George Richani-CEO-Al Ahli Bank of Kuwait

Tools of the trade: Digitalisation is key to efforts to bolster food and water security

Many of the government of Egypt’s recent reforms have centred around modernisation and digitalisation across all areas of the economy. Egypt Vision 2030 lays the groundwork for a digital transformation, and the Sustainable Agriculture Development Strategy 2030 focuses this shift on the agriculture sector. With climate change exacerbating water scarcity and food insecurity, it will be important for Egypt’s agriculture sector to respond rapidly to future challenges. It can do so not only by adopting farming machinery and better irrigation methods, but also by introducing new technologies such as machine learning and artificial intelligence (AI) into the field. These measures can help make Egypt more

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Xi Jinping-President of China

A number of remittance-focused financial technology (fintech): players are expanding operations in emerging markets Ease of transfer

Financial technology (fintech) firms are gaining market share that was formerly the preserve of established remittance service providers. Remittances have grown in importance in recent decades and now constitute the largest source of foreign income for many developing economies. They also tend to be countercyclical, increasing during economic downturns or natural disasters when other capital flows generally dwindle. Growth has only gathered pace, with the importance of remittances as a source of income for emerging economies and financial service providers alike set to rise further.

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Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Financing drive: The government turns to international partners to fund its infrastructure development programmes

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Egypt has invested heavily in improving transport, housing and energy infrastructure in recent years. The government has been moving to establish new railway lines, renovate seaports and airports, and improve road networks (see Transport chapter). It has built new power plants, established new urban areas and expanded the country’s strategic Suez Canal. Much of the government’s current strategy has been aimed at modernising the economy though a revamping of its infrastructure. These efforts have also underscored the importance of financing in meeting modernisation and diversification

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Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Garnering interest: Exploration and production activity pick up as more players enter the scene after new rounds of bidding

In the years since 2015, when gas production was low and Egypt had to rely on imports to meet its needs, the government has implemented policies to boost oil and gas output at home. The 2017 Law for Gas Market Activities Regulation helped the authorities attract greater international investment in the offshore segment, and this was further supported by the establishment of the Natural Gas Regulatory Authority. Recent bidding rounds have led to a diverse mix of national and international energy firms operating in the

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Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Smaller footprint: A growing focus on sustainability in hydrocarbons-associated industries is supporting the transition to net-zero emissions

As environmental, social and governance concerns become increasingly important in the corporate world, insurance companies are emerging as potentially key players in the shift away from fossil fuel-powered projects. The launch of the UN-convened Net-Zero Insurance Alliance (NZIA) in July 2021 reflects the global industry’s wider recognition of climate risks. Net Zero The NZIA was founded by eight of the world’s biggest insurers and reinsurers that are committed to transitioning their underwriting portfolios to net zero by 2050. AXA, Allianz, Aviva, Generali, Munich Re, SCOR,

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George Richani-CEO-Al Ahli Bank of Kuwait

Sustainable supplement: Energy plans to 2030 include the production of green hydrogen

Alongside a rapidly expanding renewable energy segment, Egypt is looking to adopt hydrogen technology to further diversify the energy mix. The construction of green hydrogen facilities will support the government’s plan to establish Egypt as global energy leader in line with Egypt Vision 2030. The International Energy Agency believes that hydrogen will be an integral part of a net-zero emissions future, and many nations seem to agree: from 2019 to 2021 the number of national hydrogen strategies worldwide increased from three to 17. While the global capacity of electrolysers used to produce hydrogen was less than 1 GW in 2021, international interest in the technology

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Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Greener destinations: The global tourism industry is looking to adopt sustainable practices in its post-Covid-19 pandemic recovery strategy

The global tourism industry faces numerous challenges when it comes to decarbonisation, as highlighted by a November 2021 report from the World Travel & Tourism Council (WTTC), in collaboration with the UN Environment Programme and multinational consulting firm Accenture. In the years prior to the pandemic the sector thrived, recording its 10th consecutive year of growth in 2019. Moreover, with 1.5bn international tourist arrivals worldwide, it contributed more than 10% to global GDP and accounted for around one in 10 jobs. However, the industry was

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

A new direction: Countries are adapting to the proliferation of digital platforms and services fuelled by the pandemic

The onset of the pandemic in 2020 gave rise to global acceleration in the uptake of digital platforms and services. This surge was consolidated in 2021, as it became clear – in emerging and developed economies alike – that digital is the new normal. While in some ways 2020 was reactive, with governments and businesses scrambling to implement digital approaches, 2021 was proactive, as those approaches were streamlined and synthesised. As countries went in and out of lockdown in response to successive waves of Covid-19,

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Support network: Investment vehicles and state initiatives facilitate start-up growth

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Egypt has an established and dynamic start-up ecosystem, with company founders working across verticals to create innovative digital solutions. The country is home to the fourth-largest ecosystem of start-ups in Africa, with 562 active tech start-ups, according to a 2021 report from Disrupt Africa. Nearly 94% of startups are based in Cairo, with Alexandria accounting for 3.6% and the remainder in cities such as Assuit, Qena and Mansoura. Even as the Covid-19 pandemic slowed start-up launches, it made consumers and businesses more willing to adopt digital solutions – a trend that has created more opportunities for businesses in the space. Opportunities & Challenges While the

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Emmanuel Macron-President of France

Captain of industry: Building manufacturing capacity through new industrial cities

Industrial real estate has been a mainstay of economic development for decades. Over time, industrial developments have shifted from areas like 6th of October City to large-scale zones that host one manufacturing segment – for example, the $2.2bn textile complex in Al Sadat City. In 2014-21, 17 such complexes in 15 governorates were established, with LE10bn ($835.4m) worth of investment. These included the 200-ha leather zone in Al Rubiki and a 125-ha furniture zone in Damietta, while a 3m-sq-metre textile zone was under construction as of mid-2021. As of February 2022 there were 127 economic zones across Egypt, according to the General Authority for Investment

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