Startupia

In recent times, local brands in Egypt have been gaining momentum and are increasingly becoming the preferred choice for consumers. This shift in consumer behavior presents a promising opportunity for local brands to expand their presence and achieve remarkable growth.

Here are five essential strategies to help local brands thrive in this evolving landscape.

Weekly News Roundup 🎙
Don't miss our top weekly news stories:

- Egyptian startups are shining at the 'Web Summit' in Portugal, featuring 33 emerging companies under the official Egyptian pavilion. This participation, supported by the Ministry of Communications and ITIDA, Egypt showcases startups' innovative solutions, promoting its entrepreneurial spirit and technological advancements globally.

-Recent restrictions on debit and credit card use by local banks in Egypt, imposed by the Central Bank, are causing challenges for the country's startup ecosystem. The limitations on transactions outside Egypt and foreign software subscriptions are particularly impacting smaller startups, many of which rely on debit cards due to their wider availability. Startup founders are exploring alternative solutions, to cope with the limitations.

- Google and STV form a groundbreaking partnership to accelerate AI, Cloud, and Digital Growth in the Saudi and MENA tech ecosystem. The initiative includes startup training in Google Ads and Cloud products and the launch of an AI-focused accelerator across the Middle East and North Africa.

- In a remarkable October, Egypt's stock exchange achieved 6 historic milestones, including record-breaking gains in major indices, a near-trillion EGP trading value, and the highest-ever market capitalization, defying geopolitical challenges and currency issues. Egypt's stock market continues to soar, demonstrating its resilience and strength

- The official representative of the ministers council has announced that the daily power outage has been extended to 2 hours, affecting all areas except hospitals, which will continue to have uninterrupted power supply. The extended outages will occur from noon to 3 am.

-(SCZONE) reports signing 60 projects worth $3.57 billion in industrial zones and ports for the 2022/2023 fiscal year, aligning with its mission to strengthen local industries and exports. The projects include 53 in industrial zones and seven in ports. Additionally, SCZONE approved 55 new industrial projects, registered 68 companies, granted construction licenses to 50 firms, and signed 11 framework agreements for annual green fuel production.

- The National Wages Council, led by Dr. Hala El Said, Minister of Planning and Economic Development, has approved an increase in the minimum wage for private sector employees. Starting in January 2024, the minimum wage will rise from 3,000 to 3,500 Egyptian pounds. Additionally, the minimum annual bonus will increase to 200 Egyptian pounds, providing fair compensation and improving financial well-being for private sector workers.

- NEOM, Saudi Arabia, launches NEOM Investment Fund (NIF) to support its visionary objectives. NIF will invest in 14 key sectors, including technology, energy, tourism, and water. NEOM is also expanding by launching subsidiary companies to achieve its mission.

We are so proud to say that we were the communications partner for RiseUp summit 23.

Through out the summit’s 3 days we were able to secure the attendance of top local /regional media and tv outlets and handle all on ground interviews for the summit’s prestigious speakers.