The British University in Egypt, in cooperation with TusPark Holdings, the largest science park in China, will launch the Science and Innovation Park (SIP), the first science park in Egypt and the region. The project will be partially open in May and the final opening is scheduled for November.
With an estimated budget of more than $ 4.5 million, SIP is built on an area of 14,000 square meters in the city of El Shorouk and is ready to serve the local entrepreneurial community and nearby surrounding industrial areas.
SIP accepts local and foreign startups as long as they comply with Egyptian regulations. The project does not focus on a specific industry at this time. “We are going to focus on building strong and growing startups for now,” said Sarah Nasser, coordinator at SIP.
The park will provide various forms of support to entrepreneurs, including incubation, coworking spaces, start-up offices, a nanotechnology center, manufacturing and prototyping labs, as well as common areas, meeting rooms and conference rooms.
SIP will also offer flexible contracts, technical support and business support tailored to each startup’s needs, as well as legal and marketing consulting services at preferential rates, network support and market exposure.
According to the SIP coordinator, startups will pay rents and service fees based on their level of “maturity”. If the exact cost has not yet been decided, it is nevertheless already admitted that it will be less than or equal to the market rate.
As a partner, Chinese TusParks will participate in the management of the business incubator and science park. In addition to management, TusParks will also provide technical skills, operating aids and innovative business skills.
According to officials, SIP does not currently provide financing, but depends on investors who trust the owners of the company’s recommendations.
In addition, SIP intends to raise funds from the Academy of Scientific Research and Technology, EuropeAid and partner banks. The selection of the financing agent will be based on the terms and conditions and the financing time.