Middle-east Arab News Opinion | Asharq Al-awsat

Egypt Lost between Large National, Individual Projects | ASHARQ AL-AWSAT English Archive 2005 -2017
Select Page
Media ID: 55354549

U.S. President Barack Obama speaks with Mai Medhat at the Global
Entrepreneurship Summit in Stanford, Calif

Cairo-The State Information Service published a month ago the “Enormous National Projects… Development’s Engine” book that included 17 national projects on which the Egypt has been working to finish as soon as possible. The book falls in line with the government’s approach in the past few years, as President Abdul Fattah al-Sisi and his assistants have insisted on finishing the biggest number of projects in the shortest duration possible.

However, during the few past days, new discussions have emerged on the importance of the government’s support for individual initiatives, small projects and entrepreneurs mainly in the field of modern technology. Such projects not only ensure remarkable revenues to the country, but also help Egyptian entrepreneurs to fulfill significant global achievements, such as the meeting of three entrepreneurs including May Medhat, owner of Inventos Company, with the American President Barrack Obama in an international conference for youth entrepreneurs.

According to the Egyptian government data, corporations that include less than 10 members are 2.2 establishments out of 2.4 in the country and hire 97% of people working in the private sector, which represents 60% of the Egyptian labor force. These corporations are considered the network of social security in crises, because they are able to provide work opportunities. Yet, this wide sector doesn’t receive a helpful support from the government, which pushes most of them to shut down and keeps them unable of expanding.

Medhat was among the few lucky entrepreneurs in the Egyptian market who sat with the U.S. President and founder of Facebook Mark Zuckerberg during a conference aimed at show best global success stories in the entrepreneurship sector today.

Among more than 46,000 applicants to attend this conference, 1400 have been selected, and only three of them including Medhat from Egypt have had the chance to meet Obama and Zuckerberg and to showcase their projects before the representatives of 20 governments.

Inventos, owned and founded by Medhat, organized 8,000 events in Egypt, the UAE, and 13 other countries including USA, India, and Spain. It is worth mentioning that Inventos is a company that organizes conferences, exhibitions, trips, and parties and focuses on business-related events.

Medhat, who established Inventos four years ago, says that the company’s electronic app allows the clients to know the success rate of their events and the feasibility of their spending.

Medhat adds that nine out of ten people who participate in Inventos-organized events use the app, which reflects a larger audience.

The young entrepreneur said she hasn’t received any acquisition or merging offers from other companies and that she aims to expand in and out the Arab world. She added that the Egyptian government and decision makers should know that providing funding from Egypt’s banking sector and other sources is a priority, in addition to facilitating establishment of businesses and enhancing infrastructure.

*Global interest in entrepreneurship in Egypt

In February, a report published by the Christian Science Monitor in the United States said that entrepreneurship projects were prospering in Egypt despite the turmoil that took place in the country. Ahmad al-Alfi, founder of Flat6labs Company told the electronic paper that entrepreneurship is one of the countr’s positive developments over the past few years. Alfi considered that entrepreneurship projects have prospered due to their global activity and the role of technology and global telecommunication activities in encouraging these investments.

By the end of 2015, Forbes Website published an article on the top ten countries to establish businesses in the world, and Cairo was among them. In her article, writer Amy Goodman said that the Egyptian capital includes a great number of graduates who chose to establish a number of emerging companies despite the challenges. She mentioned that young businessmen have discovered new means of success including the establishment of business incubators.