According to sources familiar with the matter, the Saudi investor Al Waleed bin Talal was planning to invest an unspecified amount in the Egypt Ventures development fund.
It would not be the first business initiative of the Saudi tycoon in Egypt. Recently he confirmed a collaboration with the Egyptian real estate giant Talaat Mostafa Group. It included the expansion of the luxury Four Seasons Resort in Sharm El Sheikh and the development of two new hotels.
The USD 50 million fund, launched in June last year, by the Investment Minister Sahar Nasr and the UN Development Program would serve as a startup incubator. It already raised 470 Egyptian pounds and aimed to reach the target of 1 billion soon. The new fund in cooperation with the regional accelerator Flat6Labs and the Egyptian-American Entrepreneurship fund would invest 10 million pounds to support rising local startups. Saudi Arabia also expressed interest in the fund, officials said. The advertising campaign would start soon.