Tag Archive
Egypt currency plummets to 2005 low as banks open
A steady stream of employees flowed into Cairo’s financial district and customers queued to access their accounts on Sunday, the first day for the country’s banks to open after a week-long closure due to political protests. More than 200 bank branches opened today between 10:00 a.m. and 1:30 p.m.. Customers are allowed to withdraw... »
Baksheesh: Egypt’s tipping economy
Image by Bergius via Flickr Alongside haggling, tipping is a pervasive feature of the Egyptian economy. Millions of Egyptians depend on these gratuities for their survival and exist in a kind of parallel “baksheesh economy”, abandoned by government and employers alike. In fact, with the grinding poverty, neglect, marginalisation and disempowerment that poor Egyptians endure,... »
Modern Egypt: Perception vs. Reality
In her article “Western Perceptions of “Third-World” Egypt are Inaccurate“, Chloe Jenkins-Sleczkowski explores the pervading western perception of Egypt as a country of ancient history that now only exists as a struggling postcolonial nation. As part of an independent research project to study the role of women in modern Egyptian society, Jenkins-Sleczkowski discovered that the... »
Egypt hires Hill and Knowlton to communicate its expanding economy
Global public relations firm Hill and Knowlton is to spearhead an international campaign for Egypt to help generate investment into the country from across the globe. The country wants to highlight its evolution from a developing economy into a secure international marketplace. The focus will be to communicate the competitive advantage Egypt offers companies locating... »
Egypt tourism expected to break even by year end
Image by khalid almasoud via Flickr Revenues and the number of visitors from last year are expected to be the same this year, as the effect of the global economic crisis appears to be less severe than expected. Currently, the Egyptian tourism industry is 4-5 percent below last year’s revenues. The Ministry of Tourism is investing even... »
World Bank loans Egypt $300 million for housing program
Approximately 75 percent of newly formed households cannot afford to acquire a formal sector house without a subsidy and have to rent or own in the informal sector. Current supply side subsidies targeted to this income group and channeled through developers are not always efficient, transparent, or equitable. The Affordable Mortgage Finance Program will gradually... »
Egypt renewable energy technologies
Egypt is fast on track to become the leading country in Middle Eastern renewable energy initiatives. The country has adopted an ambitious plan to cover 20% (12000 MW) of all generated electricity by renewable sources in 2020, including a 12% (7200 MW) contribution from wind energy. The new Electricity Act, subject to the approval... »
Nile River making a comeback as a major trade route
Image via Wikipedia The Egyptian government and several private companies are preparing to invest hundreds of millions of pounds in an ambitious effort to revive shipping along the Nile. Their plans call for at least a half dozen new ports, a series of barrages and extensive dredging. Advocates say the work will help relieve pressure... »
Egypt facing the challenge of a slowdown in tourism
Despite the impact of the global downturn on Egypt’s important tourism industry, international investors continue to recognise that there are numerous lucrative opportunities worth exploiting in the market. Some notable examples of new investments announced at the end of 2008 and the beginning of 2009 include the renovation of the Nile Hilton costing $64 million... »
Egypt: Economy expected to grow 5% this fiscal year
Egypt’s economy may grow nearly 5 percent in the fiscal year that ends in June 2010, Finance Minister Youssef Boutros-Ghali said today. The economy of the most populous Arab country is expected to expand by up to 4.7 percent in the fiscal year that ended in June, compared to 7.2 percent in the previous year,... »
