Misr Italia Properties signs MoU with RiseUp to establish Innovation Hub in Cairo Business Park

Misr Italia Properties signs MoU with RiseUp to establish Innovation Hub in Cairo Business Park

Misr Italia Properties (MIP), Egypt’s leading real estate developer, signed a Memorandum of Understanding (MoU) with RiseUp on the sidelines of Cityscape to establish the first Innovation and Entrepreneurship Hub in East Cairo, located in Cairo Business Park and covering an area of 2500 m2. This agreement is consistent with the company’s vision of making Cairo Business Park, the company’s flagship administrative project, the center of creativity, innovation, and entrepreneurship in East Cairo.

The agreement is the first of many partnerships between Misr Italia Properties and RiseUp, arguably one of the best local institutions at harnessing the vibrant ambitious spirit of the ecosystem, connecting up-and-coming entrepreneurs, and highlighting the most promising investment opportunities for investors worldwide.

The new hub will provide co-working spaces, small offices, and meeting spaces to connect entrepreneurs, innovators, and small businesses. The space will also host workshops, capacity-building sessions, and mentorship to help businesses thrive.

What Misr Italia Properties Intends to Achieve with this Project

Misr Italia Properties

According to Misr Italia Properties CEO and MD, Mohamed Hany El-Assal, “this agreement aligns with the company’s strategy to support startups and budding entrepreneurs in expanding the scope of access to facilities required for their businesses.”

“RiseUp is also one of the most important institutions supporting innovation and entrepreneurship.” We believe that such entities are important in assisting the Egyptian economy in general and achieving economic growth and efforts toward digital transformation. Cairo Business Park benefits from several advantages that allow it to establish this hub capable of hosting hundreds of entrepreneurs, investors, and young people with innovative ideas,” El-Assal added.

“MIP’s agreement with RiseUp is a reflection of the company’s volume of work toward contributing to the development of projects that benefit economic development and support the achievement of Egypt’s 2030 vision,” El-Assal continued. RiseUp is a major player in the Egyptian and Middle Eastern entrepreneurship ecosystems, and our collaboration will enable Egyptian startups to fully utilize their potential, compete locally and regionally, and even pursue their dreams of reaching a global audience. We hope the next unicorn emerges from the Cairo Business Park’s innovation hub.”

“We are thrilled to establish an innovation hub at Cairo Business Park as it is set to become East Cairo’s ultimate destination for entrepreneurs, experts, and business leaders,” said Abd El Hamid Sharara, Founder and CEO of RiseUp. RiseUp, as a platform, connects startups with resources to help them achieve their goals and better explore the potential of their businesses, all while ensuring the ecosystem as a whole grows sustainably.”

“This project will be RiseUp’s first embark for its new hubs product, as part of RiseUp’s newly established subsidiary providing hubs throughout Egypt and the MENA region,” Sharara added. Daily, we will now connect startups to resources.”

About the Cairo Business Park

MIP’s main administrative project, Cairo Business Park, is being built on an area of 78,000 m2 with a total investment of EGP 6 billion and features a lineup of facilities including a comprehensive administrative complex as well as small and medium-sized offices. On-site construction is 95% complete, and the project is scheduled to be operational in March 2023. The project will include a 5-star business hotel as well as facilities and amenities to help residents maintain a work-life balance. Furthermore, Cairo Business Park hosted the 14th edition of the Creative Industry Summit and served as the event’s official sponsor, fulfilling the project’s vision of disrupting traditional business practices and introducing an integrated, fully equipped facility that provides the ultimate work-life balance.