Latest news with #MinisterialGroup
Egypt Today
3 days ago
- Business
- Egypt Today
Egypt's Startup Ecosystem Accelerates with $228M during 2025
CAIRO – 1 June 2025: Egypt's entrepreneurial landscape is experiencing a powerful surge, with startups attracting $228 million in venture capital and debt financing during the first five months of 2025. This upward momentum, announced by the Ministerial Group for Entrepreneurship, signals renewed confidence among investors and growing resilience in the Egyptian innovation economy. Between January and May 2025, 16 investment deals were closed, of which 11 were publicly disclosed, amounting to $156 million—a 130 percent increase over the same period last year. Alongside equity injections, top startups such as Nawy and MNT-Halan secured notable debt financing rounds worth $23 million and $49 million, respectively. Speaking on the occasion, Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, and Chair of the Ministerial Group, underscored the government's unwavering commitment to fostering a robust and inclusive startup ecosystem. She emphasized that this support is driven by a clear national vision, led by President Abdel Fattah El-Sisi, to position Egypt as a competitive regional hub for innovation. Dr. Al-Mashat also revealed that the Ministerial Group is nearing the completion of the Startup Charter, which will set the groundwork for a more enabling environment. Complementary funding mechanisms and support facilities are being developed to attract further capital and support early-stage growth. In parallel, the government has rolled out tax incentives for startups with annual revenues under EGP 20 million, aiming to ease operational pressures and accelerate scalability. Beyond financial incentives, the Group's strategy focuses on empowering youth and enhancing Egypt's global entrepreneurial standing. The approach is not only economic but also strategic, emphasizing competitiveness, knowledge-based development, and sustainable growth. The first five months of the year also saw pivotal movements in Egypt's startup market, particularly in the area of exits and acquisitions. Among the standout deals were Dubizzle's acquisition of Hatla2ee, a key player in online car sales, and the acquisition of Fatora, a digital invoicing platform, by MaxAB-Wasoko. These developments point to a maturing market, where consolidation and strategic scaling are becoming more prevalent. Sector-wise, PropTech led in capital attracted, drawing 33 percent of total venture investment, while FinTech dominated by deal count, with five transactions accounting for 32 percent of the funding activity. These figures underline the diversity and sectoral dynamism of Egypt's startup environment, offering promising signals for sustained growth and innovation in the months ahead.
South Wales Argus
6 days ago
- Business
- South Wales Argus
Welsh Government pressure on Chancellor to tackle poverty
First Minister Eluned Morgan MS, Jane Hutt MS, and Mark Drakeford MS, are pushing for changes to social security policy, particularly advocating for the end of the two-child benefit rule. The calls come as the UK Spending Review nears its conclusion, with the Ministerial Group's work becoming increasingly crucial. The government warns that, without action, child poverty is set to rise by 100,000 children annually throughout the UK parliamentary term. The Welsh Government is also working with the Patriotic Millionaires, a group proposing alternative ways to raise significant funds to combat poverty without increasing taxes on working families. Successive Welsh Governments have implemented various measures to alleviate poverty, which they claim leave more money in the pockets of Welsh citizens. These measures include an inclusive childcare scheme for three and four-year-olds, help with school-related costs, expanding the Flying Start programme for children in disadvantaged areas, and a student support scheme. The Welsh Government says it has used its devolved powers to oversee the rollout of free school meals for all primary school children, increases to the Education Maintenance Allowance, and the Claim What's Yours initiative in a bid to tackle child poverty. The Welsh Benefits Charter, which has been adopted by 22 local authorities to increase the uptake of Welsh benefits, is another tool the government is using in the fight against child poverty. The Welsh Government continues to utilise its devolved powers to address child poverty and is calling on the Chancellor to consider various revenue-raising options to ensure funds are directed towards improving children's lives. The government remains committed to supporting children and families, especially those in disadvantaged areas, as the UK Spending Review draws to a close.
