Egypt: MSMEDA issues 130,000 small business licenses over past decade
Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has issued 130,000 licenses for small businesses over the past decade and established 37 committees this March to facilitate business legalization across all governorates, CEO Basil Rahmy announced.
As part of its ongoing efforts to support entrepreneurs and small business owners during Ramadan, MSMEDA is implementing various programs aimed at empowering enterprises, enhancing market opportunities, and simplifying legalization procedures.
Rahmy emphasized that the agency's regional offices are continuing their intensive support efforts through trained staff dedicated to assisting business owners.
This March, 37 legalization committees have been formed to streamline the process for small and medium enterprises (SMEs) to join the formal economy.
These committees facilitate the application of Project Development Law 152/2020, allowing more businesses to access legal benefits and incentives.
Rahmy noted that MSMEDA provides technical and administrative support to project owners to help them complete the necessary procedures for legalization.
Between July 2014 and December 2024, MSMEDA issued 19,804 final and temporary legalization licenses, along with 110,137 final licenses for small businesses, through its one-stop service centers across Egypt. These units aim to simplify the establishment and operation of projects.
As part of its outreach efforts, MSMEDA's regional offices are hosting interactive seminars at Egyptian universities and technical schools this month to introduce students to entrepreneurship.
Rahmy urged aspiring entrepreneurs to take advantage of the agency's training programs and support services, reaffirming MSMEDA's commitment to fostering small businesses as a key driver of economic development in Egypt.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fintech News ME
11 hours ago
- Fintech News ME
MENA Startups Raise $289M in May as Egypt Leads Recovery
The startup ecosystem in MENA experienced renewed momentum in May 2025, securing a total of US$289 million across 44 deals. This reflects a 25% increase compared to April and a modest 2% rise year-on-year. Debt financing accounted for only 9% of the total investment, with the bulk of capital directed towards equity deals. Egypt regained its position as the region's leading recipient of funding, largely thanks to Nawy 's notable US$75 million round. According to Wamda, seven other Egyptian startups collectively raised US$50 million, marking activity levels not seen since July of the previous year. The UAE followed with US$86.7 million raised across 14 deals, while Saudi Arabia trailed closely behind with US$69 million from 15 deals. Meanwhile, Kuwait made a rare appearance on the investment radar, with two startups securing a combined US$6 million, positioning the often-overlooked GCC nation in fourth place. AI remained a hot topic in the Gulf, especially following a high-profile visit by US President Trump and prominent Silicon Valley AI executives. The diplomatic event prompted both Saudi Arabia and the UAE to announce major plans to enhance their local AI ecosystems. However, despite the political attention and media excitement, investment in AI startups fell short of expectations. The sector drew only US$25 million across two deals, underscoring the disconnect between the narrative and actual funding activity. Fintech continued to lead in sectoral funding, attracting US$86.5 million through 14 rounds. Proptech followed closely, buoyed by Nawy's large raise, while mediatech companies brought in a total of US$32 million from two deals. Construction technology also made a notable contribution, with WakeCap raising US$28 million. There was a marked absence of late-stage funding activity in May. Just one pre-Series C round was recorded, amounting to US$12 million. Early-stage investments dominated, accounting for US$161 million of the total capital raised. Investor preference continued to lean towards business-to-business (B2B) models. B2B startups attracted US$157 million across 29 deals, while hybrid B2B/B2C companies brought in US$79 million. In contrast, business-to-consumer (B2C) startups received significantly less attention, with nine companies raising a combined US$53 million. The gender gap in startup funding remained pronounced. Startups founded exclusively by men secured 82% of the total capital. Female-founded ventures garnered just 7%, while teams comprising both male and female founders attracted nearly 11%.
Zawya
11 hours ago
- Zawya
Egypt: ICMI shifts to $42,282 consolidated losses in Q1 2025
Arab Finance: International Company for Medical Industries (ICMI) swung to consolidated net losses attributable to the holding company valued at EGP 2.136 million in the first quarter (Q1) of 2025, according to the financials. The net losses were compared with the net profits of EGP 482,703 registered in Q1 2024. Loss per share reached EGP 0.041 at the end of March 2025, against earnings per share (EPS) of EGP 0.011 in the year-ago period. Revenues hiked to EGP 22.412 million from EGP 11.586 million. Regarding the standalone business, the company turned to net losses worth EGP 1.588 million in the first three months of 2025, when compared to profits amounting to EGP 93,948 in Q1 2024. Non-consolidated loss per share hit EGP 0.028 in Q1 2025, versus a profit per share of EGP 0.002 a year earlier. The revenues jumped to EGP 1.251 million from EGP 996,113. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
11 hours ago
- Zawya
Egypt: EGX ends Wednesday's session in green zone
Arab Finance: The Egyptian Exchange (EGX) concluded Wednesday's trading session with collective gains after the EGX30 index surged by 1% to 32,677.87 points. Likewise, the Sharia-compliant index, EGX33 Shariah index, rose by 0.19% to 3,385.48 points. Both the EGX70 index and the EGX100 index ended the session higher by 0.33% at 9,725.99 points and by 0.52% at 13,189.59 points, respectively. EGX's turnover amounted to EGP 3.654 billion through the exchange of 1.379 billion shares in 91,372 transactions, while the market cap reached EGP 2.309 trillion. Retail investors controlled 79.09% of the total trading, while the institutions represented 20.9%. Foreign and Arab traders accounted for 7.11% and 4.45% of the trading transactions, respectively, whereas Egyptian investors took over 88.44%. Egyptian and Arab traders were sellers with EGP 60.004 million and EGP 38.754 million, respectively. The Foreign investors were buyers with EGP 98.758 million. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
