amwalalghad :: Blogging

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Citizen Journalism - Blogging

Mohamed El-Erian - 2015-04-20 11:16:39
With negotiations faltering, the rhetoric intensifying and a daunting payment schedule ahead, there is mounting concern that the latest disagreements over Greece may be more than just another stage in the prolonged repeated game involving that country's debt drama. The worry is that, this time, a ghastly set of circumstances is coming together to form an inevitable reality – that of Greece being ejected from the euro zone (a forced “Grexit”), which wouldn't be caused by a conscious decisions, but would be the result of a huge accident (“Graccident"). Here are the 11 things you need to know: 1- What is making this scenario seem more plausible is the simple fact that Greece is rapidly running out of money, a situation so dire that the unthinkable is on the table: a default on obligations to the International Monetary Fund, one of the world’s few preferred creditors. 2- With such an outcome becoming more than just thinkable, the walk away from Greek financial assets has turned into a jog that could be on the verge of turning into a run. Even some of the structural holders of Greek debt, such as foreign subsidiaries of Greek banks, have been exiting their holdings. Meanwhile, withdrawals of bank deposits are probably accelerating, this after large amounts have already fled the Greek banking system. 3- The result is to suck more oxygen from an economy that is already struggling mightily. It also worsens dependence on “emergency lending” from an already hesitant European Central Bank system, which misses no opportunity to say that such funding isn't intended to repeatedly fill gaps created by others -- especially because the ECB has been Greece’s only large official financier for quite a while. 4- The solution involves four main components: Policy reforms by Greece, immediate funding from creditors, additional debt reduction and easing some of the demands for budgetary austerity. These conditions will need to be implemented simultaneously, and should be accompanied by close collaboration and continuous constructive consultations among the Greek government, its European partner governments, regional institutions and the IMF. At the moment, what should be a cooperative undertaking is being approached uncooperatively. 5- While this is by no means the first dramatic moment of brinkmanship in the Greek crisis, the disagreements this time are much deeper and consequential. Dogma, morality and blind spots are playing a much greater role, obscuring economic and financial realities. Also, negotiations have been undermined by months of a public blame game, with accusations and counter-accusations (including some unusually personal ones). 6- Even though it has quite a bit of economic logic on its side, the new Greek government has failed both in meaningfully evolving the thinking of its creditors and in credibly signaling its commitment to carry out needed economic reforms. Part of this reflects unfortunate negotiating tactics, including public posturing in which nuances and confidence-building steps are lost in translation. But it also is the result of the intransigence of an impatient Europe, whose member states, to Greece’s detriment, no longer sort themselves along traditional debtor/creditor lines. That means the Greek government hasn’t even secured the negotiating backing of peripheral economies such as Ireland, Italy, Portugal and Spain. 7- Europe’s uncompromising stance reflects more than simply disapproval of the way the new Greek government has handled the negotiations. The continent is in a better place to deal with the potential collateral damage of a messy Greek situation, be it financial or technical, especially compared with 2010 and 2012. The euro group has taken major steps to counter the risk of contagion by establishing stronger regional arrangements to insulate members that could be more vulnerable (including Ireland, Italy, Portugal and Spain) from the dislocations in a particular country (in this case Greece). Markets have been much calmer, containing until now the pricing of extreme risk to Greek assets. Moreover, most of the peripheral countries have taken steps to increase their own defenses, especially compared with July 2012, when ECB President Mario Draghi's dramatic commitment to do “whatever it takes” averted the cascading financial collapse of several European economies (and the euro with them). 8- Being in a better relative position doesn't necessarily mean being totally safe. Fragile growth in Europe would probably take a hit from huge Greek dislocations. Some institutions would face financial pressures. And no one can forecast with any accuracy the regional implications of a potential Grexit/Graccident, given that these eventualities were never envisaged in the design of the euro zone. 9- Putting all this together leads me to postulate today a 45/10/45 probability distribution: There is a 45 percent chance that a last minute messy compromise allows the muddling-through to continue; a 10 percent chance that a meaningful policy breakthrough will be achieved, and a 45 percent chance that the outcome is a Graccident in which both the Greek government and its European partners lose control of the situation. Under this third scenario, a series of Greek payment defaults, bank runs and the imposition of capital controls would force Greece out of the single currency. 10- An optimist would espouse the 45 percent probability that a muddle-through compromise materializes at the 11th hour (or, to be more accurate, at 5 minutes to midnight). The realist would point out that there is a 90 percent chance that no decisive breakthrough is achieved, and that Greece and the euro zone experience an intensification of recurrent tensions and political stalemates, either immediately or down the road. 11- These probabilities aren't set in stone.  They could -- and should -- be altered by more visionary policy making on both sides, along with early confidence-building steps. The challenge is that time to do so is running out.About the Writer: Mohamed El-Erian is the chief economic adviser at Allianz SE. He’s chairman of Barack Obama's Global Development Council, the author of best-seller "When Markets Collide," and the former chief executive officer and co-chief investment officer of Pimco. More»
Sara Zaki & Noha Gad - 2015-04-06 11:37:49
As part of the Egyptian society you are obliged to be submitted to rules and prototype of how your life should be, no matter what dreams or targets you set for yourself. “1980 and Above” play discusses- among other problems- a controversial issue of couple loving each other but the economic and social restrictions standing before them. More»
Keith Koffler - 2015-03-26 14:05:40
As Senator Ted Cruz (R-Tex.) announced on Monday that he is running for president, his Virginia audience cheered. He dropped applause line after applause line on some 10,000 students at Liberty University, which bills itself as the largest Christian university in the world. Cruz riffed, unimaginatively, on an “imagine” theme, asking the young audience to “imagine a president” who would repeal Obamacare and perform other feats. There was applause throughout. But one line prompted the students to erupt into a roaring, 30-second, standing ovation: More»
Amwal Al Ghad English - 2015-03-13 12:32:58
In his recent article at The Hill newspaper, high-profile Egyptian banking figure Hisham Ezz Al-Arab writes about the important role played by the Egyptian banking sector. He began his essay as "We have all begun to notice the slow but steady recovery taking place in Egypt. The utter turmoil of the past three years should have destroyed Egypt, but it did not.  Instead, Egypt avoided a major collapse and survived. How?  Was it the Egyptian people’s sheer force of will?"Without question, the Egyptians for thousands of years have overcome seemingly insurmountable threats to their survival.  In the latest upheaval, that will was fortified by the resilience of the country’s banks.  Led by the Central Bank of Egypt (CBE), the banking sector’s ability to withstand the crippling repercussions from essentially two revolutions, four leaders and three constitutions in three years, not to mention the global financial crisis of 2008, is nothing short of extraordinary. At a recent speech to a U.S. corporate delegation visiting Egypt, the Central Bank Governor Hisham Ramez reminded us how the banks saved Egypt from collapse.  It goes back to the early part of the first decade of this century when the Central Bank led a process of consolidation, privatization, recapitalization and increased foreign ownership.  At the same time it implemented a series of regulations, including conservative liquidity requirements, deposit reserves and capital adequacy requirements, all to strengthen the sector.  These moves produced banks that were perhaps the strongest, most efficient and most liquid in all of the emerging markets.  And so, when the upheaval erupted beginning in 2011, the banking sector stood on solid ground and kept the entire financial industry afloat. Withdrawals were honored, liquidity measures were in place and foreign reserves were held in liquid assets which resulted in no losses upon liquidation. The CBE wisely moved to intervene on the Foreign Exchange which immeasurably helped to restore order in the financial markets. All indicators confirm the resilience and strength of the banking sector. Capitalization levels are not only adequate, but exceed Basel III requirements.  Tier I capital is 11 percent versus a threshold of 6 percent.  Common equity stands at 10 percent, versus the 4.5 percent requirement. Confidence in the sector is best reflected in the number of deposits which have grown from EP973 in 2011 to 1.5 billion in October of this year.  Local foreign currencies have grown commensurately with a rise from EP465 billion to 607 billion over the same period. The challenge now for the CBE is to keep the momentum going to maintain growth and price stability. Ramez says the answer is continued regulation, transparency and disclosure to ensure credibility, and financial inclusion. To that end, the CBE has sponsored several important projects. In February of last year, it launched a home loan initiative for affordable housing to address the housing shortage.  The next month, it guaranteed foreign currency liquidity upon exit by foreign investors, relaxing restrictions from the 2011 revolution.  And in September, it issued Suez Canal Certificates for the New Suez Canal project in which over one million Egyptians participated and over US$8.5 billion was raised in eight business days. Egypt has reached a critical moment, one where its future will be defined either by years of further turmoil, or alternatively by prosperity, stability, and inclusion.  I would argue that the banking sector, led by the CBE, is making it possible for Egyptians to realize the latter.  Equally, and importantly, the sector has proved to the world that Egypt has emerged from the darkest of days and is moving forward with grace towards a new Egypt. Hisham Ezz Al-Arab is the chairman and managing director of Commercial International Bank (CIB), the largest private sector bank in Egypt. He also serves as the chairman of the Federation of Egyptian Banks, the first private sector banker to be elected to this position. More»
Ziad Bahaa-Eldin - 2015-03-12 13:43:26
Expectations are running high, as Egyptians anticipate tangible improvements as soon as the economic conference is over. And they are right. The official discourse and the local media have raised hopes tremendously and portrayed the conference as an end rather than a means. In fact, the conference poses five challenges to the Government. The first is to handle with these high expectations with honesty and to temper the enthusiasm by the media and various officials who have led the public to believe that simply filling up the conference hall and discussing billion-dollar projects is enough to improve citizens’ living conditions, as that high prices, unemployment, and the cooking gas crisis will all be resolved between Friday and Sunday. A realistic view is necessary to avoid popular frustration when these problems persist even after the guests go home. The second challenge is identifying the purpose of the conference and a benchmark for its success. Some background may be useful here. In late 2013 when the idea of an international conference was first floated, to coincide with the completion of the constitutional roadmap, the objective was to mobilize the support of countries and international financial institutions for the rehabilitation and revamping of Egypt's infrastructure and public services. With time, however, the focus gradually shifted from financing infrastructure through grants and soft loans to attracting private investment and promoting commercial ventures. This change occurred in response to domestic media, which deemed a donor conference as unbefitting, as well as to the desire of Arab Gulf states that wanted the conference to address private-sector investment issues, not only government finance. Regardless of the reasons, the focus on investment may affect the state’s ability to finance infrastructure projects through loans and grants as was originally expected. Thirdly, the conference should not only showcase investment and business opportunities. Instead, the government should seize the chance to outline its medium and long-term economic policy, especially in regard to the budget deficit, prices, the currency market, the tax regime, public spending priorities, the state’s role in economic activity, and the growing unemployment. This would inform investors and the Egyptian public of the course the state intends to pursue in its management of the country’s affairs, a message I believe to be much more important than highlighting investment opportunities. Professional investors don’t expect the government of any country to lay out available business opportunities; they are usually well-informed in such matters. They come to such conferences seeking an understanding of the state’s economic orientation and public policies, in order to enable them to better assess potential risks and rewards. The fourth challenge is to clarify the state’s social policy, even in a conference largely aimed at major, private-sector investors. Before the January revolution, Egypt successfully improved national economic indicators, increased growth, employment, and currency reserves, opened new fields to foreign investment, and raised the country’s credit rating. But in the absence of a clear social policy and instruments to fairly distribute the fruits of growth, the poverty rate increased, public services collapsed, and income, opportunities, and resources become more inequitably distributed. That’s why immediately after the January revolution poverty and social justice became a dominant issue for all political parties and a major theme in all parliamentary and presidential elections. As this enthusiasm waned, the focus again turned to attracting large investments with the provision of tax breaks and benefits to spur the growth rate, with little regard for the social policies that must accompany such measures. Even the Ministry of Social Solidarity’s most recent welfare programs and the Ministry of Supply’s new moves to shore up food subsidies received little attention. The priority seems once more to encourage investment while offering palliatives and aid to the poor, instead of a vision that frames social welfare as the right of every citizen to a share of national wealth, resources, services, and opportunities. And although the audience at Sharm al-Sheikh is large investors and global corporations, it is necessary to affirm the state’s adherence to a clearly defined social policy because all of Egypt is a party to the conference, even if few Egyptians are present. The fifth and final challenge rests with the investment draft law, several versions of which have been penned over the past months by the Ministry of Investment and the Ministry of Transitional Justice. The final draft published in the press this week should be considered more closely before ratification: it includes articles that could open the door to favoritism by granting incentives without clear guidelines, allocating investment lands without regard for laws designed to protect public monies, and allowing the Investment Authority oversight of investment projects, which runs counter to the prerogatives of specialised government bodies. The law requires further study, and there’s no need to rush it just for the conference. Wishing the conference success in realizing the hopes and aspirations of the Egyptian people. More»
Peter R. Orszag - 2015-03-09 16:15:15
On March 13, Egypt will open a big economic development conference in Sharm el-Sheikh intended to show the world that it is fixing its economy and to attract foreign investment. The conference is pitched as a “key milestone of the government’s medium term economic development plan.” With a population of more than 80 million and the geographic advantage of being situated between Asia and Europe, Egypt has theoretically strong medium- and long-term economic prospects. In reality, though, economic performance has disappointed. For several years after the revolution, growth was stuck at about 2 percent. Today, the unemployment rate is above 13 percent, government debt hovers around 90 percent of gross domestic product, and inflation is about 10 percent. In the run-up to the conference (at which I will speak), the International Monetary Fund released a major review of the Egyptian economy, which projected growth of more than 4 percent for next year and almost 5 percent by 2018. IMF projections are certainly no guarantee of a rosy future; for the past several years, they've been consistently overoptimistic. In April 2012, the IMF projected Egyptian growth in 2014 would reach 5 percent and it turned out to be less than half that. Egypt can indeed realize its economic potential, however -- as long as the government continues with reforms, the business environment improves, the exchange rate depreciates, and more women are encouraged to enter the workforce. That’s a long list of conditions, but not unachievable. President Abdel Fattah al-Sisi has already carried out some needed economic reforms. He has reduced the country's excessive, regressive fuel subsidies, which have pulled resources into energy-intensive sectors. This has meant price increases of 40 percent to 80 percent on fuel products -- a jump that's been cushioned by the global decline in oil prices. The regime has also raised tobacco and alcohol taxes, introduced a tax on dividends and capital gains, and imposed a new 5 percent tax on high incomes. These changes are all to the good. Achieving 5 percent or even 6 percent growth, however, will require more action, in addition to the efforts being planned to phase out energy subsidies. One imperative is to improve the business environment. Egypt ranked 112th out of 189 countries in the World Bank's 2015 survey on places to do business. The development conference is meant to signal that the government is working hard to attract foreign investment, including by cracking down on corruption, passing a new investment law and streamlining the bureaucracy. The government also needs to allow the Egyptian pound to adjust further, by loosening or eliminating the informal peg to the dollar. Last year's current account deficit (excluding grants from other countries) amounted to 5 percent of GDP. Inflation is running higher in Egypt than in its trading partners, and that's causing a real appreciation of the exchange rate. The economist Caroline Freund, at the Peterson Institute for International Economics, estimates that Egyptian exports are only about a third of what they should be. Freund also says the currency should depreciate by 20 percent to 30 percent to help boost foreign investment, exports and tourism. A third imperative is to boost the number of women in the workforce. Only about 25 percent of Egypt's women are in it now, placing the country 136th out of 142 on this measure, according to the 2014 Global Gender Gap Report. It's hard to boost economic growth when half the potential workforce participates at such a low rate. (Interestingly, in Egypt, the women who do work earn almost as much as otherwise similar men; on this measure, Egypt ranked 12th in the world.) A rosy financial future for Egypt is by no means guaranteed, but with continued bold reforms, the IMF’s optimism on Egypt may this time prove warranted. About the Writer: Peter R. Orszag is a Bloomberg View columnist. Now vice chairman of corporate and investment banking and chairman of the financial strategy and solutions group at Citigroup, he was previously President Barack Obama's director of the Office of Management and Budget. Orszag was the director of the Congressional Budget Office from 2007 to 2008. He served in two jobs in the Bill Clinton administration, as a senior economist at the Council of Economic Advisers from 1995 to 1996 and, in 1997, as top adviser to the director of the National Economic Council. He has a doctorate from the London School of Economics and a bachelor's degree in economics from Princeton University. An adjunct senior fellow at the Council on Foreign Relations, he lives in New York. More»
Ashraf Salman - 2015-03-07 12:01:04
Investors are flooding back to Egypt, the Arab world’s most populous country, drawn by the government’s economic, legislative and regulatory reforms that together amount to a quiet revolution. The country is currently developing massive infrastructure projects, such as the expansion of the Suez Canal, designed to double daily capacity in the strategic waterway, and the launch of an associated industrial and logistics hub that will encourage growth in the wider Canal zone. Supported by investment, tax and subsidy reform—creating an environment for the growth of small- and medium-size enterprises—these projects have been instrumental in attracting foreign direct investment. Through broad-based development supported by strong foreign investment, Egypt can avoid the development traps that have held the region back. This new economic revival can help improve standards of living and provide a model for inclusive, sustainable growth in the Middle East and North Africa. What is happening today in Egypt is quite different from the typical economic development models of the past. Emerging-market growth is often driven by the extraction of primary resources such as oil or by making low-cost products for developed markets. Both models have their pitfalls. Oil-based growth often crowds out other industries and precludes the development of indigenous expertise. Export-driven growth without the development of a domestic consumer market creates a dependence on the economic cycles of export markets. This is the situation in China today. The Egyptian government is aiming for a middle path that maximizes Egypt’s natural resources and encourages export industries while retaining and building on the country’s robust consumer market. Foreign investors are beginning to recognize this diversity and placing their money behind this multi-industry model. In December, BP announced plans to invest $12 billion in Egypt over the next five years, doubling gas supply for the domestic market. Yet this isn’t a classic emerging-market tale of foreign investment in the extractive industries, creating an economy skewed towards a single export. In January, Nestlé announced plans to invest $138 million to create a manufacturing base for new products in its nutrition and health businesses. That same month, Kellogg’s acquired a majority stake in Cairo-based Bisco Misr, a brand-name domestic baking company. Industry insiders think this move signals Kellogg’s plans to grow its North African snack business, joining a raft of consumer-goods firms investing in Egypt over the past year, including Coca-Cola , PepsiCo and Saudi Arabia’s Almarai. All the basics for sound economic development are in place, starting with a population of almost 90 million people, half of whom are between the ages of 15 and 44. Egypt enjoys a unique strategic location, linking Africa to Asia and—thanks to the Suez Canal, which will soon allow for two-way traffic—is within easy reach of world markets in Europe and the Far East. Our country has multiple free-trade agreements, with the European Union, the Gulf Cooperation Council and African nations. Much of our infrastructure has been in place for decades, but Egypt suffered severely from the double blow of a global economic downturn and local political instability. Foreign direct investment in Egypt plummeted to a mere $2.2 billion in fiscal 2010-11 from a high of $13 billion in 2007-08. But in 2013-14, FDI bounced back to more than $4 billion. This recovery is thanks in part to the restoration of political stability and the transition to a new constitutional settlement. Parliamentary elections are forthcoming. But political stability alone isn’t enough to explain the resurgence of confidence. Stability without growth—growth that touches all levels of society—has hamstrung the Arab world for much of the postwar period. The new surge in FDI represents an international appreciation that this Egyptian government is committed to making the country a business-friendly environment. Egypt is implementing a reform program designed to stabilize the country fiscally, promote growth through regulatory reform and encourage domestic and international investment. At the heart of this effort is a range of reforms that will make it easier to do business in Egypt. Next week, the Egypt Economic Development Conference in Sharm El Sheikh will showcase this new economic momentum, communicating Egypt’s growth story and confirming that the country is on a new track. There are still many economic challenges to overcome but, backed by an inflow of foreign capital, momentum is beginning to build. With persistence and investor-friendly reforms we are confident that Egypt can resume its place as one of the important economies in the Middle East and an example to the region. More»
H.A. Hellyer - 2015-03-02 08:04:34
Egypt last had a full legislature combined with a civilian executive in February 2011. Back then after having lost popular legitimacy and effective control of the country, Mubarak was pushed from power, and parliament was then dismissed. Since then, there have been legislatures, and there have been elected executives - but never both at the same time. Morsi came close, as he did enjoy the existence of the upper house of parliament, coinciding with his presidency - but not a full legislature. March and April in 2015 were hitherto packaged as a landmark when there would be, for the first time in more than four years, a functioning legislative along with an elected executive. Cases brought to the Supreme Constitutional Court, however, meant that a series of challenges were heard against the legal regime that elections were meant to be held under. The court rejected several challenges - crucially, the court has upheld the constitutionality of the electoral law and political rights law, which many political forces have convincingly argued will result in a fragmented and disproportionate parliament. As it is, that parliament debut will be yet further delayed. More»
Amwal Al Ghad English - 2015-02-25 11:02:52
Federal Reserve Chairwoman Janet Yellen goes to Capitol Hill this week to deliver her semiannual testimony on monetary policy and the economy. Every utterance is potentially market-moving, coming at a time when the Fed is considering when to start raising short-term interest rates after holding them near zero since late 2008. Here is a smattering of the types of questions she is likely to get from lawmakers—and the sorts of answers Ms. Yellen can be expected to deliver. She testifies before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday. More»
Gavin Hewitt - 2015-02-22 09:36:20
After hours of fast-moving developments, a deal to settle the Greek bailout crisis hangs in the balance. This morning Greece confirmed that it was sending a letter to the head of the Eurogroup, Jeroen Dijsselbloem. It was a formal request to extend the loan agreement by six months. More»