Egypt hatches $1 billion plan to nurture projected 5,000 startups
Egypt has rolled out a National Startup Charter, unveiling a $1 billion plan to turn young companies into engines of jobs and growth.
The five-year program is designed to back about 5,000 startups and create half a million jobs as officials try to make entrepreneurship a mainstream career path, Arab News reports.
Egyptian startups have been gaining traction, pulling in $238 million in venture capital over the past year.
The charter promises simpler regulations, faster government approvals and better access to financing, addressing long-standing complaints about Egypt’s labyrinthine bureaucracy and red tape.
Alpha Dhabi plans $8 billion in investments after Modon exit
Alpha Dhabi Holding plans to invest $8 billion over the next five years, with recent divestments providing additional funding for growth.
The Abu Dhabi-based investment company, which is 45% owned by International Holding Co., the vast conglomerate run by UAE National Security Advisor Sheikh Tahnoon bin Zayed, most recently generated $1.4 billion when it exited UAE-based real estate investor Modon in October.
Derek Nicholson, Alpha Dhabi’s Chief Strategy Officer, told Zawya that the company seeks acquisitions with “the right risk profile, returns, and synergies.”
Alpha Dhabi also sees potential to monetize its assets through IPOs, accelerated bookbuilds or strategic sales, he said.
ADNOC sets course for next five years with $150B spending plan
Abu Dhabi’s state oil company ADNOC is moving ahead with a $150 billion capital spending plan for the next five years aimed at boosting growth and meeting rising global energy demand.
During a meeting in Abu Dhabi on Monday, which was chaired by UAE President Sheikh Mohamed bin Zayed, the company’s board approved its 2026-2030 spending program, noting that its oil reserves have grown to 120 billion stock tank barrels, up from 113 billion. Natural gas reserves have also increased.
ADNOC is focused on “leveraging advanced technologies and AI to future-proof our business,” Group CEO Dr. Sultan Al Jaber told the board. “We will continue to transform how we create value at speed and scale, driving a new era of intelligence-powered performance, operating at the intersection of AI and energy, to deliver growth for the UAE.”
ADNOC reported that its investment arm, XRG, has grown in value to about $151 billion since its November 2024 launch and will target global deals in chemicals, natural gas, and renewables as part of the UAE’s energy diversification efforts.
The board also approved a new operating company for its Ghasha offshore concession, which is expected to produce 1.8 billion cubic feet of gas and 150,000 barrels of oil and condensates per day.
Egypt starts to rebound after IMF bailout, ADQ resort investment
Egypt’s economy is growing at a pace it hasn’t seen since 2022 following last year’s IMF bailout and a massive investment from the UAE.
GDP grew 4.3% year-on-year in the last three months of 2024, which the government attributed largely to the IMF’s $8 billion loan package and Abu Dhabi-owned ADQ’s $35 billion Ras El-Hekma resort project.
Egypt’s Ministry of Planning, Economic Development and International Cooperation pointed to tourism, trade-related transportation and non-oil manufacturing as the key drivers of economic expansion.
Private investment increased 35.4% year-on-year in the fourth quarter, while public investment contracted 25.7%. Tourism grew by 18% in the fourth quarter, with total visitors rising to 4.41 million
Still, the Egyptian economy suffered some major setbacks, including a 70% decline in revenue from the Suez Canal because of “ongoing geopolitical tensions” and a 7.5% drop in income from oil production.
