The idea of using the world’s most abundant resource (hydrogen) as fuel is not new. According to the World Intellectual Property Organization, Swiss engineer François Isaac de Rivaz patented an engine that used hydrogen and oxygen as fuel in 1806. The idea died quickly when fossil fuel combustion engines proved more feasible. It was only in 2016 that hydrogen fuel came to the spotlight once more. Countries recognized its potential as a zero-emissions fuel when the EU certified it under the CertiHy Guarantee of Origin that classifies hydrogen’s eco-credentials based on its production methods. It can be “gray,” “blue,” or…
Author: Rania Hassan
With an annual growth rate of more than 16% for the past five years, ICT is the only sector in Egypt that has consistently maintained double-digit growth rates. That achievement was achieved through a mix of government investment in digitizing its services and operations, favorable regulations, and initiatives. Such rapid transformation, however, means banks and third-party companies serving them are exposed to more cyber risks than ever before. “Increased reliance on technology and digital services has increased our [vulnerable] surface area,” said Abeer Khedr, head of cybersecurity at the National Bank of Egypt (NBE), at a June AmCham Egypt event.…
Starting a career in a wealthy country or one with economic promise has always appealed to Egyptians. According to research published by the Egyptian Journal of Commerce Studies (EJCS), “Egypt is considered the largest supplier of migrant labor in the Middle East and one of the largest emigrant populations in the world.” During a July press event, Soha El Gendy, the Minister of Population and Immigration, said Egyptian expats reached 14 million to date, nearly 14% of the population. She noted, “A significant percentage of them are businessmen working in the energy, export and import, and pharmaceutical sectors.” According to…
With the economy increasingly strapped for foreign currency, the government has been seeking ways to increase the private sector’s contribution to GDP. In May 2022, it published the State Ownership Policy (SOP) document, which opens the door for the government to sell stakes in 32 state-owned companies by 2024 by listing them on the stock exchange or selling them directly to foreign investors. Prime Minister Mostafa Madbouly has said the sell-off would raise the private sector’s contribution to GDP from 30% to 65% in three years. In December, he told Al Ahram English the aim is to “increase the rate…
It’s official: Inflation in Egypt is the highest since records began in the 1950s. In June, it reached an annual rate of 35.7% compared to 32.7% in May. Core inflation, which excludes energy and food, reached 41%. Analysts speaking to Reuters forecast the record reading, citing an “unfavorable base effect” since the previous year and greater demand during the Eid al- Adha holiday. Amplifying domestic inflation is the Central Bank (CBE) keeping its overnight interest rate at 18.25% (The second highest since 2017) since April. That and inflation negatively affect GDP growth prospects, deflating consumer sentiment. “Real GDP growth is…
Digital transformation across the Arab World is driving GDP growth, finding solutions for incumbent problems, and creating new investment and job opportunities. “The Arab region has experienced remarkable growth and transformation across all sectors with the support of digital transformation,” the Information Technology Union (ITU), a UN agency, said in September. “Governments in the region have launched ambitious … plans [to create] an inclusive and sustainable digital economy for their citizens.” The next step is allowing artificial intelligence (AI) and machines that “learn and adapt without following explicit instructions” to recommend actions and make decisions. A PricewaterhouseCoopers report estimates AI…
Having enough electricity from a reliable and sustainable supply is an increasingly necessary prerequisite for GDP growth and meeting society’s demands. The International Energy Agency (IEA) stressed in a note, “While it only accounts for a fifth of primary energy use today, [electricity] is indispensable for the 24/7 … economy.” The importance of a reliable supply came into the spotlight in 2020. “Difficulties caused by the COVID-19 pandemic remind us of the critical importance of electricity in all aspects of our lives, such as keeping medical equipment working in hospitals and IT systems available for teleworking and video conferencing,” the…
As with many sectors in 2023, infrastructure development is seen by international investors as on the threshold of an unprecedented transformation. This year may represent “an epoch unlike any other,” said a KPMG report titled Emerging Trends in Infrastructure, 2023 Edition. “Future generations may look back at 2023 with deep admiration or deep scorn,” it said Driving that transformation is not technology but decisions by government officials and businesses. Future generations “may praise leaders for their foresight or damn them for their inactions,” KPMG’s report said. Attracting international infrastructure investment is vital for Egypt. In November, Minister of Planning Hala…
Summary: A report from the Egyptian Center for Economic Studies on Egypt’s labor force setup. Egypt’s attempts to keep GDP growth rates positive since the January 2011 revolution, the July 2013 uprising, the first float of the pound at the end of 2016, and the COVID-19 pandemic have affected the labor market. “Over the past decade, the Egyptian economy has undergone significant negative structural shifts, skewing job creation toward lower productivity sectors,” a December report from the Egyptian Center for Economic Studies (ECES) said. “COVID-19 has further revealed Egypt’s labor market bottlenecks, vulnerabilities and segmentation.” Local and foreign investors starting…
Since the start of the war in Ukraine in February 2022, Egypt has seen rapid price jumps across the board. Global commodity prices, inflation, currency exchange rates and interest rates are at all-time highs. That invariably affects housing prices. Global Property Guide, a real estate data curation portal, found real estate prices in Egypt (discounting inflation) rose by nearly 58% between January 2022 and 2023 — adjusted for inflation, the increase was almost 34%. A significant portion of those increases is due to more expensive building materials. Published research from the Faculty of Engineering in Mansoura estimated 60% to 70%…