Misr Italia Properties (MIP) signed an MoU with RiseUp on the sidelines of Cityscape, a leading real estate expo in Egypt, to establish the first Innovation and Entrepreneurship Hub in East Cairo located in Cairo Business Park, covering an area of 2500 m2.
Aligning with Cairo Business Park’s vision for youth empowerment, the new hub will offer co-working spaces, small offices, and meeting facilities that allow entrepreneurs, innovators, and small businesses to connect and grow. It will also host workshops, mentorship programs, and capacity-building sessions aiming at empowering entrepreneurs of the region.
“This agreement is in line with the company’s strategy to support startups and budding entrepreneurs to expand the scope of access to facilities necessary for their businesses,” said Mohamed Hany El-Assal, CEO and Managing Director of Misr Italia Properties.
He went on to clarify that “RiseUp is one of the most significant institutions supporting innovation and entrepreneurship. We believe in the significance of such entities to support the Egyptian economy in general, while achieving economic growth and efforts toward digital transformation. Cairo Business Park enjoys a lineup of advantages that enables it to establish this hub that is able to host hundreds of entrepreneurs, investors, and young individuals with groundbreaking ideas,” said El-Assal.
This marks the first of many collaborations between Misr Italia Properties and RiseUp, one of the best local institutions connecting up-and-coming entrepreneurs, and highlighting the most promising investment opportunities for investors around the globe. “MIP’s agreement with RiseUp is a reflection of the company’s volume of work towards contributing to the development of projects that benefit economic development and support the achievement of Egypt’s 2030 vision. RiseUp is one of the major players in the entrepreneurship ecosystem in Egypt and the Middle East, and our partnership will empower Egyptian startups to fully utilize their potential and compete locally, regionally, and even globally. We hope that the next unicorn comes out from Cairo Business Park’s innovation hub,” Mohamed Khaled El-Assal, CEO and Managing Director of Misr Italia Properties said.
Building on the above vision of creating a space that cultivates potential and encourages budding businesses to sustainably grow, Abd El Hamid Sharara, Founder & CEO of RiseUp, expressed his enthusiasm saying “We are thrilled to establish an innovation hub at Cairo Business Park as it’s set to become East Cairo’s ultimate destination for entrepreneurs, experts, and business leaders. RiseUp, as a platform, connects startups with resources to achieve their goals and better explore the potential of their businesses while ensuring the entire ecosystem is sustainably growing. This project will be RiseUp’s first embark on its new hubs product, as a part of RiseUp’s newly established subsidiary providing hubs throughout Egypt and the MENA region. We will now be connecting startups to resources on a daily basis.”
Construction work on the Cairo Business Park site is 95% complete, and the project is expected to be operational in March 2023. Moreover, Cairo Business Park was host to the 14th edition of the Creative Industry Summit and was the event’s official sponsor; this fulfills the project’s vision of changing by-the-book patterns of doing business and introducing an integrated, fully equipped facility that offers the ultimate work-life balance.
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