Egypt is preparing to submit a proposal to the International Olympic Committee for the 2036 Games as part of the government’s efforts to establish goals for developing the sports industry over the next 12 years. Competing for the right to host the Summer Olympic Games would cost “a pretty penny” to build the necessary infrastructure and facilities to accommodate athletes and millions of visitors. The BBC reported nearly 15.3 million people entered host nation France this summer to watch the games live. According to Market Watch, an economic platform, the country spent about $8.2 billion preparing the country for the…
Author: Tamer Hafez
With 3,000 kilometers of shoreline on the Mediterranean and Red Sea, a canal that has witnessed up to 12% of global trade traverse it, and a location that connects Europe, Asia, and Africa, Egypt has all the makings of a regional trade hub. However, the country is not capitalizing on its full potential. It ranked 84th out of 88 nations in the International Trade Barrier 2023 report published by the Tholos Foundation, a U.S. educational nonprofit. The World Bank’s Logistics Performance Index 2023 ranked Egypt 57th out of 138. A report by the Information and Decision Support Center (IDSC) in…
Free cross-border trade has long fueled global economic growth. It also has significantly shortened recessions (when an economy’s GDP shrinks in two consecutive quarters) and helped nations overcome supply and demand shocks. “Countries have become successful because they chose to participate in global trade, helping to attract the bulk of foreign direct investment in developing countries,” the IMF said. “Over the past 20 years, the growth of world trade has averaged 6% per year, [nearly] twice as fast as world output.” The march toward lowering trade barriers took a U-turn in 2016. “We reject globalism and embrace the doctrine of…
Egypt’s ongoing need for financing and investment is well-documented. “Egypt faces two key challenges when it comes to financing,” Yomna Mohieldin, a Harvard University research fellow, said in an April blog on Finance for Development Lab, a think tank. “Firstly, a lack of funds due to a foreign liquidity squeeze … led to credit downgrading [which made borrowing more expensive and scarcer]. Secondly, a growing perception that regional partners’ support for the Egyptian economy is declining.” Until the end of 2023, Egypt had to secure almost all its debt and external financing needs from developed wealthy nations (the United States,…
The global automotive sector is witnessing significant changes. “There has been no shortage of headlines in the news cycles about the struggles and opportunities for this sector,” Lawrence Keyler, global automotive leader and partner at RSM US, a think tank, said in a 2024 insights note. Those changes arise from increased competition, which will challenge how traditional auto manufacturers (OEMs) “think about their product development, marketing, and supply chain,” Grand Lui, manufacturing lead at RSM Canada, said in the annual insights report. Local auto manufacturers could be noticeably affected because they assemble models belonging to major international OEMs. Deloitte’s “The…
As one era ends and another starts, significant disruptions are inevitable. First movers already have an advantage and want to maintain it. Everyone else is striving to catch up by accelerating adoption of the latest technologies while protecting lagging domestic companies from more advanced foreign competitors. The global auto industry faces such a difficult transition, shifting from internal combustion engine (ICE) vehicles, which have existed since the 1830s, to modern electric vehicles (EVs), commercialized in 1996. Those difficulties arise from decisions made by China, the EU and the United States regarding EV manufacturing and cross-border trading. To increase supply and…
Ankush Arora, CEO of Al Mansour Automotive Group, discusses survival strategies post-pandemic, government efforts to promote local industry, and the future of the local market. Replies were edited for length and clarity. Q: What is the scope of Al Mansour Automotive’s operations? The Al Mansour Automotive Group has operated as a passenger and commercial vehicle distributor for 50 years. We have been the market leader for 20 years [based on data from the Automotive Marketing Information Council, an industry body] We have been assembling cars locally for the past 44 years. It started with a joint venue with General Motors,…
Producing and selling locally made passenger cars has been the proverbial feather in the cap of Egypt’s successive governments since the late 1950s. “Every country in the world longs for a car industry,” Adel Gazarine, then chairman of the Egyptian Businessmen Society, said in a documentary on Egypt’s first locally manufactured car, the Ramses. “It gives prestige to the country. It’s said that any … country longs for three things: to set up embassies, to have a flag, and to establish a car industry.” The first decade of the 21st century saw a surge in local auto assembly investment, with…
For executives, access to powerful tools that help them make informed decisions is essential to remain competitive against mounting competition and fast-changing trends. “The potential for AI [artificial intelligence] to transform business, industries and society has been mounting for decades,” noted a 2024 report from JLL, a real estate think tank. “The technology’s proficiency in writing, drawing, coding and composing has compelled corporate leaders to consider both the opportunities and threats AI presents for their future.” Introducing AI to real estate should not be problematic. “Any business that involves data is a good target for AI,” said a November paper…
For the government, enticing youth to open their own companies is a priority. “Entrepreneurship is essential to Egypt’s economic growth, especially amid the current challenging global context,” the World Bank said in December. “By starting their own businesses, entrepreneurs … can generate sustainable incomes for themselves and create more jobs within their communities, boosting incomes for more people.” Unlike almost all other economic activities, promoting entrepreneurship requires more than government or private sector incentives and investments. “Entrepreneurial activity across countries suggests that factors other than economic ones are at play,” Roy Thurik, a professor of entrepreneurship and economics at Montpellier…