Egypt’s largest online retailer, Souq.com, plans to launch an online marketplace university in partnership with Education for Employment (EFE), and also market incubator, announced the company Wednesday.
The initiative aims at increasing entrepreneurship and employment opportunities as well as boosting the e-commerce industry in Egypt.
“We are so excited to team up with EFE Egypt to help foster Egypt’s next generation of e-commerce entrepreneurs,” said Omar Elsahy, general manager of Souq.com Egypt.
Souq.com, which was established in 2005, offers more than 200,000 products and is currently ranked 33rd on Alexa Internet Inc's list of most popular websites in Egypt.
Education for Employment is a non-profit foundation under the Ministry of Social Solidarity which aims to reduce unemployment among university graduates.
Youth unemployment in Egypt reached 70 percent of overall unemployment in the first quarter of 2014, totalling 2.6 million individuals.
Around 79 percent of the unemployed hold diplomas or university degrees.