Money has been made from various materials over the millennia, from leather in China during the Han Dynasty (From 202 BC to 220 AD) to shells, precious metals, cotton paper and, most recently, plastic. The materials used typically reflect the social and political climate of the era and available technologies and resources. In Egypt, money may feel a little funny in a month or so. That’s because the Central Bank of Egypt (CBE) will start printing plastic banknotes instead of the paper currency currently in use. On Aug. 1, the CBE released several designs under consideration for the new plastic…
Author: Ola Noureldin
Digital technologies and platforms are disrupting the way tourism operates. Is Egypt paying attention? When Minister of Tourism and Antiquities Khaled al Anani announced another royal parade is in the making to transfer the entire artefact collection of King Tutankhamun to the Grand Egyptian Museum (GEM) in Giza, we couldn’t wait to interview two of Egypt’s top content creators in travel and tourism about effective techniques to improve digital marketing and tourism promotion. Travel marketing has never been more important. The rise of social media and influencers means the world is more on display than ever before and consumers are…
COVID-19 has forced many women — particularly mothers — out of the workforce. In honor of Mother’s Day, we caught up with Laila El Refai, MENA gender officer at the International Finance Corporation (IFC) on how the private sector can help. The interview has been lightly edited for length and clarity. What are the latest gender employment numbers in Egypt? Laila ElRefai: What I can tell you is that while half of the university graduates are women, only one in four women works. In contrast three of four men in Egypt work. The gap is very obvious when we put it…
Sahar Abouelmagd is proud of the years she worked for an oil and gas company, drafting financial records and budgets of billions of dollars in exploration deals. These days, she’s hiding out — mostly from her two children, ages 4 and 11. “I just actually locked my door so that nobody can come in here,” she says, from her bathroom. Constant interruptions from children are happening in households across the country. With the added complexities of managing both work-related Zoom calls and online learning for the kids, parents – especially women — are near their breaking point. According to a…
Aleya Serag El-Din, executive director at Ghabbour Foundation, was astonished by the number of private school graduates applying for vocational training. “This is a measure of how society’s perception is starting to change,” she says. “Vocational education does not mean students are less worthy or less skilled. It’s actually the opposite.” In a bid to address a chronic shortage of key job skills, Egypt’s Education Ministry (METE) is asking the private sector to help develop a more robust vocational education system. Egypt is setting up a program to attract private sector investment in establishing 100 vocational schools by 2030. The…
A recent Colliers International research shows that social infrastructure — open spaces, retail, restaurants, healthcare, education and other commercial activities — has a tangible positive impact on real estate demand. In Cairo and across the region, schools remain a key catalyst for increasing sale prices and rental rates of residential properties. According to the Centre for Economic Performance at the London School of Economics, academically strong schools boost neighborhood property prices by as much as 12%. Cairo communities can achieve a 15% premium by offering quality private schools, with tuition and fees in line with local income levels. Egypt has…
“I want my 7-year-old daughter to look up to me and know that regardless of her number on the scale, she will still be beautiful,” says Hala Hassan, a former sales executive at a hotel booking agency for expos in the United States and Europe. Hassan, 27, lost her job in June due to the pandemic, paving the way for her ultimate passion: an online size-inclusive clothing business. “I aim to meet the needs of all plus-size girls and women in Egypt, for my platform to feel like a home for them,” Hassan says. “Most importantly, to keep them on…
Egypt is home to an emerging microinsurance market of 27 million people, representing 39 percent of the working population, according to Atlas Magazine. Earning $5-15 a day, the vast majority of this segment is unbanked and unfamiliar with insurance products, but new regulations are encouraging insurance companies to expand their services. Microinsurance is one of the major tools of microfinance, according to a report by Japan’s International Cooperation Agency (JICA). The International Association of Insurance Supervisors defines microinsurance as accessible by low-income people “run in accordance with generally accepted insurance practices.” In Egypt, there is a strong potential for growth…
Surfing TV channels or scrolling through social media, consumers have been hit with one message since the beginning of the year: Stay home, stay safe. As much as that piece of advice was essential for containing COVID-19, it has hurt the global hospitality industry. Since March, Orascom Hotels Management, Four Seasons Hotels and Resorts, the Ramses Hilton, and other Egyptian properties have seen occupancy rates and revenues collapse. That has forced management to rethink strategies. According to Colliers International’s MENA Hotels Quarterly, occupancy rates in Cairo have nosedived 67 percent year-on-year in 2020. Hurghada rates are down 57 percent, Sharm…
For 15 years, Nasr City resident Ali Rizkallah, 35, has used several banking instruments and made digital transactions at grocery stores and malls. Mohamed Dawoud, 42, who lives on the same street, relies solely on cash transactions. Dawoud is not alone: 67 percent of Egypt’s population is unbanked, according to the World Bank. In a country where state employees knock on doors to collect cash for gas and electricity bills, the government wants to change that. The Central Bank of Egypt (CBE) has pushed lenders to offer universal access to digital payments, mobile wallets, and other financial services. Of the…