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    How Startups Are Redefining Food Security in the Middle East

    How Startups Are Redefining Food Security in the Middle East

    Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

    Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

    UAE Enhances My FarmWell App to Support Sustainable Agriculture

    UAE Enhances My FarmWell App to Support Sustainable Agriculture

    Qatar’s Largest Hydroponic Farm Pioneers Sustainable Agriculture

    Qatar’s Largest Hydroponic Farm Pioneers Sustainable Agriculture

    Oman Strengthens Leadership in Marine Conservation and Sustainability

    Oman Strengthens Leadership in Marine Conservation and Sustainability

    Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

    Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

    How Strategic Investments, Technology, and Finance Are Reshaping Agriculture

    How Strategic Investments, Technology, and Finance Are Reshaping Agriculture

    Egypt, Poland Explore Agri-Tech and Investment Opportunities

    Egypt, Poland Explore Agri-Tech and Investment Opportunities

    Egypt Enhances Water Management Using Satellite Technology

    Egypt Enhances Water Management Using Satellite Technology

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      Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

      Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

      Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

      Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

      Iraq’s Development Road: A New Contender in Global Trade Routes?

      Iraq’s Development Road: A New Contender in Global Trade Routes?

      Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

      Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

      UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

      UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

      Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

      Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

      Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

      Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

      Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

      Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

      Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

      Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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        Steady Growth Ahead for Oman’s Construction Sector on the Back of FDI and Infrastructure Investments

        Steady Growth Ahead for Oman’s Construction Sector on the Back of FDI and Infrastructure Investments

        Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

        Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

        Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

        Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

        Saudi Arabia Launches First Tender for Expo 2030 Construction Works

        Saudi Arabia Launches First Tender for Expo 2030 Construction Works

        Oman Launches $103 Million Tender for Salalah’s Spray Boulevard Project

        Oman Launches $103 Million Tender for Salalah’s Spray Boulevard Project

        Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

        Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

        Iraq Launches $400–600M Tender for Baghdad Airport Development

        Iraq Launches $400–600M Tender for Baghdad Airport Development

        Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

        Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

        Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

        Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

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          Iraq Accelerates Solar Energy Expansion in Public Sector

          Iraq Accelerates Solar Energy Expansion in Public Sector

          Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

          Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

          Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

          Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

          Oman Seeks Bids for Two Major Substation Projects

          Oman Seeks Bids for Two Major Substation Projects

          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

          Qatar 2025: From Energy Powerhouse to Innovation Leader

          Qatar 2025: From Energy Powerhouse to Innovation Leader

          Iraq Aims for 12 GW of Renewable Energy by 2030

          Iraq Aims for 12 GW of Renewable Energy by 2030

          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

          Iraq and Power China International Sign Deal to Strengthen National Power Grid

          Iraq and Power China International Sign Deal to Strengthen National Power Grid

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            Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

            Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

            Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

            Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

            Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

            Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

            Qatar’s Health Spending Set to Climb 14% by 2029

            Qatar’s Health Spending Set to Climb 14% by 2029

            Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

            Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

            Qatar and the UK Explore Deeper Cooperation in Healthcare

            Qatar and the UK Explore Deeper Cooperation in Healthcare

            The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

            The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

            Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

            Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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              Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

              Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

              Qatar Expands Domestic Tourism with Cultural Attractions and Family-Friendly Destinations

              Qatar Expands Domestic Tourism with Cultural Attractions and Family-Friendly Destinations

              Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

              Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

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              Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

              Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

              Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

              Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

              Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

              Oman Awards Over $600 Million in Contracts for Tourism Expansion

              Oman Awards Over $600 Million in Contracts for Tourism Expansion

              Qatar Expands Role as a Leading Global Tourism Destination

              Qatar Expands Role as a Leading Global Tourism Destination

              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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                Africa’s Coated Printing and Writing Paper Market Set for Steady Expansion

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                Middle East Printing Inks Market Outlook 2025–2033

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                Technological and Sustainable Innovation Drives Growth in Digital Printing

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                Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

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                Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

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                Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

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                Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

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                Packaging Becomes Lifeline for Struggling Print Industry

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                  Technological and Sustainable Innovation Drives Growth in Digital Printing

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                  UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                  Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

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                  Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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                  Consumer Electronics Boom Continues Across GCC, Middle East

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                  Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                  The Top 10 Emerging Technologies for 2025

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                  Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

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                  GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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                    Iraqi PM al-Sudani Inaugurates Rebuilt Mosul International Airport

                    Iraqi PM al-Sudani Inaugurates Rebuilt Mosul International Airport

                    Saudi Arabia Unveils Plans for Massive Expansion of Its Transport Network

                    Saudi Arabia Unveils Plans for Massive Expansion of Its Transport Network

                    GCC Logistics Market Projected to Reach USD 171 Billion by 2033, Driven by E-Commerce, Infrastructure, and Technology

                    GCC Logistics Market Projected to Reach USD 171 Billion by 2033, Driven by E-Commerce, Infrastructure, and Technology

                    Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                    Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                    Iraq’s Development Road: A New Contender in Global Trade Routes?

                    Iraq’s Development Road: A New Contender in Global Trade Routes?

                    Iraq Launches $400–600M Tender for Baghdad Airport Development

                    Iraq Launches $400–600M Tender for Baghdad Airport Development

                    Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                    Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

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                    Iraq to Establish Four New Desalination Plants in Basra

                    Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

                    Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                      How Startups Are Redefining Food Security in the Middle East

                      Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

                      Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

                      UAE Enhances My FarmWell App to Support Sustainable Agriculture

                      UAE Enhances My FarmWell App to Support Sustainable Agriculture

                      Qatar’s Largest Hydroponic Farm Pioneers Sustainable Agriculture

                      Qatar’s Largest Hydroponic Farm Pioneers Sustainable Agriculture

                      Oman Strengthens Leadership in Marine Conservation and Sustainability

                      Oman Strengthens Leadership in Marine Conservation and Sustainability

                      Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

                      Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

                      How Strategic Investments, Technology, and Finance Are Reshaping Agriculture

                      How Strategic Investments, Technology, and Finance Are Reshaping Agriculture

                      Egypt, Poland Explore Agri-Tech and Investment Opportunities

                      Egypt, Poland Explore Agri-Tech and Investment Opportunities

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                      Egypt Enhances Water Management Using Satellite Technology

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                        Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

                        Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

                        Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

                        Saudi Arabia’s Jahez Acquires 76% Stake in Qatar’s Food Delivery Platform Snoonu for $245 Million

                        Iraq’s Development Road: A New Contender in Global Trade Routes?

                        Iraq’s Development Road: A New Contender in Global Trade Routes?

                        Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

                        Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

                        UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

                        UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

                        Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

                        Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

                        Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

                        Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

                        Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

                        Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

                        Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

                        Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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                          Steady Growth Ahead for Oman’s Construction Sector on the Back of FDI and Infrastructure Investments

                          Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

                          Beyond Skyscrapers: How the GCC Is Shaping a Low-Carbon Construction Future

                          Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

                          Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

                          Saudi Arabia Launches First Tender for Expo 2030 Construction Works

                          Saudi Arabia Launches First Tender for Expo 2030 Construction Works

                          Oman Launches $103 Million Tender for Salalah’s Spray Boulevard Project

                          Oman Launches $103 Million Tender for Salalah’s Spray Boulevard Project

                          Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                          Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

                          Iraq Launches $400–600M Tender for Baghdad Airport Development

                          Iraq Launches $400–600M Tender for Baghdad Airport Development

                          Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                          Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

                          Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

                          Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

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                            Iraq Accelerates Solar Energy Expansion in Public Sector

                            Iraq Accelerates Solar Energy Expansion in Public Sector

                            Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

                            Lebanon Moves to Build New Gas Power Plants as Part of Reform Program

                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

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                            Oman Seeks Bids for Two Major Substation Projects

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                            Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

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                            Qatar 2025: From Energy Powerhouse to Innovation Leader

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                            Iraq Aims for 12 GW of Renewable Energy by 2030

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                            Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

                            Iraq and Power China International Sign Deal to Strengthen National Power Grid

                            Iraq and Power China International Sign Deal to Strengthen National Power Grid

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                              Qatar Tops MENA in Healthcare Index, Ranks 18th Globally

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                              Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                              Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

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                              Qatar’s Health Spending Set to Climb 14% by 2029

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                              Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

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                              Qatar and the UK Explore Deeper Cooperation in Healthcare

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                              The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

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                              Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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                                Baghdad Experiences Historic Hotel Expansion with Over 20 Luxury Projects in Progress

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                                Qatar Expands Domestic Tourism with Cultural Attractions and Family-Friendly Destinations

                                Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

                                Oman’s Tourism Revenues Reach $5.5 Billion in 2024, Reinforcing Economic Diversification Goals

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                                Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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                                Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                                Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

                                Oman Awards Over $600 Million in Contracts for Tourism Expansion

                                Oman Awards Over $600 Million in Contracts for Tourism Expansion

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                                Qatar Expands Role as a Leading Global Tourism Destination

                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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                                  Africa’s Coated Printing and Writing Paper Market Set for Steady Expansion

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                                  Middle East Printing Inks Market Outlook 2025–2033

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                                  Technological and Sustainable Innovation Drives Growth in Digital Printing

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                                  Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                                  Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

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                                  Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

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                                  Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

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                                  Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

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                                  Packaging Becomes Lifeline for Struggling Print Industry

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                                    Technological and Sustainable Innovation Drives Growth in Digital Printing

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                                    UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                                    Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

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                                    Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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                                    Consumer Electronics Boom Continues Across GCC, Middle East

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                                    Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                                    The Top 10 Emerging Technologies for 2025

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                                    Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

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                                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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                                      Iraqi PM al-Sudani Inaugurates Rebuilt Mosul International Airport

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                                      Saudi Arabia Unveils Plans for Massive Expansion of Its Transport Network

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                                      GCC Logistics Market Projected to Reach USD 171 Billion by 2033, Driven by E-Commerce, Infrastructure, and Technology

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                                      Oman Launches $122 Million Izki–Nizwa Road Dualisation Project

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                                      Iraq’s Development Road: A New Contender in Global Trade Routes?

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                                      Iraq Launches $400–600M Tender for Baghdad Airport Development

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                                      Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

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                                      Iraq to Establish Four New Desalination Plants in Basra

                                      Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

                                      Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                                      Home Business & Economy Economy

                                      What next for Egypt’s economy?

                                      Al Ahram Weekly

                                      August 18, 2015
                                      in Economy, Finance, Infrastructure
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                                      The government can now happily cross the New Suez Canal off its to-do list. Experts agree that the new canal alone will not create a breakthrough in the country's economic performance in the short term, but with the development of the Suez Canal Corridor and improved global growth badly needed hard currency revenues could increase.

                                      Harshjit Oza, assistant director at Naeem Brokerage, says the New Suez Canal has created an international footprint for Egypt and a positive vibe for the country and the economy.

                                      "It is not going to change things significantly in the short term, given the slowdown in global economic trade, but certainly it will benefit Egypt in the long run when the recovery happens," Oza said, adding that the New Canal would benefit the Canal cities of Suez, Ismailia and Port Said as the Suez Canal Area Development Project rolls out.

                                      Some officials have announced that the canal is already seeing more traffic with 63 vessels crossing on the second day following the inauguration. But Ahmed Kamali, an associate professor of economics at the American University in Cairo, says not too much should be read into individual numbers.

                                      Canal traffic is better examined on an annual basis, he said, pointing out that the canal had been closed for the opening ceremony which could explain the higher traffic just a few days later.

                                      The new canal was one of several major projects the government had pledged to undertake throughout the year to boost economic performance. Among them was the Egypt Economic Development Conference (EEDC) in Sharm El-Sheikh in March, an event that raked in $12 billion in aid money and deals valued at $60 billion together with tens of billions in memoranda of understanding.

                                      The minister of investment has been reported as saying that 50 to 60 per cent of the pledged investments have come through. However, one economist who preferred to remain anonymous lamented that the majority of these were in risk-free sectors such as energy and real estate and not enough were in job-creating sectors such as industry.

                                      He says the economy has shown growth, but that this has not been strong enough. Ministry of Finance data from July shows GDP growth reaching about 4.7 per cent during the first nine months of fiscal year 2014/2015, compared to 1.6 per cent during the same period the previous year.

                                      A project to build a new administrative capital for Egypt, also launched during the EEDC, is also work in progress. Due to differences on the sources of financing, the original investor, Capital City Partners (CCP), will no longer be executing the project.

                                      The project was set to cost some $45 billion over a five-to-seven-year period, and the Engineering Authority of the Armed Forces will now be overseeing the execution of the project by Egyptian companies. The Al-Mal newspaper has reported that a consortium called Urban Development +5 has won the bid to execute the project.

                                      Kamel Al-Wazir, chief of staff at of the Engineering Authority, has told the TV channel Al-Hayat that financing will "not be a problem" and that the project will be executed gradually, with housing units sold first to finance other parts of the new city.

                                      But the economist spoken to by Al-Ahram Weekly would have preferred the government to hold off on this enormous project and to focus on "more pressing needs" throughout the country.

                                      Even so, the government, with the help of the Armed Forces, appears to be working on more than one front with equal zeal. Al-Wazir said that the Engineering Authority had begun the "thousand steps" which President Abdel-Fattah Al-Sisi referred to in his speech during the inauguration of the new canal.

                                      The president had said that the new canal was "the first of a thousand steps" that the country must take. Al-Wazir said steps were being taken to upgrade the Ain Al-Sokhna port on the Red Sea, nearby Galala City, Dabaa on the northern cost and the new Rafah City in northern Sinai.

                                      Work is also set to begin on the second phase of the national road network designed to extend new roads and improve the infrastructure needed to move people and goods and attract investments.

                                      Infrastructure is one area where Kamali said more attention was needed, not only for roads but also for water, sanitation and electricity. "Infrastructure has been neglected for years and it is necessary for development," he commented.

                                      A project to build one million low-income housing units is also underway, with mid-August being the deadline for applications for some 30,000 units in nine different cities. "The government needs to move faster on this and at the same pace as it did with the Suez Canal ," the economist spoken to by the Weekly said, stressing that housing was something that was necessary for more inclusiveness given that many new residential areas are expensive and unaffordable to many.

                                      Kamali wants not just inclusiveness but also social protection for those likely to be affected by government reforms, especially reforms that involve energy subsidy cuts. "Any hike in energy prices affects the prices of everything else," he said.

                                      He has reservations about the government's mega-projects because of the pressures they put on the country's budget at a time when it is already suffering from a deficit. The government is targeting an 8.9 per cent budget deficit in the current fiscal year, and the budget deficit was almost 11 per cent last year.

                                      Kamali wants to see more reforms directed to the fundamentals of the economy, not just new legislation. Stronger government institutions are necessary, he said, in order to be able to take decisions and execute them properly. Education is another area that must be tackled aggressively to provide the needed skills for the job market.

                                      Legislative reform to overcome the slow litigation process is another area that is necessary if Egypt wants to attract investments, Kamali said, adding that political stability has encouraged investors, but they have not come back in full force.

                                      "An overall vision for the Egyptian economy is still lacking," he says, in addition to consistency in implementing reforms.

                                      The other economist adds that what could be making investors more risk-sensitive are external factors, be they the low oil prices which are keeping Gulf investors wary of taking risks, or the economic situation in Europe.

                                      More investment is needed in job-creating sectors such as manufacturing and services, and investors may be holding back from these sectors because of the continued lack of clarity on the investment climate as well as labour issues where the laws are strict.

                                      "Many foreign investors are interested in buying Egyptian companies but worry about restructuring because of the labour laws," he said.
                                      Al Ahram Weekly
                                      18 August

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