Egypt has taken a significant step towards fostering its startup ecosystem by announcing a five-year tax exemption for startups. President Abdel Fattah El-Sisi unveiled the initiative during his visit to Borg El Arab Technological University in Alexandria, emphasising the government's commitment to supporting the growth of startups in the country.

The tax exemption is part of a broader strategy to create an environment conducive to innovation and entrepreneurship. With this move, Egypt aims to attract more foreign investments and empower its entrepreneurial talent. The country's burgeoning startup ecosystem has already garnered over $1.5 billion in investments over the past five years, signalling increasing confidence in Egypt's potential as a hub for innovation and business development.