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…
Author: Ola Noureldin
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.…
Before the pandemic, Ahmed Ali and his wife Sherine used to go to the cinema every weekend. Now, it’s just once a month. To entertain themselves throughout 2020, 48-year-old Ali, already a Netflix subscriber, paid for three additional streaming platforms — Shahid VIP, Watch iT!, and Amazon Prime — to watch new films and series. He has no plans to cancel the annual EGP 6,400 worth of streaming subscriptions, even as movie theaters operate at full capacity in every corner of the city. “As long as we have new shows to watch at home, we’re less excited to leave the…
Egypt has a population of more than 100 million, making it the 14th most populated country in the world. But currently, only 8% of its 1 million square kilometers is inhabited, with most of the population crowded into the Cairo, Alexandria, and Giza governorates. In a bid to absorb the rapidly growing population, increase housing and job opportunities, and improve the overall quality of life, Egypt is in the process of constructing 22 new fourth generation cities to accommodate around 30 million people across nearly every part of the country. Once complete, these new cities will grow inhabited land area…
Nexta, the brainchild of Ibrahim Farag and Ahmed Hisham, promises an efficient digital banking experience for Egyptians by using technology and data to identify new opportunities based on a consumer’s lifestyle. Users will receive a Nexta card, powered by Visa, which will aggregate their existing payment cards. The Nexta card will eliminate the hassle of carrying multiple payment cards. On the Nexta app, users can make transactions like money transfers and bill payments. In short, Nexta aims to redefine the meaning of user experience in Egypt by introducing “next-generation banking.” Investor interest in fintech across emerging markets has been on…
Among the three companies listed on the healthcare and pharmaceuticals sector index on the Egyptian Exchange (EGX), Cleopatra Hospital Groups (CHG) holds the lowest weighted average at 26.2 percent. The two other companies are the Egyptian International Pharmaceuticals Industries (EIPCO) and Ibn Sina Pharma. They hold 42.29 percent and 31.51 percent, respectively. Investors currently only have CHG as the primary EGX listed hospital firm. It’s generally seen as an attractive proposition with operations secured by expanding demand for healthcare services and the firm’s multiple expansion projects. CHG is the biggest private sector hospital group in Egypt, with a total of…