• Agrofood
  • Business & Economy
  • Construction
  • Energy
  • Healthcare
  • Hospitality
  • IFP Events
  • IFP Insider
    • Event News
    • Interviews
  • العربية
IFP Info - News
  • Agrofood
    • All
    • Agriculture
    • Environment
    • Food

    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
      • All
      • 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
        • Renewable Energy
        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

        • IFP Events

          Project Oman

          Oman Agrofood

          Food Africa

          Pacprocess MEA

          Oman Agrofood

          Project Qatar

          Project Qatar

          Hospitality Qatar

          Hospitality Qatar

        • IFP Insider
          • Event News
          • Interviews
        • العربية
        No Result
        View All Result
        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food

          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
            • All
            • 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
              • Renewable Energy
              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

              • IFP Events

                Project Oman

                Oman Agrofood

                Food Africa

                Pacprocess MEA

                Oman Agrofood

                Project Qatar

                Project Qatar

                Hospitality Qatar

                Hospitality Qatar

              • IFP Insider
                • Event News
                • Interviews
              • العربية
              No Result
              View All Result
              IFP Info - News
              No Result
              View All Result

              Egyptian economy expected to grow at steady pace in 2016

              Oxford Business Group

              February 2, 2016
              in Economy
              0

              The year 2015 brought welcome stabilization and recovery to Egypt, after a difficult post-revolution period marked by continued upheaval and sluggish growth.

              The first part of the year saw a range of encouraging developments, including the completion of the strategically vital Suez Canal expansion, the commitment of more than $35bn in planned foreign investments, closer economic ties with Gulf allies and promising activity in the fast-moving consumer goods (FMCG) sector.

              The Egyptian economy is expected to continue growing at a steady pace in the coming months, with key sectors, such as manufacturing and ICT, looking particularly promising.

              However, headwinds from a jittery global economy present significant downside risks, and structural domestic challenges – including a fiscal deficit and stubborn poverty and unemployment rates – remain.

              Growth prospects
              Egypt’s GDP grew by 4.2% in 2015, according to the IMF, up from 2.2% in 2014 and marking the first year of a return to pre-2011 growth levels. Looking ahead, the fund expects GDP to expand by 4.3% in 2016 before scaling up to 5% by 2019. The World Bank has issued slightly lower projections, forecasting 3.8% growth in FY 2015/16, down from its previous estimate of 4.5%.

              One of the major highlights of the year was the Egypt Economic Development Conference (EEDC), held in March. At the event, Egypt secured investment contracts worth around $36.2bn, along with an additional $18.6bn in infrastructure contracts to construct power plants.

              The pledges at the EEDC were a combination of aid and investment, according to media reports, with much of it from Gulf Cooperation Council (GCC) member states.

              The UAE pledged $2bn in investment and $2bn in deposits to the Central Bank of Egypt (CBE), while Saudi Arabia promised $3bn of investments and $1bn in central bank deposits. Kuwait, meanwhile, pledged $4bn in investment, and Oman offered $500m, to be split evenly between aid and investment, over the next five years.

              The offers of support from the Gulf followed on another $12bn worth of funding from Saudi Arabia, Kuwait and the UAE – a mixture of grants, deposits at the CBE and petroleum products – pledged in 2013 after the ousting of then-president Mohammed Morsi.

              Rough patch
              Loans offered by international financial institutions at the EEDC reached $5.2bn, in addition to the GCC pledges of $12.5bn of additional economic assistance. The measures should help stimulate long-term growth but most importantly provide crucial cash to bolster Egypt’s dwindling foreign exchange reserves.

              Egypt has drawn on its reserves to prop up the pound in the years since 2011, with the country’s import cover falling to around 3.4 months as of end-December.

              While the CBE’s efforts seem to have shielded the Egyptian pound from the double-digit depreciations recorded in many emerging markets in 2015, the currency nonetheless lost nearly 9% of its value against the US dollar over the course of the year, and remains overvalued, according to many analysts.

              Inflation rose slightly over the period, reaching 11.1% year-on-year in December 2015, according to CBE figures, up from 10.1% one year prior.

              The long game
              In spite of the short-term pressures, however, the country has managed to complete an impressive set of infrastructural improvements, which should leave it well positioned for long-term growth.

              The most visible evidence of this is the expanded Suez Canal. Inaugurated in early August after taking just 12 months to complete, the $8bn expansion of the 163-km waterway includes 35 km of new channels and a 37-km stretch where the canal was widened to accommodate larger ships.

              According to the state-run Suez Canal Authority, the New Suez Canal should allow canal revenues – one of the primary foreign exchange earners for the country – to more than double to $13.2bn by 2023.

              An average of 97 ships are expected to pass through the waterway daily, up from 49 before the expansion, although the authority’s estimates could prove on the high side if sluggish growth in global trade persists.

              The Baltic Dry Index, which measures the price of shipping bulk cargo around the world and is used as a proxy for global trade growth, fell to a record low in early January, at 468 points.

              Nonetheless, the canal is earmarked to play an important role in Egypt’s development, both as a driver of traffic in the approaching decades and a catalyst for the emergence of new economic zones around the canal.

              The Suez Canal Zone development project is targeting $68bn-100bn in investment through to 2023, across targeted sectors that include manufacturing, logistics and ICT.

              Diversification
              The development of the broader area around the zone is part of the government’s efforts to stimulate activity and investment in key secondary and tertiary sectors, and in turn increase rates of job creation.

              The government is looking to attract LE12bn-15bn ($1.5bn-1.9bn) in investment in areas surrounding the canal in a bid to build on its position as a global centre for ICT outsourcing and offshoring.

              In addition to ongoing developments around the canal, the country’s large FMCG sector is likely to be a growth driver in 2016, building on momentum from a flurry of mergers, acquisitions and investments in 2015.

              Sector highlights from the past year include US-based Kellogg’s purchase of an 86% stake in Egypt’s Bisco Misr in January 2015 and its acquisition of Mass Food Group in September, for $125m and $50m, respectively.

              Meanwhile, Egyptian food producer Edita Food Industries held a successful initial public offering of 30% of its shares on the Egyptian Stock Exchange in March, with the issue 4.5-times oversubscribed, indicating robust investor appetite.
              Oxford Business Group
              2 February

              Previous Post

              Egypt's construction and chemical investments in Africa worth $7.9 billion

              Next Post

              GCC to spend $4.8 billion on home health care services by 2025

              Next Post

              GCC to spend $4.8 billion on home health care services by 2025

              News Letter

              Subscribe to our mailing list to receives daily updates direct to your inbox!

              *we hate spam as much as you do

              Recent News

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

              January 30, 2023
              Drupa 2024 is well on track

              Drupa 2024 is well on track

              July 19, 2022
              The halls are packed: This is interpack 2023

              The halls are packed: This is interpack 2023

              July 19, 2022
              IFP Info – News

              The latest Middle East Business News & Events brought to you on a daily basis from multiple credible news portals around the world

              Follow Us

              Categories

              • Agrofood
              • Business & Economy
              • Construction
              • Covid-19 Updates
              • Energy
              • Event News
              • Healthcare
              • Hospitality
              • Interviews

              Countries

              • Bahrain
              • Egypt
              • Iran
              • Iraq
              • Jordan
              • Kingdom of Saudi Arabia
              • Kuwait
              • Lebanon
              • Oman
              • Other Africa
              • Other GCC
              • Other Middle East
              • Qatar
              • Syria
              • United Arab Emirates
              • Worldwide

              Newsletter

              Subscribe to our mailing list to receives daily updates direct to your inbox!

              *we hate spam as much as you do

              • About
              • Advertise
              • Privacy & Policy
              • Contact

              © 2018 IFP Group - All Rights Reserved / www.ifpexpo.com

              No Result
              View All Result
              • Agrofood
              • Business & Economy
              • Construction
              • Energy
              • Healthcare
              • Hospitality
              • IFP Events
              • IFP Insider
                • Event News
                • Interviews
              • العربية

              © 2018 IFP Group - All Rights Reserved / www.ifpexpo.com