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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

      Top 10 listed companies in the Middle East

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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          UAE sends medical aid to Iraq to fight COVID-19

          UAE sends medical aid to Iraq to fight COVID-19

          UAE launches phase III trial of inactivated Covid vaccine

          UAE launches phase III trial of inactivated Covid vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
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            • Business
            • Communication
            • Digital
            • Economy
            • Finance
            • Trade
            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              2016 a transitional year for Egypt

              Oxford Business Group

              January 5, 2017
              in Economy
              0

              The acceleration of a long-awaited reform programme and continued economic recovery, particularly in the retail and energy sectors, made 2016 a transitional year for Egypt.

              Funding approval
              On the back of the government making progress on economic reforms, including allowing the Egyptian pound to trade freely, in mid-November the IMF approved a $12bn bailout package.

              Aimed at reducing external imbalances, bringing down public debt and boosting growth, the IMF deal initially provides $2.75bn – with the remainder to be released in tranches over the course of three years, contingent on five reviews of the government’s reform drive.

              Getting with the program
              The conditions for disbursement stipulated by the IMF included changes to the tax system and subsidy reductions, as well as the currency float.

              At the end of August the Egyptian parliament approved a value-added tax (VAT) of 13%, which will be increased to 14% at the start of the next financial year. The introduction of VAT should help broaden the tax base and bolster government revenues.

              In the same month the government trimmed petrol subsidies and revealed plans to increase fuel prices to 65% of their cost during FY 2016/17.

              The country’s ballooning subsidy bill has drained financial resources needed for developing infrastructure, health and education, while also distorting economic incentives.

              Currency depreciation
              Following the anticipated currency float in November, the Egyptian pound lost half its value against the dollar. Despite fears that a weaker pound could drive inflation even higher, Egyptian stocks jumped following the announcement. Many stakeholders also point to the fact that the devaluation will increase the competitiveness of the country’s exports and make it an even more affordable tourism destination.

              The move should also help trim the current account deficit – something that remains a risk factor for economic stability. Egypt’s current debt is hovering around 100% of GDP, according to the IMF, with the budget deficit coming in at around 12.2% of GDP in FY 2015/16. The government aims to reduce this to below 10% of GDP by the end of FY 2017/18.

              Retailers on the rebound
              Several sectors were already regaining momentum in 2016. In September the country was reinstated onto AT Kearney’s Global Retail Development Index for the first time since 2011.

              The management consultancy company forecast that the modern retail segment will enjoy a compound annual growth rate of 10% this year and next, potentially doubling by 2021 on the back of decreased risk and a growing population – expected to reach 100m by 2020.

              Egypt’s retail sector continues to evolve as modern retailers’ develop a stronger market presence and consumers increasingly turn to supermarkets and hypermarkets, rather than traditional stores.

              Boosting power capacity
              A drive to increase power generation has been another feature of 2016, with an eye on rapidly rising household demand and Egypt’s growing industrial sector.

              The Egyptian authorities set a target of adding 3.5 GW of capacity by the end of this year through investments totaling LE52bn ($2.8bn), while a further LE12bn ($643.3m) was allocated to transmission and LE10bn ($536.1m) to distribution.

              Germany’s Siemens continued to push ahead with its three 4.8-GW combined-cycle gas-fired power plants, with the first 400-MW unit at the Beni Suef power plant commissioned in November. Five more units should be added to the site by the end of the year.

              The Ministry of Electricity and Renewable Energy (MERE) has also set out plans to increase the proportion of energy generated from renewable sources from 12% to 20% by 2022.

              In November the government announced it had signed power-purchase agreements (PPAs) worth €600m ($637.4m) for solar plants with around 400 MW of capacity.

              The fall in the value of the Egyptian pound slowed the implementation of Egypt’s renewable strategy, with international investors concerned about currency risk. However, changes to Egypt’s favorable feed-in tariff program have strengthened the investment case.

              In the medium term, MERE aims to add 870 MW of installed capacity from wind power and 2.5 GW from solar photovoltaic production by 2018.

              Upstream ambitions
              The upstream energy sector has also moved forward in 2016, despite sustained low global commodity prices.

              In late August Shell announced that it had discovered 142bn cu meters of natural gas at its Alam El Shawish concession in Egypt’s Western Desert, one of the largest finds in the region in recent years.

              Egypt’s low operating costs mean that onshore production typically costs less than $10 a barrel, while the drop in the Egyptian pound and an environment conducive to investment have drawn interest during a slow period for the global upstream sector.

              Going into 2017, Egypt faces substantial structural challenges, including double-digit inflation, a large budget deficit, high unemployment, and the difficulties caused by the reduction in subsidies, as well as the drop in the value of the Egyptian pound.

              However, investors in a number of sectors remain optimistic about the country’s fundamentals, and continuing reforms could prove vital in driving a sustained recovery.
              Oxford Business Group
              5 December

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