Egypt’s real estate developer Tatweer Misr has inked a memorandum of understanding (MoU) with Global Entrepreneurship (GEN) to develop an entrepreneurship hub in Tatweer Misr’s Bloomfields compound in Mostakbal City at an investment cost of EGP 120 mn, Invest-Gate reports.

The hub, dubbed GEN@Bloomfields, will be located on the 90-acre college campus in the mixed-use project and will be managed by GEN, Tatweer Misr said in a statement on November 11.

GEN@Bloomfields is set to be operational by 2021 and will host “several technology labs, state-of-the-art workstations, co-working space, think tanks, a gym, lounges, boardrooms, training rooms, and an atrium.”

The MoU was signed in a groundbreaking event that coincides with the opening of Global Entrepreneurship Week – “an effort to help anyone, anywhere start and scale a new business” –  in the presence of Minister of Investment and International Cooperation Sahar Nasr, according to the statement.

Speaking on the move, Nasr underlined that “supporting entrepreneurship, especially those entrepreneurs that bring new and innovative solutions that tackle the challenges facing our country, is a priority for our government.”

“The significance of empowering our youth, supporting the small investor, developing a supportive ecosystem that will reinforce entrepreneurship and innovation and help our youth in achieving their aspirations, is a priority, especially in view of rising unemployment rates in the MENA region among youth and especially women,” the minister was quoted as saying.

On his part, Tatweer Misr’s CEO Ahmed Shalaby said that GEN@Bloomfields will be designed to become an incubator for Egypt’s next generation of entrepreneurs.

“Through our partnership with GEN, we aim to create a creative space fostering innovative opportunities to achieve a better future for young people in the Middle East,” Shalaby added.