As governments and companies inch toward the deadlines for meeting their climate pledges, they must develop sustainable business models that meet the climate challenges and risks. Elsewedy Electric is one of Egypt’s pioneers, having reported on its environmental, social, and governance (ESG) goals since 2017. The Financial Regulatory Authority only announced in May that listed companies must file such reports in 2023. For their efforts, Elsewedy Electric received the European Bank for Reconstruction and Development (EBRD) sustainability award for 2022 for environmental and social best practices at its logistics facility in Sixth of October City. Additionally, it has supplied Sharm…
Author: Ola Noureldin
*This piece has been updated on 18 July, 2022 with news of CBE’s approval. For the first time ever, an Egyptian digital banking startup, Telda, received Monday The Central Bank of Egypt’s (CBE) approval to start operating its card and application in the Egyptian market, in a stride to fulfill financial inclusion and digital transformation goals as envisioned by CBE. “We are very happy to have received the final license from the Central Bank of Egypt to launch the Telda app and card, as we strive to participate in the country’s transformation into a digital economy and help accomplish the…
In Egypt, USTDA awarded grants in 2020 to the Amreya Petroleum Refining Company (APRC) and Suez Oil Processing Company (SOPC) for feasibility studies to modernize each company’s refinery. These grants are a part of USTDA’s ongoing collaboration with the Ministry of Petroleum and Mineral Resourced to make Egypt a regional energy hub. The grants aim to increase the efficiency and profitability of their refineries while reducing environmental impacts. Business Monthly took the chance on the sidelines of the U.S GreenTech Business Mission to Egypt to secure a one-on-one with Director Enoh T. Ebong to learn more about planned investment opportunities…
Financial assistance for developing countries must be at the top of the agenda for UN climate talks this year so that countries can move from pledges to implementation. For three decades, the U.S. Trade and Development Agency (USTDA) has been offering funds for sustainable infrastructure in developing countries by connecting U.S. companies with export opportunities. In fiscal year 2021 alone, USTDA supported more than $2.3 billion in U.S. exports to emerging economies through early-stage infrastructure development projects, USTDA said on its website. The agency supports projects in the Middle East, North Africa, Europe and Eurasia regions that represent both high…
Egypt is set to launch soon a national strategy for developing the automotive industry, which includes incentives to locally manufacture electric vehicles. Prime Minister Mostafa Madbouly reviewed in March the final draft of the strategy, through which Egypt will establish itself as the main gateway for emerging vehicle markets in Africa. Egypt aims through the new strategy to build strong commercial and investment relations with the main regional trade partners to ensure sustainable development growth for both sides, according to a cabinet statement. The initial scope of the new strategy dubbed: the Egyptian Automotive Industry Development Program (AIDP) includes providing…
Egypt has remained resilient despite the economic blow COVID-19 has brought on the global economy. The country has continued to push through with social and economic reforms, significant public spending levels and investments in national projects. As with other economies worldwide, COVID-19 has hit Egypt on many fronts, pushing down its growth prospects over the short term. Nevertheless, the economy is performing substantially better than regional and emerging peers given solid macroeconomic fundamentals and the government’s timely economic response to the pandemic. Click here to continue reading on AmCham Egypt’s website.
Egypt’s Prime Minister Mostafa Madbouly said there are great opportunities to be tapped in the Egyptian market in terms of green investments, pointing out that Egypt targets to increase the renewable energy usage by 42% by 2035 in line with its Egypt Vision 2030, as well as to increase water and waste management projects. Madbouly alled on U.S. companies to expand their investments in Egypt and benefit from the new economic strategy Egypt announced. The new strategy involves raising the private sector’s share in Egyptian economic activity to 65 percent, up from 30 percent, along with other incentives. “The strategic…
This year should be an intriguing year for retail as the sector shakes off obstacles of the previous two years and takes a big leap toward what future shopping will look like, with new technology paving the way for a more inviting online experience. Brands are rethinking their strategies quickly, blending their presence both online and offline by leveraging an established approach — omnichannel. Adopting an omnichannel strategy requires creating a coordinated, seamless shopping experience across multiple channels, and re-envisioning the role of physical stores in the process. Spinneys Egypt is a successful case in point, bringing their products to…
This year should be an intriguing year for retail as the sector shakes off obstacles of the previous two years and takes a big leap toward what future shopping will look like, with new technology paving the way for a more inviting online experience. Brands are rethinking their strategies quickly, blending their presence both online and offline by leveraging an established approach — omnichannel. Adopting an omnichannel strategy requires creating a coordinated, seamless shopping experience across multiple channels, and re-envisioning the role of physical stores in the process. Spinneys Egypt is a successful case in point, bringing their products to…
For decades, walls of buildings in Egypt’s narrow streets have been covered with posters promoting names and contact information of private tutors and centers. Promotional signs targeting students read: “Shakespeare of the English language”, “Pythagoras of mathematics”, and “Einstein of physics!” Will those signs audaciously remain visible on the streets after Egypt’s tax authority imposed income taxes on any tutor who gives private lessons or courses? “The giants of chemistry and the legends of physics … you must go to the nearest tax office within a month from now,” an online statement by Egypt’s Finance Ministry read on November 3.…