EGYPT Law and Practice Contributed by: Ibrahim Shehata, Hesham Kamel, Mohamed Abed and Hamza Shehata, Shehata & Partners Law Firm
Shehata & Partners Law Firm Unit 204 Cairo Business Plaza Cairo Governorate Egypt Tel: +20 102 225 6100
Email: info@shehatalaw.com Web: www.shehatalaw.com
1. Fintech Market 1.1 Evolution of the Fintech Market The fintech industry in Egypt experienced remarkable growth in 2024, as evidenced by Egypt’s prominent representation in Forbes’ latest release, “The Middle East’s Fintech 50” . Egypt had the highest representation from any country in the region, with 13 companies fea - tured. This achievement underscores Egypt’s leadership in the regional fintech landscape and highlights its potential as a rising global con - tender in this sector. These developments align with PwC’s estimates, published in “The Potential Impact of AI in the Middle East” , which forecast that AI will contrib - ute around 9% to Egypt’s GDP by 2030. This positions Egypt very favourably compared to its regional peers, with AI contributions expected to be 12–13% for both the UAE and Saudi Arabia. Regulatory Framework Developments Over the past 12 months, Egypt has underscored its commitment to becoming a regional centre for AI innovation. This initiative builds on previ - ous efforts, such as the launch of the “Egyptian Charter for Responsible AI” announced by the National Council for Artificial Intelligence. The
principles of this Charter align with global guide - lines, including the OECD’s AI principles. Egypt recently introduced the second edition of its National Artificial Intelligence Strategy (2025– 2030). This strategy builds upon the goals of its predecessor, aiming to enhance the efficiency and transparency of government operations through AI, and to apply AI in key sectors such as agriculture, healthcare, economic planning and manufacturing. It also aims to foster regional and international co-operation in AI. Furthermore, Egypt is preparing to establish a new Responsible AI Centre, which will develop a framework for best practices in AI develop - ment. A new AI law is also currently under devel - opment. While the draft law is not yet publicly accessible, it has been discussed with multiple stakeholders. However, the content of such law can be anticipated by referring to a recent study in Arabic entitled “Legislative Framework of Arti- ficial Intelligence” , published by the Information and Decision Support Center (IDSC), a public policy think tank affiliated with the Cabinet. The study states that an Egyptian AI law would need to address several key areas, including:
202 CHAMBERS.COM
Powered by FlippingBook