In a bid to propel the entrepreneurship scene forward, Tatweer Misr, Global Entrepreneurship Network (GEN) and Egypt’s Ministry of Investment and International Cooperation have collaborated to inaugurate the region’s first entrepreneurial hub in Egypt.
The project’s building called ‘Broomfields’ was partially opened on November 11.
The urban complex is a combination of residential area and university campuses, one of which will be solely devoted to entrepreneurial activities. The regions’ first entrepreneurial activity hub, GEN@Bloomfields, will host its first round of entrepreneurs in 2021 welcoming not only Egyptian startups but also aspiring entrepreneurs from around the MENA region.
The hub will be a “state-of-the-art” project which will provide technology labs, think tanks, work stations and co-working space. The hub will also be the regions knowledge transmitter allowing the exchange entreprenreurial trends, innovation, and knowledge amongst GEN’s other regional hubs. This allows for faster development and growth as well as an accelerated learning process.
GEN president, Jonathan Ortmans emphasized that there is an intensive demand for economic growth and job creation especially job creation for young people. Entrepreneurship sector in Egypt is vital because of the large percentage of youth in this country who account for 23.6 percent of Egypt’s population as of 2017. These new business will be able to create job opportunities catering to this segment.
Photo credit: Tatweer Misr Facebook page
The entrepreneurial projects evolved from creating solutions for consumer conveniences through technology and applications to taping into every industry in the market such as energy, education, transportation, healthcare and much more disrupting regulated industries to semi regulated industries.
“There is a whole new relationship between government and disruptive startups. They are symbiotically connected. They cannot do what they used to be able to do independently,” Ortmans explained,”and this is why the relationship with the ministry is particularly important as well as with all of the public sector.”
Egypt’s Minister of Investment and International Cooperation, Sahar Nasr, has reaffirming the states support towards Egypt’s entrepreneurial sector. “The state’s role is to provide a climate that is supportive whether its the legislative framework or incentives in general that will aid and encourage entrepreneurs… So that we [Egypt] are prepared to host an organization such as GEN to choose Egypt for such projects,” Nasr celebrated.
Bloomfields urban development project is managed by one of Egypt’s largest real estate companies, Tatweer Misr which was established in 2014 and is currently managed by Ahmed Shalaby. The entire project is spread over 325 acres of land, 90 of which will be dedicated to the educational sector where new international schools, universities and centers will be open. The total investment of the project is EGP 28 million.
The hub will be located in a remote location in the outskirts of Cairo surrounded by Egypt’s upcoming urban landmarks, a region that is seen as Egypt’s future. Shalaby believes that because the hub is in a location filled with innovation and progressive urban planning projects, it will be able to absorb the this energy and fuel new ideas.
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