Like a phoenix, Egypt economy is rising from ashes. Egypt's Nile River Delta, once the bread basket of the world, may soon be uninhabitable — Quartz. It’s not a get-rich-quick scheme.
It’s “get-rich-quicker” through systematic, effort and the compounding of effort through groups of people. That’s from the slick marketing of TwinKas, a very popular online “investment” plan in Nigeria. Like MMM before it, TwinKas is essentially a ponzi scheme which promises unbelievable rates of return via a system which relies on regularly recruiting hundreds of new “investors” to keep it running. Despite the stories of such programs eventually collapsing, and thousands of Nigerians losing money, there’s never a shortage of others willing to enroll when new schemes pop up.
Meanwhile in Kenya, which is well known as a mobile-first nation in financial technology, it turns out one of the first reasons some Kenyans buy smartphones is so they can use their phones for online betting, according to a new study backed by the Bill & Melinda Gates Foundation. Gambling is also big in Uganda. Egypt’s capital set to grow by half a million in 2017 - Al Arabiya English. Cairo’s population is set to grow by 500,000 this year, more than any other city in the world, adding to the pressure on an Egyptian economy struggling to recover from six years of political turmoil.
Greater Cairo, a metropolitan area including the cities of Cairo, Giza and Qalyubia, is home to some 22.8 million people and will gain another half a million in 2017, a Euromonitor International report released last week shows. That represents a quarter of Egypt’s 92 million. The national natural population growth of 2.4 percent per year is double the average of other developing countries, said Mohamed Abdelgalil, adviser to official statistics agency CAPMAS. Stinging poverty in southern Egypt leads many families to have several children in the hope they can become sources of income. Those children eventually migrate to larger cities for job opportunities scarce in their hometowns. Cairo to Overtake Shanghai as World’s Most Populated City. Egyptian Universities See Boom in Foreign Students. A massive increase in both non-Egyptian Arab students and other foreign students in recent years has been a real boom for public universities in Egypt.
These institutions benefit both from higher fees paid by those students, and from an enhanced academic standing thanks to the talent they attract from abroad. And the students themselves benefit from an affordable education in a diverse range of subjects. “Tuition and accommodation here in Egypt cannot be compared with elsewhere,” said Mustafa Hurriyah, a third-year Syrian medical student who studies at Assiut University.
Hurriyah previously live in Saudi Arabia, but was unable to complete his undergraduate studies there. Egypt to focus on African exports market: head of ECS. The Egyptian Commercial Service Office (ECS) has designed an ambitious plan to enhance Egypt’s presence in Africa, which Egypt has hedged its bets on for the coming period.
Ahmed Antar, head of the ECS, said that they are currently studying the possibility of taking part in international exhibitions in the African continent, as well as beginning negotiations on the establishment of a permanent exhibition in Djibouti, along with other talks to set up an Egyptian-African free trade zone. How many commercial offices does ECS intend to open in the coming period, and in which countries? The Ministry of Trade and Industry prepared a plan to restructure its commercial representation abroad, out of the belief that the coming period requires rapid actions to restore the competitiveness of Egyptian products.
Ashwa’yat: the underbelly of urban Cairo as understood through data. In a first of its kind, The Population Council and the Central Agency for Public Mobilization and Statistics (CAPMAS) highlighted the problems afflicting the youth living in ashwa’yat (informal housing areas) in a data survey released last month.
The survey noted that Sustainable Development Strategy: Egypt Vision 2030 refers to the vital need to develop Egypt’s ashwa’yat through the creation of 7.5m housing units, with a concerted effort to find solutions to problems pertaining to those areas by 2030. It continued: “This country vision is in line with the United Nations Sustainable Development Goals (SDGs) agenda, which highlighted the plight of [ashwa’yat] dwellers in its “urban goal”. Dr. However, there is very limited data that is able to provide reliable statistics on such areas, particularly on the characteristics of young people living in those informal communities, according to the survey.
Health Labour and employment Education. Business of wheat in Egypt. Currency crisis hits Egyptian pharmaceutical companies. Untitled. CAIRO: Egyptian President Abdel Fattah al-Sisi said Saturday that the military's economic activity accounted for no more than two percent of the country's output, dismissing suggestions that the military could control as much as half of the economy.
Speaking at an event celebrating the expansion of a military-owned company, Sisi said the military made up 1.5-2 percent of economic output which he said was 3-4 trillion Egyptian pounds ($160 billion-$213 billion). That would put the military's share of economic activity at between $2.39 billion and $4.26 billion. "It has been said that the military's economy is worth 20 or even 50 percent of the economy. I wish. Egypt Is Charting a New Economic Course.
'Do what you love': Interview with Egyptian lady CEO. Nevine Loutfy is managing director and CEO of the National Bank for Development.
After an international career spanning over three decades with global behemoth Citibank, the fearless banker left Citigroup’s EMEA Commercial Bank in London where she had held the positions of chief operating officer, managing director and business senior credit officer to head NBD in 2008. At the end of 2007, Abu Dhabi Islamic Bank had acquired a 49 percent stake in NBD, a failing bank at the time, and Loutfy’s mission was to transform NBD into a successful, entirely Sharia-compliant institution.
Suez Canal Economic Zone: the Egyptian dream that could begin a renaissance. Hong Kong, Shenzhen, Singapore, Jebel Ali, Hamburg, Rotterdam, Tangier, and Panama are waterways that brought about major changes for their countries.
However, the oldest waterway, the Suez Canal, has maintained its position as one of the world’s most important waterways since its opening on 17 November 1869. These other waterways around the world have managed to boost their country’s economies in sustainable ways, something that Egypt is seeking to tap into amid an economic downturn and the start of its economic reform programme. Developing the Suez Canal area is one of the main projects President Abdel Fattah Al-Sisi said that he will implement to boost Egypt’s economy.
Egypt's coastal cities affected by rising sea levels. EGYPT-CAIRO-CHINESE AUTOMAKER-BAIC. How Egypt plans to 'return to Africa' Ibrahim Mehleb (C), the presidential adviser for national projects, attends the Africa 2016 forum on Feb. 20, 2016, in the Red Sea resort of Sharm el-Sheikh.
(photo by MOHAMED EL-SHAHED/AFP/Getty Images) Author: Rania Rabeaa Elabd Posted August 30, 2016 CAIRO — Representatives from Egypt, other African nations and Japan met in Nairobi, Kenya, Aug. 27 for the launch of the sixth Tokyo International Conference on African Development (TICAD) Summit. CFEC looks to increase exports to African market in 2016: Chairman.
The Chemical and Fertilizers Export Council (CFEC) plans to allocate more than 20% of its total target exports, valued at EGP 30bn, to African markets in 2016, according to CFEC Chairman Khaled Aboul Makarim.
The CFEC is affiliated to the Egyptian Federation of Egyptian Industries (FEI) and controls more than 25% of the total Egyptian exports. Approximately EGP 4.3bn of this share currently go to African markets, while the rest is exported to other world markets. “We will increase our exports in Kenya, Uganda, Tanzania, South Africa and Ghana,” Aboul Makarim told Daily News Egypt. Aboul Makarim disclosed that the council is currently conducting studies into the feasibility and benefits of establishing a logistical centre in Kenya that would promote Egyptian products. Industrial zone for Russian companies may appear in Egypt in 2017.
A Russian industrial zone may start to function in the Suez Canal area in February 2017, Egyptian Minister of Trade and Industry Tarek Qabil said. "I had a meeting with [Russian] Trade Minister Denis Manturov. We discussed the issue of creating an industrial zone for Russian companies in the Suez Canal area in Egypt. I hope that this will be implemented in February 2017 in three stages," Qabil said in an interview with Interfax on the sidelines of the St. Petersburg International Economic Forum (SPIEF). Qabil also said that he had held a meeting with the Russia side to "discuss an agreement on establishing a free trade zone between Egypt and the Eurasian Economic Union. " Egypt: SICO and China Megaun Group to open a tablet-mobile phones factory in Alexandria - Ecofin Agency. (Ecofin Agency) - Egyptian firm SICO Technology signed an agreement with partnership with China Megaun Group to build a tablet-and-mobile phones assembly unit in Egypt.
The $20 billion plant funded by both parts, will be built in the Borg-El Arab tech zone, in the Governorate of Alexandria. Cited by dailynewsegypt.com, Mohamed Salem, CEO at SICO Technology, said that the plant in its first year will be able to produce 6,000 devices per day and increase to 18,000 devices in 2018. The Salem added that the plant will manufacture smartphones and tablets for the Egyptian market as well as for Southern and Eastern African, the Gulf and Southern American markets. Once the assembly unit is operational, SICO Technology intends to open its capital on the Egyptian Exchange (EGX) to raise some cash to finance its expansion. Mohamed Salem says he aims with this unit to turn Egypt into more than a consumer of electronic devices but into a manufacturer. Sisi issues decree allowing Saudi citizen to buy Egyptian-only land - Al Arabiya English.
Egypt’s President Abdel Fattah al-Sisi has issued a decree allowing a Saudi national to buy a land previously allowed only for Egyptians to own, a statement published in the local Al-Jarida al-Rasmiya newspaper showed on Thursday. The Saudi man, named Hamood bin Mohammed bin Nassir al-Salih, wanted to purchase two pieces of land - located on the Cairo-Alexandria desert highway - but was surprised to find out that only Egyptians were allowed to be the owners, the paper reported. Without explaining how, the paper said this prompted Sisi to issue a decree allowing Salih to buy the land. The news comes after judicial sources told Reuters that an Egyptian appeals court on Tuesday cancelled five-year prison terms handed to 47 people earlier this month for protesting a government decision to transfer two Red Sea islands to Saudi Arabia.
Saudi and Egyptian officials say the islands belong to the kingdom and were only under Egyptian control because Riyadh had asked Cairo in 1950 to protect them. Egypt Suez Canal revenues at $1.239b in Q1 2016 — Mena. Suez Canal Authority chairman Mohab Mameesh said the canal’s revenues had increased despite slowing global trade CAIRO: Revenue from Egypt’s Suez Canal reached $1.239 billion in the first quarter of 2016, up slightly from $1.236 billion in the same period last year, the state news agency MENA quoted the Suez Canal Authority chairman as saying on Wednesday.
Mohab Mameesh said the canal’s revenues had increased despite slowing global trade. Egypt to launch commodities exchange hub by year-end. Egypt will launch the Middle East’s first commodities exchange by the end of 2016, Supply and Internal Trade Minister Khaled Hanafy said in a press release Monday, in the hopes of making Egypt an international grain-trading hub. The new exchange aims to attract 2 million investors in its first year, rising to 9 million over the next five years, Hanafy said. The ministry also anticipates attracting 130 brokerage centers, involving some 65,000 brokers. At the most basic level, commodity exchanges allow for commodities contracts to be bought and sold based on international prices and information. The Supply and Internal Trade Ministry hopes that establishing an exchange in Egypt will protect local farmers from global price swings and encourage grain production by increasing access to international markets.
Africa is Egypt’s priority – Dr Elfekky. Egypt: PM Receives Report On Adding More Hypermarkets, Trade, Logistic Zones. $1 billion bet on ‘New Egypt’ Egypt to allocate industrial lands to investors for free. Africa: Think Again - Egypt Looks South, Finally. AnalysisBy Simon Allison In early April, King Salman of Saudi Arabia went Cairo on a high-profile visit. Egypt invited to attend G20 meeting for first time. Egypt's president opens Africa investment conference. Suffering economic problems due to security issues that led to declining investment and tourism, Egypt received in early January $500 million as the first batch of a $1.5 billion loan from the African Development Bank (AFDB).
IS said it brought down the jet with a bomb. Sindiso Ngwenya, head of the Common Market for Eastern and Southern Africa (Comesa), said intra-Africa trade will improve global investor confidence. The meeting dealt with the business importance of exploiting Egypt's geographical location and excellent logistics capabilities as a gateway between Africa and the Gulf markets, European and Asian. President Abdel Fattah Sisi has disclosed that foreign direct investment from his country to the rest of Africa went up five-fold through the course of the last ten years, reaching a whopping $8 billion. Egypt: Committee for Restoring Stolen State-Owned Lands Formed. President Abdel Fattah El Sisi issued a decree on Thursday on forming a committee for restoring stolen state-owned lands.
Presidential Assistant for national and strategic projects Ibrahim Mahlab will chair the committee. Egypt: Committee for Restoring Stolen State-Owned Lands Formed. Egypt's economy in numbers 2015: Infographic. Egypt: Greater Cairo Residents Reap More Than Half of Wages Nationwide. 1162. Egypt’s Biggest Entrepreneurial Event to be Held in December. Egypt’s Biggest Entrepreneurial Event to be Held in December RiseUp, the platform that connects entrepreneurs and innovators today announced this year’s RiseUp Summit will be taking place on the 12th and 13th of December at The GrEEk Campus and various other venues across downtown Cairo. 2013_RP08_rll.pdf.
Egypt: ‘Free zones’ system in Egypt. 'Free zones' are one of the distinguished investment patterns where an investor can establish, set up and start his own project under the umbrella of this system. Egypt’s Non-Oil Economic Activity Indicates Recovery Has Stalled. President Abdel Fattah Al-Sisi,Minister of Industry and Foreign Trade, Mounir Fakhry Abdel Nour,China Development Bank ,National Bank of Egypt ,SMEs,GAFI,Alaa Omar,Singapore,China,Chinese President, Xi Jinping,Singaporean President ,Tony Tan.
An Egyptian delegation, headed by President Abdel Fattah Al-Sisi, will sign several business agreements with China, said Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour on Sunday. Abdel Nour told Daily News Egypt that the government will ratify a framework agreement, which was initially signed but not ratified on 15 June, about the planned cooperative projects between Egypt and China. Egypt is essential to Belt and Road initiative, Chinese Diplomat. Untitled.