Arab Finance: Egypt aims to bring at least five local companies to valuations of $1 billion or more within five years, as Minister of Planning and Economic Development Ahmed Rostom called for faster preparation of the regulatory framework for the Unicorn Startups Program, according to a ministry statement.
Rostom outlined the target during a meeting with Cairo-based investment firm NI Capital’s Chairman Mostafa El-Hayawan and CEO and Managing Director Mohamed Metwally. The talks covered implementation steps, timelines, financing plans, and national initiatives to support entrepreneurship, following directives from President Abdel Fattah El-Sisi and recommendations from the Egypt 2026 Forum.
Alongside preparations for the unicorn program, Rostom urged officials to set an early launch date for the Startup Fund. The proposed fund would mobilize capital to support entrepreneurs and help their businesses expand across regional and global markets.
The minister also reviewed progress on the Executive Plan for Supporting Entrepreneurship and Startups, which seeks to establish a unified official definition of startups and simplify their access to incentives.
Rostom described entrepreneurship as a central pillar of comprehensive economic development, citing its contribution to innovation, investment, job creation, and the economy’s competitiveness. He emphasized the ministry’s commitment to working with relevant stakeholders to create a business environment that supports the growth and expansion of startups.
Government efforts are being coordinated through the Ministerial Committee for Entrepreneurship, chaired by the Deputy Prime Minister for Economic Affairs, he added.
Rostom stressed that closer coordination among participants in the entrepreneurship ecosystem is needed to connect innovative ideas with financing and investment opportunities. This would help promising projects develop into sustainable businesses capable of growing in domestic and regional markets, he explained.
On skills development, the minister reviewed recently launched initiatives, including the 100 Million Learners initiative, developed in partnership with the Thunderbird School of Global Management at Arizona State University. The initiative provides advanced education and training pathways in management, leadership, and entrepreneurship.
