EGYPT – Plug and Play, a global innovation platform, is partnering with The Egyptian Information Technology Industry Development Agency (ITIDA), to launch an Open Innovation Hub in Cairo.

The aim is to establish a strategic partnership to boost Egypt’s entrepreneurship and startup ecosystem.

Plug and Play Egypt is scheduled to launch in November 2021 and will have an initial focus on Digital Transformation in Fintech, Insurtech, Energy, IoT, Mobility, Healthcare, and Sustainability amongst other industries.

Through this partnership, Plug and Play Egypt will run two Acceleration and two Incubation programs annually where hundreds of startups will be evaluated and the most promising companies will be selected by the corporate partners to join each batch.

The platform in Egypt will offer business development, mentorship, Investments and networking opportunities for startups, investors, and relevant industry corporations.

“We are excited about launching our office in Egypt. We would like to thank the Minister of Communications and Information Technology for his support on this journey as we are looking forward to incubating and accelerating Egyptian startups,” said Saeed Amidi, Plug and Play’s Founder and CEO.

A signing ceremony held between ITIDA CEO Amr Mahfouz and Plug and Play CEO and Founder Saeed Amidi was witnessed by the Minister of Communications and Information Technology Amr Talaat.

Following the signing ceremony, the ICT Minister Amr Talaat stressed that the Ministry of Communications and Information Technology (MCIT) is keen to promote entrepreneurship and foster tech- and innovation-driven projects.

Talaat added that the agreement would reinforce MCIT efforts in advancing entrepreneurship through partnering with one of the major companies specializing in startup incubation and acceleration.

In addition, he said that MCIT is establishing Creativa Innovation Hubs nationwide to promote entrepreneurship and empower university students and entrepreneurs through developing their innovation skills and supporting their ICT projects.

ITIDA CEO emphasized that Plug and Play is one of the world’s leaders in managing innovation hubs. He added that the Company’s presence in Egypt would add value to the startup ecosystem, thus positively reflecting on regional and international reports.

He also clarified that Egypt’s global standing and ranking are expected to be higher this year thanks to the boom in the entrepreneurship scene and the surge of investments in Egyptian startups year-over-year, which is attributed to the government’s investment in establishing Creativa Innovation Hubs to equip young people with technology innovation and freelancing skills and foster technology startups.

“The projection is that Egypt’s economy will be one of the top 10 economies in the world by 2030. The talent and entrepreneurial culture in Egypt make this an incredible opportunity for us to establish this office with the help of ITIDA. We are extremely excited about this launch,” said Sobhan Khani, Plug and Play’s Vice President.