Egypt in figures Crossroads of civilisation: Egypt remains a centre for regional and global trade Interview: President Abdel Fattah El Sisi Facing the future: Egypt is returning to stability Viewpoint: Manuel Valls, Prime Minister of France Regional relationships: Strategic ties underscore links with allies near and far Along the river: Reaffirming collaboration and resource sharing along the Nile Interview: Carlo Calenda, Deputy Minister of Economic Development of Italy Interview: Ambassador David Thorne, Senior Advisor to the US Secretary of State Needed reforms: Inward investment and cuts to expenditures should boost growth prospects Reaching out: The country has secured regional funding and is seeking to boost foreign investment Interview: Hany Kadry Dimian, Minister of Finance Interview: Alaa Omar, CEO, General Authority for Investment and Free Zones Meeting obligations: The government is finding new ways to fund its growth agenda A river runs through it: Egypt looks for long-term payoff on the New Suez Canal Interview: Anis Aclimandos, President, American Chamber of Commerce in Egypt A realigned budget and a successful Egypt Economic Development Conference (EEDC) were the headline acts in a year when new economic zones, power plants and public works projects – including a Suez Canal expansion – ensured growth prospects took a turn for the better. While unemployment remains high, the news that $72.5bn in investments and loans was gathered during the EEDC is a welcome economic boost.
10 15 20 23 27 29 30 31 32 35 42 43 44 45 46 47 Interview: Sindiso Ndema Ngwenya, Secretary General, Common Market for Eastern and Southern Africa Reaching out: A new trade deal could boost economies across the region A key consideration: The environment for start-ups and small businesses is improving Interview: Karim Awad, CEO, EFG Hermes On a steady footing: Loans, deposits and assets have grown, while project finance is picking up speed thanks to the development plan Interview: Dante Campioni, CEO and Managing Director, ALEXBANK A renewed pipeline: There is significant potential for project financing An active approach: A number of measures have been taken to tackle the parallel currency exchange market Small business, big potential: Banks are looking to boost SME lending On the up: The exchange is becoming increasingly attractive as the authorities broaden their horizons New ground: Market deepens with the introduction of exchange-traded funds Interview: Mohamed Omran, CEO, Egyptian Exchange Viewpoint: Hussein Choucri, Chairman and Managing Director, HC Securities & Investment Offering plenty: The increasing number of listings is fuelling optimism Stocks & bonds: Share analysis & data provided Commercial International Bank: Financial services Edita Food Industries: Consumer goods El Sewedy Electric: Electrical equipment GB Auto: Consumer goods Madinet Nasr Housing: Real estate Palm Hills Developments: Real estate Strong recovery: The sector has overcome significant external obstacles Backing things up: Reinsurance is a key means of supporting the sector’s capacity Fresh ideas: New discoveries have oil producers optimistic about the future Interview: Tarek El Molla, Minister of Petroleum and Mineral Resources Turnaround tale: Improving energy prospects are boosting the overall economy Interview: Hesham Mekawi, Regional President, BP North Africa 48 49 52 54 57 66 67 69 70 72 78 79 80 81 83 84 85 86 87 88 90 95 99 106 107 109 Interview: Khaled Abu Bakr, Executive Chairman, Taqa Arabia US shale and African exports: US shale industry changes are a challenge for African oil producers Interview: Hesham El Amroussy, Chairman and Managing Director, ExxonMobil Egypt A promising development: Natural gas discovery could see Egypt become a major exporter Opening new channels: A growing population means looking for energy production from traditional and non-traditional sources Interview: Tamer El Mahdi, Deputy CEO, Orascom Telecom Media and Technology Holding (Orascom TMT) On the table: A series of major deals with global players pave the way for significant growth Fuelling expansion: Industry remains an important driver of economic activity Appetite for growth: The consumer food segment remains strong A fertile segment: Chemicals manufacturers invest in local capacity Interview: Ahmed Abou Hashima, Chairman and CEO, Egyptian Steel Interview: Hani Berzi, Chairman, Edita Food Industries Not set in stone: Cement producers overcome energy challenges by using coal Changing gears: The domestic automotive sector shows promise Weaving it all together: International agreements provide a strong foundation for textiles Industry has long played a significant role in the economy and been a substantial contributor to growth. The value-added contribution of the manufacturing sector to GDP stood at 16% in 2014, down by one percentage point from levels prior to the Arab Spring. While the performance is impressive in light of recent political uncertainty, the recovery is ongoing.
110 111 114 115 116 120 121 125 131 132 133 134 135 137 139 At top speed: Addressing bottlenecks through major infrastructure projects Urban solutions: Easing congestion through public transport projects Connecting the dots: Multimodal and trans-shipment capacity are set for a boost Route cause: Modernising Egypt’s roads is a high priority for the government Interview: Yehia Zaki, Director of Operations, Egypt, Dar Al-Handasah Counting down: The government is rapidly pushing the sector towards 4G Interview: Yasser El Kady, Minister of Communications and Information Technology Wholesale dispute: The government and operators sort out their differences Roundtable: Hazem Metwally, CEO, Etisalat Misr; Yves Gauthier, CEO, Mobinil; Walid Gad, Chairman, Telecom Egypt; and Ahmed Essam, CEO, Vodafone Egypt Turning plans into reality: The nation’s talent and technical capacity have made it a key outsourcing partner Picking up speed: Technological entrepreneurship takes hold with the development of the start-up scene Grand designs: A raft of planned projects and initiatives pose a capacity challenge for the sector Expanding Suez: A new canal opens and ongoing canal-side projects offer great potential for development Interview: Hassan Allam, CEO, Hassan Allam Construction Thinking big: The government is planning a new capital city in the desert Interview: Mohamed Mohsen Salah El Din, Chairman, The Arab Contractors Lights out: Building material producers are turning to coal for feedstock as Egypt faces energy shortage Interesting times: Two-tiered sector resulting in diverse challenges and opportunities Stand and deliver: Looking at ways to address the housing deficit Financing demand: Rising demand for affordable housing causes Egypt to address home financing Improved supports: Efforts are under way to transform existing land regulation and increase transparency Two-tiered demand: Demand is healthy at both the high-end and affordable housing segments of the real estate market Trending upwards: Mixed-use retail and residential developments are expanding Interview: Magued Sherif, Managing Director, SODIC 143 151 152 155 156 159 165 166 167 171 175 179 188 190 191 193 194 197 204 207 209 211 212 213 Interview: Tarek Abdel Rahman, Co-CEO, Palm Hills Developments Testing times: Despite myriad challenges, the sector has considerable strengths Staycation: Local spending is driving the sector Opportunities and optimism: Consumer confidence and growth return Large-scale benefits: New mega-mall projects feed rising demand for space Improving productivity: Increasing agricultural sustainability and effectiveness Interview: Alaa Diab, CEO, Agriculture Group - PICO; and Member of the Board, Agriculture Export Council Rethinking water: Projects to boost irrigation efficiency and expand agricultural space A focus point: A spending increase should support the aim of improving quality as well as access Area of priority: A shift in focus to vocational and technical training aims to address the skills gap Interview: Prof. Ismail Abdel Ghafar Ismail Farag, President, Arab Academy for Science, Technology & Maritime Transport Under strain: Public health sees great progress Interview: Hend El Sherbini, CEO, Integrated Diagnostics Holdings Reform effort: A new government policy aims to recalibrate the health care system Rising competition: Technological advances are pushing the sector to adapt Bouncing back: Advertising expenditure is once again on the rise Deloitte Regulation revisited: New laws to impact personal and corporate taxation Helmy, Hamza & Partners By the book: A review of regulations for international companies in Egypt Interview: Mohamad Talaat, Co-Managing Partner, Helmy, Hamza & Partners Rest easy: Accommodations Listings: Important phone numbers Facts for Visitors: Useful information 214 217 227 230 235 238 242 243 247 251 252 255 260 261 265 270 275 283 290 292 295 296 With a demographic bulge looming, education is becoming the focus of attention in Egypt. Public spending on the sector, which in the past saw only nominal increases, is now expected to rise as the government steps up efforts to improve teacher training and reduce classroom sizes. Dozens of planned mega-projects and public works initiatives mean that Egypt’s contracting industry is facing a substantial project pipeline across all segments of the market. Large-scale designs for a new capital city and the expansion of the Suez Canal coupled with necessary infrastructure upgrades promise a busy time ahead for construction companies.
Increasing purchasing power and high media consumption remain powerful drivers for Egypt’s telecoms market.
However, revenues from data usage and value-added services remain relatively modest, posing a challenge for the industry. Meanwhile, the government paves the way for the arrival of 4G and tech start-ups enter the mainstream. The expanded Suez Canal is only one component of a broader push by the government to use what remains – after 150 years – one of the world’s primary shipping routes as a platform for encouraging broader improvements in the transport sector. Additional developments across the sector should serve to increase Egypt’s participation in and share of world trade.
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