Egypt has just claimed the top spot in African startup funding. Egyptian startups pulled in $327 million in the first half of this year — 27% of everything raised on the continent, the highest share ever recorded. But look closer and the picture gets complicated. Most of that number came from a single mega deal. Egyptian venture funds are now openly searching for exits abroad because domestic routes remain narrow. This November, more than 200 investors and venture firms land in Cairo for the Global Entrepreneurship Festival. The question is what will they find. Joining me right now is the man bringing them here — Board Member and Country Director of GEF 2026 and CEO of Digital Experts, Alaa Khalifa. Welcome back to Capital Markets.
Thank you.
You have personally led the bid that brought GEF to Cairo. Egypt has officially topped Africa's funding table. When those 200 investors arrive in November, what is the first hard question you expect them to ask — and what is your answer?
I believe the first question investors will ask is a very straightforward one: is Egypt's recent performance sustainable, or was it just one exceptional transaction? My answer is that yes, Egypt had one landmark transaction to elevate the headlines. But beneath that we are seeing very structural improvement — logistics, healthcare growth, AI adoption, climate technology, and enterprise software coming out of Egypt. Egypt offers something many markets cannot: over 100 million consumers, world-class engineering talent, competitive operating costs, and a strategic location connecting Africa and the Middle East with Europe. The objective of GEF this year is not just celebrating investment opportunities — it is to introduce investors to the real next generation of companies that are capable of becoming regional and global businesses.
Africa's Big Deal database points out that Egypt's number one ranking rests almost entirely on one mega deal. Does that concentration worry you, or is one landmark deal exactly how markets get noticed?
Every major innovation ecosystem has a landmark transaction that changes global perception. One straightforward deal can attract international attention. But then a second and a third can improve the ecosystem for investment. Our responsibility now is to convert that visibility into momentum. GEF is designed to expose investors to hundreds of founders, not just one headline company. If investors can leave Cairo believing they have discovered 20 investable opportunities instead of just one mega deal, then we will have achieved something far more valuable.
Egyptian venture funds are engineering exits abroad — partial divestments and cross-border sales — because domestic routes are limited. What does GEF need to put on the table to convince investors the exit problem is being solved, not exported?
We have to understand that investors do not invest because companies are easy to build. They invest because exits are actually there and possible. Our conversation must move beyond funding toward liquidity. This means stronger IPO markets, more strategic acquisitions, more corporate venture activity, more regional consolidation, and more international buyers. GEF can become a meeting place not only for investors and founders, but for corporates, sovereign funds, private equity firms, and investment banks. The more exit pathways we can create at GEF, the more capital will flow into early-stage companies.
MMT Harlan is reportedly weighing a listing at up to a $1 billion valuation, and a major delivery player is also preparing a float. How important are those two listings to everything you are trying to build?
Extremely important. Public listings create confidence throughout the entire investment chain. When founders successfully create an IPO, they build companies differently. When investors see working exit markets, they deploy capital more confidently. If companies like MMT Harlan or other major technology companies successfully list, they demonstrate that Egypt can support businesses from startup all the way to the public markets. That sends an extremely powerful signal that this is the right place to invest.
Give investors watching right now a benchmark — by GEF's closing day in November, what one announcement or number coming out of Cairo would tell them Egypt's top ranking is durable and not a one-deal story?
Capital follows confidence. And confidence follows predictable policies. What we are trying to do at GEF is show how simplified regulations can be, protect those investors, show them we have the right governance, and show them we have the right capital markets for them to deploy their capital. Let me conclude with this: Egypt is no longer asking the world to believe it is a potential. Because of GEF and many other forums like it, Egypt would like the world to come and participate in its growth. GEF is just where global capital meets that invitation.
Thank you very much, Alaa Khalifa. All eyes will be on Egypt this November.
Thank you.
