The Report: Egypt 2012
Oxford Business Group, January 2012, Pages +: 340
From the affairs of the ancient Mediterranean world through Ottoman times to today’s modern Middle East, Egypt has long been a dominant player in the politics and economics of the region. Egypt’s role in the Arab Spring, which began in 2011 and led to the ouster of octogenarian President Hosni Mubarak, proves that the country today is just as dynamic and forward moving as it was six millennia ago.
The last year and a half have carried Egypt through a radical political transformation, but it is clear that the overhaul that began on January 25, 2011 has already made gains to ensuring greater popular representation and improving accountability in the republic.
SNAPSHOT
- Egypt in figures
COUNTRY PROFILE
- At the nexus: A confluence of culture, history and geography
- Guided by optimism: A difficult transition promises a path to much-needed stability
- Viewpoint: President Mohamed Morsy
- Electoral dividends: A victory for Islamists and expectations for economic reform
- Interview: William Hague, UK Secretary of State for Foreign & Commonwealth Affairs
- Interview: Nabil Elaraby, Secretary-General, League of Arab States
- Swinging the vote: Free and fair elections signal a clear break from the past
ECONOMY
- On the mend: The new government faces challenges but fundamentals remain strong
- Assessing the currency: The pound comes under renewed scrutiny
- Interview: Osama Saleh, Minister of Investment
- Interview: Gamal Moharam, President, American
- Chamber of Commerce in Egypt
- Filling the coffers: Boosting revenues a key aim
- Interview: John Rice, Vice-Chairman, General Electric
- Interview: Hassan Malek, Chairman, Egyptian Business Development Association
- Democracy of bread: The subsidy system is a burden on the budget
- Interview: Mohamed El Erian, CEO, Pacific Investment Management Co
- Interview: Hisham El Khazindar, Managing Director & Co-Founder, Citadel Capital
- Reform agenda: Expected changes to the tax law
- Coming up short: A funding gap challenge emerges
- A fine line: Efforts to address labour market issues
- Made in Egypt: With job creation a priority, an industrial revamp could be on the cards
- Open doors: Free zones offer a base to expand into regional markets
- Striking a balance: Looking further afield for trade partners
BANKING
- Steady hand: Banks have faced nearly five years of economic and political challenges with aplomb
- Viewpoint: Farouk El Okdah, Governor, Central Bank of Egypt
- Interview: Hisham Ezz Al Arab, Chairman, Commercial International Bank
- Reserves required: Dealing in a demand-driven market
- Credit downgrades: Compounding the challenges, international ratings are lowered
- Strictly automatic: Bolstering efficiency and backing up the system
- New tools of the trade: Managing not only economic, but also political threats to the sector
- Waiting game: High potential for shariacompliant offerings, but regulatory uncertainties remain
- Crediting small businesses: Financing SMEs, the country's leading source of economic activity
- Top five banks: The largest players in the sector
CAPITAL MARKETS
- Ups and downs: Despite ongoing uncertainty, historical strengths remain firmly in place
- A new approach: Addressing current demands and needs with Islamic finance
- Making a comeback: A stable political environment produces an unexpected rally
- Interview: Mohammed Omran, Executive Chairman, Egyptian Exchange
- Viewpoint: Hussein Choucri, Chairman and Managing Director, HC Securities & Investment
- Ezz Steel: Metals & mining
- GB Auto: Automobiles Juhayna Food Industries: Consumer goods
- SODIC: Real estate
- Telecom Egypt: Telecommunications
- TMG Holding: Real estate
INSURANCE
- On hold: Insurers await a variety of reforms
- Interview: Abdel Raouf Kotb, Chairman, Insurance Federation of Egypt
- From the roots up: Microinsurance could significantly increase penetration rates
INDUSTRY & RETAIL
- Building for the future: Challenges and reforms both shake and strengthen the sector
- Cost of inputs: Finding the best ways to restructure a sector mainstay
- Interview: Osama Kamal, Former President, Egyptian Petrochemicals Holding Company
- Holding on, fast: Basic staples weather political tribulations
- Healthy prospects: Regulatory reforms can stimulate growth
- Gearing up: Auto production set for comeback
- Tight weave: Surviving in troubled times
- Purchasing power: A growing population will provide the consumer base of the future
- Marketplace of opportunities: Online retailing
TRANSPORT
- On hold: Infrastructure improvements
- Interview: Ahmed Ali Fadel, Former Chairman, Suez Canal Authority
- Welcome prospect: PPPs for large projects
TOURISM
- A difficult year: Political uncertainty and regional instability dent visitor numbers
- Interview: Mounir Fakhry AbdelNour, Former Minister of Tourism
- Room for growth: Amidst challenges there are many opportunities for expansion
ENERGY
- Roll out the barrel: Some tough decisions will determine the path forward
- Interview: Peter Voser, CEO, Royal Dutch Shell
- Under the sea: Offshore drilling continues to grow
- Block party: Further exploration is on the way following a new bidding round
- Interview: Hassan Younis, Former Minister of Electricity and Energy
- Black gold: The price of oil looks set to continue rising in the long term
- Interview: Giuseppe De Beni, Managing Director, Italgen
- Mind the gap: Keeping pace with rapid growth in electricity demand is a major challenge
- When the wells run dry: The debate over production levels seems set to continue
- Plenty more efficiency: Deregulation among the likely developments in the downstream segment
- Up and atom: Plans for a new nuclear plant are on track, despite some opposition
- Shale storm: The discovery of a new gas source in the US has major ramifications for markets and producers
- Continental divides: African gas production is becoming increasingly competitive
- Blocked pipes: Controversial gas exports to Israel have been halted indefinitely
TELECOMS & IT
- Signing up: The sector has seen dramatic growth in recent years
- Dialogue: Hatem Dowidar, CEO, Vodafone-Egypt, and Yves Gauthier, CEO, Mobinil
- Virtual virtues: A new licence will facilitate convergence of fixed and mobile services
- Data developments: Value-added services are a growing revenue stream for providers
- Getting connected: Global connectivity is routing through Egypt
- Mobility is key: On-the-go access drives internet uptake
- An essential source of skills: The world's back office
CONSTRUCTION & REAL ESTATE
- Monumental moment: With a busy 2011 concluded, 2012 is looking to be a year of reform
- Interview: Osama Bishai, Managing Director, Orascom Construction Industries
- Bricks from straw: Construction materials are part of a larger story of price hikes
- Urban migration: Rapid growth in some of the world's largest cities creates challenges for urban planners
- Covering the bases: While suburbs are growing, low-cost housing remains a concern
- Rethinking and reshaping: New developments outside Cairo's core are evolving in several ways
- One for all: The low-income housing segment is in need of massive expansion
- Viewpoint: Mohamad Talaat, Member of the Management Committee, Helmy, Hamza & Partners (Baker & McKenzie)
- Get up again: The market is beginning to show signs of recovering from 2011
AGRICULTURE
- Under the sun: Continuing with efforts to enhance efficiency and infrastructure
- Interview: Musa Freiji, Chairman, Wadi Group
- Desert blooms: Initiatives to green the desert will boost agricultural production
- The milky way: Considerable scope for increasing milk production
EDUCATION & HEALTH
- Real progress: Literacy rates keep improving
- Dialogue: Lisa Anderson, President, American University in Cairo, and Hossam Kamel, President, Cairo University
- Ensuring equal access: Addressing the need for better service delivery
- Untapped potential: Efforts to secure private financing for care facilities
MEDIA & ADVERTISING
- New lease on life: A vibrant scene has emerged over the past year
- A market recast: The rise of independent papers
- Interview: Sherif Wadood, CEO, Al Masry Media Corporation
- Web of opportunity: News and social networking
- A quick recovery: Spend is picking up with a steady growth outlook ahead
TAX
Deloitte
- Paying the piper: An overview of the tax laws
LEGAL FRAMEWORK
Helmy, Hamza & Partners
- Business-friendly policies: Essential legal information for establishing a company
- Viewpoint: Hatem Soliman, International Partner, Helmy, Hamza & Partners (Baker & McKenzie)
THE GUIDE
- Warrior kings: The history of the Mamluks
- Game of thrones: The country's footballers are sporting royalty in Africa
- A place to rest: Hotels
- Listings: Useful contact details
- Facts for visitors: Information for business and leisure travellers
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