This article first appeared in April’s print edition of Business Monthly. Generation Z (Gen Z) — those aged 12 to 27 — will be vital to every company’s long-term success. “As Gen Z’s spending power increases in the coming years, it is essential that banks understand what makes this generation tick and how best to meet its needs,” Giesecke+Devrient, a cybersecurity company focusing on banks, said in an undated research paper. Many Gen Zers are unsatisfied with most of the financial services on offer. The survey accompanying the Giesecke+Devrient research paper shows “34% believe their banks meet their needs, 47%…
Author: Tamer Hafez
This article first appeared in April’s print edition of Business Monthly. When ChatGPT, a free AI chatbot, launched in 2023, it put the spotlight on the entire artificial intelligence (AI) landscape. “Developments in AI have provoked a mixture of excitement and anxiety among commentators, politicians, policymakers and members of the public,” Jana Mackintosh, managing director of payments, innovation and resilience at UK Finance, a trade association, said in a November report. An August report from The Alan Turing Institute, the UK’s national institute for data science and artificial intelligence, stressed: “In its various forms, from simple rule-based systems to advanced…
This article first appeared in April’s print edition of Business Monthly. As prices of essentials and non-essentials increase (annual inflation was above 30% in 2023, dipping to 29.8% in January but jumping to 35% in February), many consumers will start to consider how they can maintain their lifestyles by paying for goods and services in installments. An October report from the Egyptian Financial Regulatory Authority (FRA) said that during the first half of last year, the number of individuals seeking “buy now, pay later (BNPL) schemes when making large or small purchases [increased] 27% … compared to the same period…
This article first appeared in March’s print edition of Business Monthly. Since 2022, the shortage of foreign currency in Egypt has been a significant concern for the government, businesses and investors. As of Feb. 9, the pound’s black market exchange rate was twice the official one as the government announced new import restrictions to curb dollar outflows. Sectors that require little or no foreign currency and whose products or services can be exported easily are vital for boosting dollar inflows. Enter the orange (creative) economy, which includes traditional handcrafts, photography, sculpting, and other works of art. It also covers architecture,…
This article first appeared in March’s print edition of Business Monthly. A quick way for a local entrepreneur to establish a brand name and loyal customers from day one is by affiliating with established local or foreign brands. In Egypt, that model has been a winner. “Franchising in Egypt has proved to be [a] successful business system, especially for food and beverage entities aiming to grow and expand in the Egyptian market,” law firm Youssry Saleh and Partners said in a note. “In some cases, it is convenient and more beneficial to purchase a franchise that is already established.” Despite…
This article first appeared in March’s print edition of Business Monthly. Robust frameworks to protect innovators’ ideas have a “vital role in growing the economies of developed and developing countries,” said a report from the International Chamber of Commerce, an industry body. It “spurs innovation [by] giving large and small firms a range of tools to help drive their success.” Egypt has long underperformed in that respect. The country’s rank in the International Property Rights Index decreased from 70 (of 129 nations) in the 2022 report to 88 (of 125 nations) in 2023. It also performed poorly in MENA, ranking…
This article first appeared in March’s print edition of Business Monthly. Africa is witnessing unprecedented long-term economic complications as three global crises coincide, threatening the GDP growth outlooks and the continent’s countries under significant economic pressure. Climate change will be a constant factor, disrupting food supplies and raising prices. Meanwhile, foreign currency inflows to the continent are declining as inflation increases and other metrics turn negative. The third crisis is that governments and central banks are maintaining loose monetary policies and allowing fiscal deficits to widen to stave off recession, as they can’t afford to enter a recession. “I call…
This article first appeared in March’s print edition of Business Monthly. The 2024 U.S. elections could be a watershed moment for America, its allies and rivals, and countries that want to retain a balanced relationship between East and West. “The president chosen in 2024 will … be in charge in the moment of maximum danger,” John Prideaux, U.S. editor for The Economist, wrote in the World Ahead issue published in November. MENA is one region whose economic policies will likely change in response to the next U.S. president’s actions. It is already strengthening economic ties with nations that don’t see eye-to-eye with…
This article first appeared in March’s print edition of Business Monthly. With over a quarter of the population classified as Gen-Z (born between 1997 and 2012), according to data aggregator Statistica, Egypt’s corporate life is primed for inevitable change. “‘Boomers and Gen X [born between 1946 and 1980] have the mentality of: ‘If you work really hard, you’ll get a great lifestyle in return,'” Harriet Minter, the author of “WFH (Work from Home): How to Build a Career You Love When You’re Not in the Office,” told Metro, a UK publication, in February. However, “for the younger workforce, the [increasing]…
This article first appeared in February’s print edition of Business Monthly. In the coming years, Egypt urgently needs to significantly boost investments to increase internet speeds and reliability. Speedtest Global Index, a portal ranking internet speeds worldwide, said that with no improvement in mobile internet speeds for the year ending in November, Egypt fell five places to rank 109th out of 146 countries. For fixed landlines, internet speeds increased a whopping 40.46% over the same period, yet the country’s rank improved by only six places to 77th out of 178. Shifting from 4G to 5G networks is essential to achieve…