship and startup sector. Pointing out that the ministry strives to optimally employ all its capacities and use international expertise to create an environment that supports the growth of new companies, attracting foreign investment in them and encouraging innovative thinking of young people.

He added that the ministry is working to establish digital Egyptian innovation centers in all provinces to develop startup capabilities and promote a culture of entrepreneurship. The ministry aims to establish 30 centers throughout the republic, with investments estimated at 5 billion pounds.

Under cooperation; An annual cycle of the startup program will be implemented for 15 startups in the pre-Series A startups phase, as well as the implementation of two annual cycles of the startups camp program for 25 companies in the foundation phase, in addition to the implementation of the annual cycle of the camp program of teams for managing incubators/accelerators of Start-up companies , which aims to prepare about 60 young men and women to run business accelerators.

A group of periodic events will also be held with the aim of networking the startup community at the local, regional and international levels and establishing a fund to invest in startup companies in Egypt.

Courtney Powell, Chief Operating Officer and Managing Partner of 500 Global, expressed her great satisfaction with the cooperation with ITIDA and the launch of a series of programs that support the working environment and growth of Egyptian startups, including programs for startups that have managed to graduate and join 8 includes 49 companies ” unicorn”, i.e. a startup whose capital exceeds one billion dollars.

She added: “The startup incubator/accelerator management camp program confirms the company’s confidence in the potential of the Egyptian market and its aspiration to be a major partner in this successful sector in Egypt, which is experiencing rapid growth.”

It is significant that “500 Global” is one of the largest and most active investors in developing companies in the world, especially in the Middle East and North Africa region, with its headquarters and offices in Silicon Oasis, California, USA. in 16 countries.

“500 Global” has been able to contribute to the success stories of many prominent Egyptian startups, reaching more than 60 companies, including MaxAB, Homzmart and Breadfast. The company has a unique business model compared to venture capital investors around the world in terms of providing an integrated set of services important to the prosperity of the emerging company sector.

In a related context, Hossam Othman, Executive Vice President of the Information Technology Industry Development Authority (ITIDA), said that the authority seeks, through this agreement, to empower the community of entrepreneurs and encourage them to launch their startups and innovative projects in Egypt, in light of the presence of world leaders brands and prestigious investment funds. Like the company “500 Global”, referring to the advanced working environment and international specifications provided by the Digital Egypt Innovation Center “Giza”.

As part of its expansion strategy, 500 Global announced the appointment of Amal Anan as the firm’s managing partner in Cairo, to oversee the implementation of deal-related activities.

Amal Annan has more than 8 years of experience in the Egyptian startup sector, where she contributed to the growth and expansion of Egyptian startups during her tenure in numerous executive positions at the American University in Cairo, Global Ventures, Egyptian American Enterprise Fund, the Ministry of Finance and the Hermes Financial Group. ”, International Finance Corporation.

For her part, Amal Annan, Managing Partner of 500 Global, said that the cooperation with ITIDA confirms the firm’s commitment to support Egyptian startup founders and entrepreneurs at all stages of their companies’ growth. Expressing her happiness to join 500 Global and support entrepreneurs and startups in their journey as a vital sector contributing to the growth of the Egyptian economy.

It is important to note that the Ministry of Communications and Information Technology signed a protocol on cooperation with Cairo University, with the aim of developing an archaeological building belonging to the University of Giza and turning it into a digital creative center. With the aim of developing and keeping pace with entrepreneurial activities.

The Center for Digital Egyptian Creativity “Giza” is envisaged to include laboratories equipped with the latest technological technologies, training halls and spaces for the implementation of activities to nurture digital creativity, including think tanks, incubators and business accelerators for companies, with training for those in charge. these companies and establishing a forum for networking between them and investors.