From Royal Residence to Startup Launchpad

The sandstone façade of Cairo’s Sultan Hussein Kamel Palace now hosts a new generation of Egyptian innovators. Once a symbol of Egypt’s aristocratic past, the palace has been reimagined as the Cairo Creativa Innovation Hub - home to Plug and Play’s local operations.

Presidential inauguration in 2022 marked a turning point for the space, which serves as a nexus where entrepreneurs, venture capitalists, policymakers, and corporate partners converge. The transformation symbolizes Egypt’s broader economic evolution - from reliance on traditional industries to a thriving digital economy.

International Confidence Grows

Karima El Hakim, Africa partner at Plug and Play, notes that the decision to establish operations in Cairo reflects growing international confidence in Egypt’s startup ecosystem. “The government took a serious stance, conducting studies to identify gaps and realizing there was a need for support between early-stage startups and global investors,” she explains.

Since 2022, Plug and Play has facilitated over $120 million in funding for more than 160 Cairo-based startups. The hub serves as a bridge connecting local talent with international opportunities that previously required founders to relocate.

Building on Strengths

Egypt’s success is built on several key advantages: a population exceeding 100 million provides significant scale; government support extends beyond regulation to include mentorship and access to capital; and institutions like the National Bank of Egypt offer tailored financial services for startups.

“We want to be close to entrepreneurs, understand their journey, and provide solutions as they grow,” says Chantal Sabbagh, head of business development at NBE. “By becoming part of their network early on, we can better support their long-term success.”

Fintech Beyond Payments

The financial technology sector is leading Egypt’s innovation wave. While companies like Paymob and MNT-Halan revolutionized digital payments, the next frontier involves expanding access to wealth creation tools.

Ismail Sarhank, co-founder of Menthum, emphasizes that financial inclusion should extend beyond transactions to include investment opportunities. “We want to empower Egyptians to build long-term financial security through accessible products and digital experiences,” he says.

Bokra, founded by former investment banker Ayman El-Sawy, is another example - offering ordinary investors access to real estate, gold, and sukuk previously limited to institutions. The company has already facilitated $60 million in sukuk issuances, demonstrating strong demand for alternative investments among Egyptians.