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    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

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    Oman inks pack to bolster role of SMEs in food systems

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    MAFWR, Port of Duqm sign MoU

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Turkey eyes $5bn bilateral trade with Qatar

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

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

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      Iraq set to award new Faw Port deals

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      Miral’s premier Abu Dhabi waterfront project work on track

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      Aecom wins Neom utilities infrastructure design contract

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        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

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        Acwa Power inks finance deals for 900MW Dubai solar park

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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

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

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

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

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          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

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            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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            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

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              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

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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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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                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

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Egypt on the road to macroeconomic stability

              Euromonitor International

              July 25, 2017
              in Economy, Infrastructure
              0

              Euromonitor International’s Egypt Economy, Finance and Trade Country Briefing focuses on one of the Arab world’s largest and most populous economies that was harshly hit by the political upheaval experienced between 2011 and 2013. The political crisis left Egypt with very low levels of foreign exchange reserves, a soaring currency black market, very high levels of youth unemployment and a weak fiscal position. However, through subsidy reforms (that started since 2014) and higher infrastructure investment, Egypt is on the right path of recovery. Nonetheless, this is just the beginning; long-term steadfast reforms are needed, in order to restore macroeconomic stability.

              The government has been implementing various reforms in order to increase foreign investment, stimulate economic growth and improve its fiscal stance:

              •    In 2015, Egypt posted the highest annual real GDP growth of 4.5% since 2010, driven by robust growth in the manufacturing and construction sectors, continuous financial support from the Gulf nations, and a surge in foreign direct investment (FDI) inflows and domestic demand. The economic outlook remains positive, as annual output growth is expected to accelerate to 4.8% in 2016, mainly owing to the opening of the new Suez Canal in August 2015 and the discovery of the Zohr gas field in 2015, coupled with continuous inflows of international aid packages;
              •    In February 2015, to wipe out the foreign currency black market, the Central Bank of Egypt (CBE) imposed restrictions on bank deposits in the US dollar to a maximum of US$10,000 per day and US$50,000 per month. In January 2016, the daily limit was removed and the monthly limit was increased to US$250,000. Furthermore, in March 2016, these limits were ended for those involved in importing essential goods, such as medicines, however, the restrictions are still applicable for other imports;
              •    The decline in tourism and exports weakened the EGP by 7.7% against the US dollar in 2015. Furthermore, in March 2016, the CBE devalued the EGP by 13.0%, in a bid to adopt a more flexible exchange rate regime;
              •    Various pro-business reforms have been imposed under the new government since 2014, including a reduction in income tax rates on individuals and companies, for instance, the corporate income tax rate was slashed from 25.0% to 22.5% in 2015. This along with an acceleration in economic growth increased FDI inflows by 45.7% year-on-year in real terms in 2015;
              •    Egypt’s general government net budget deficit deteriorated from 8.2% of GDP in 2010 to 13.3% in 2015, owing to the political upheaval since 2011 that resulted in the government adopting expansionary policies, coupled with increased spending on defense to strengthen internal security. However, the widening of the deficit would have been worse if not for the financial assistance from the Gulf States. Substantial further cuts in fuel subsidies, lower oil prices, and continued international financial assistance should help improve public finances in the future.

              Infrastructure investment and subsidy cuts will create more jobs and reduce the budget deficit

              After four prolonged years of political turmoil and sluggish economic growth, Egypt has set itself on a new path of reforms. The government has continued to embark upon fuel subsidy reforms since July 2014 that has helped slightly bring down its high budget deficit. Furthermore, in its 2016 budget, the government announced cuts in the total subsidy bill by 14.0% in the 2016/2017 fiscal year, mainly by reducing subsidies on petroleum products by approximately 43.0%. Through deeper cuts in fuel subsidies, the Egyptian government should be able to reallocate more resources to the poorer populace and towards labor-intensive activities, such as, infrastructure. The expansion of the Suez Canal project unveiled in August 2015 is expected to substantially increase current annual revenues and create a large number of new job opportunities.

              According to trade sources, the government plans to invest US$2.3 billion, during 2015-2020, on building large malls and superstores that is estimated to create 40,000 new jobs. In March 2015, the government announced a mega-project to build a New Cairo Capital, worth US$45.0 billion. However, Egypt has just begun its journey of reforms; continued steadfast reforms if implemented resolutely, should help sustain long-term economic stability, spur job growth, restore public finances and boost investment.
              Euromonitor International
              25 July

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