Business Today Egypt, August-September 2023

August -

September 2023

Vol 28 Issue 8-9 LE 30

plus

Egypt’s

Journey

with

BRICS

and

Beyond

Wael Ezz

Mountain View’s CCO

Talks Gulf Debut

Expanding Horizons: Mountain View’s

Success Story from Egypt to KSA

Vol. 28

No. 9

August/

September

2023

In This Issue

www.BusinessTodayEgypt.com

10

4 Editor’s Note

32

38

In-Depth

Navigating Investment Challenges:

Egypt’s Endeavors to Promote The

Business Climate

A look into how Egypt is navigating and

dealing with the challenges that investors

face when entering the Egyptian market,

and how the government has been

eliminating obstacles and promoting the

improved business environment.

By Nouran Allam

Overlooked Investment Window:

Egyptian Sports and Tennis as an

Illustration

Tennis remains substantially

underestimated and neglected, to the

8

10

16

22

26

In Brief

News in Focus

Egypt joins BRICS: Is It Worth the Hype?

Egypt is among 6 countries that will join

the BRICS group starting from January

2024. Expectations are high, so Business

Today examines the hoped results of

BRICS’ expansion in Egypt and the

global economy.

By Hanan Mohamed

Egypt’s New Industrial Incentives: How

Advantageous Can They Prove to be?

A look at the recently announced package

of incentives targeting industrial projects.

By Hanan Mohamed

USD Pension Certificate: Egypt’s New

Bid to Enhance Foreign Currency

Liquidity

In a bid to increase the country’s foreign

currency and to provide social protection

for Egyptians abroad, Egypt has launched

its first dollar pension document for

expats.

By Nourhan Magdi

Face of Business

Mountain View Makes its Debut in the

Gulf

Regional expansion plans and bringing

the Mountain View’s way of life to the KSA.

22

26

4 September 2023


In This Issue

60

66

74

A Youth-Driven Business World

An overview of the rise of youth’s presence

in the Egyptian business sector and how they

can become part of the economy.

By Nour El Badawi

btscene

Last Word

46

point where the latest trend in the sport

is, basically, leaving it.

By Aya Aglan

44

46

52

56

Spotlight

Designing Tomorrow

Exploring Innovation, Sustainability, and

Success in Modern Architectural Design;

a conversation with Innovation Design

Studio’s Mahmoud Farouk.

Exploring Egypt’s Mining Sector

Egyptian Deserts Still Abound with

Untapped Riches.

By Noha El Tawil

Revolutionary New LIMEX: Egypt’s New

Window to Go Plastic-Free

Egypt launches a project to manufacture

alternatives for plastic from “LIMEX,” a

revolutionary new material in a bid to end

the use of plastic.

By Nourhan Magdi

A Dream Comes True: Automating the

Foundation of Companies in Egypt

GAFI Is Now in Charge of Conducting

Official Procedures on Behalf of

Investors.

By Noha El Tawil

56

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www.BusinessTodayEgypt.com September 2023

5

Editor’s Note

Investment

Opportunities

on the Horizon

It’s been a big month for investment news, with Egypt joining the BRICs group,

rolling out a suite of industrial incentives and making great strides toward

eliminating obstacles facing investors. In this issue focusing on the investment

climate, we take an in-depth look at the opportunities BRICs membership can hold

for Egypt and delve into President El-Sisi’s directives to enhance ease of business

for both local and international investors.

With a combined GDP of $26 trillion, the five existing countries in the BRICs

group already constitute a significant economic force and this will be further consolidated

with the addition of Saudi Arabia, Egypt, the United Arab Emirates, Argentina,

Iran, and Ethiopia in January 2024. As part of the bloc that holds control

over about a third of the global economy, and as Senior Writer Hanan Mohamed

writes in “Egypt Joins BRICs: Is It Worth the Hype?” Egypt will be able to benefit

from the economic capabilities the member states.

Perhaps one of the most pressing goals for member states and of Egypt in particular

is reducing the demand for the dollar, and BRICS countries are working to

form alternative payment systems and create a common digital currency. Egypt’s

accession to the group will also give it automatic membership to the New Development

Bank, not only facilitating support of sustainable development, but also putting

it in a better position to address liquidity issues.

Securing strategic commodities is another pressing concern for Egypt, and with

BRICS countries producing a third of the world’s grain production, Egypt, Russia

and India have already started holding discussions on trading wheat, rice and other

strategic commodities.

Eyeing a potential reduction in cost, consumers and producers alike are looking

forward to is increased trade exchange between Egypt and the group. In 2022,

Egypt’s exports to BRICS countries increased by 5.3% to reach $4.9 billion, compared

to $4.6 billion in 2021, and there is a lot of potential for new investment

channels with the placement of countries such as India, for example, on the Egyptian

investment map.

Powering the drive to enhance the nation’s investment climate, President Sisi

recently gave directives to roll out a suite of industrial incentives exempting strategic

industries from all types of taxes, except for the value-added tax, for up to five

years, among other incentives. As Hanan Mohamed writes for her in-depth look

at the proposed new package, “these incentives coming alongside the state privatization

drive, which officials said they now expect to raise $5 billion by mid-2024,

constitute more signs that policymakers are trying hard to attract direct foreign

investment into Egypt. This should also help to raise foreign currency liquidity in

the economy.”

In a bid to increase the country’s foreign currency and to provide social protection

for Egyptians abroad, Egypt has launched its first dollar pension document for

expats and is also working to eliminate obstacles and promote the business environment.

On our cover this month is one company that has managed to thrive and grow

exponentially in Egypt and is now eyeing investment opportunities across the region.

Leading innovative real estate developer Mountain View is set to bring its signature

style to the rest of the MENA region, and in our exclusive interview, Chief

Commercial Officer and Board Member Eng. Wael Ezz unveils the company’s

plans for its entry into the Gulf market, seeking to replicate the success it has had

in the Egyptian market by establishing communities based on the Science of Happiness.

Founder William Harrison

(1940–1995)

Executive Editor-in-Chief

Mohamed Abdel Baky

Managing Editor

Noha Mohammed

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Hanan Mohamed

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Noha El Tawil

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Nouran Allam

Aya Aglan

Nour El Badawi

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Yara Tarek Tabl

Business Development Director

Sherif Anis

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Sayed Abo El Magd

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In Brief Egypt

IMF allegedly to delay upcoming loan review again, might mean EGP devaluation

The International Monetary Fund (IMF) will allegedly

delay the highly-anticipated first review of its $3 billion

loan to Egypt once more, pushing it to an unknown date,

according to an unnamed government official cited by

Asharq Business.

This is not the first time the IMF has delayed the review,

which was originally slated for March 15, 2023. The source

added that, while a new date hasn’t been scheduled, the

review will be taking place sometime this year.

The source stated that the delay could indicate another

devaluation of the EGP before the end of 2023.

The first payment of the Extended Fund Facility (EFF)

($347 million) was received by Egypt from the IMF in

December, and the remaining payments were scheduled

for March and September of each year from 2023 to 2026.

However, due to subsequent delays to the review, Egypt has

not received the March disbursement.

Disbursements under the 46-month program are subject

to eight reviews.

During her first visit to Egypt in June, Antoinette Monsio

Sayeh, deputy managing director of the IMF, spoke to local

media about the March delay. Sayeh explained that, while

the IMF was encouraged with its discussion with Egyptian

officials, the government would need to continue its efforts

on the economic reform program which were already on

a positive trajectory. She added that the IMF’s priority is

the implementation of the reforms which will help catalyze

these investments to Egypt.

ADEX signs $100M agreement with NBE to boost trade with UAE

Abu Dhabi Exports Office (ADEX), the exportfinancing

arm of Abu Dhabi Fund for Development

(ADFD), signed a financing agreement with the

National Bank of Egypt (NBE), to reinforce trade and

economic relations between the UAE and Egypt.

Under the agreement, a loan facility of $100

million has been established, to support transactions

involving UAE exports to Egypt.

This initiative seeks to boost economic activities

and promote cross-border trade relations, further

enhancing trade between both countries.

“The agreement with the National Bank of Egypt

aligns with our leadership’s vision, demonstrating its

dedication to strengthening national exports. The

financing extended by ADEX represents a significant

stride forward – a mission that actively contributes to

the growth of our national economy and enriches a

strategic partnership that enhances trade relations

between our two countries,” Mohamed Saif Al

Suwaidi, the Director General of Abu Dhabi Fund for

Development and Chairman of the Exports Executive

Committee of the Abu Dhabi Exports Office, said in

a press statement.

The trade exchange between Egypt and the UAE

increased by 6.5% to $4.6 billion during the first 11

months of 2022, compared to $4.3 billion in the same

period in 2021.

In addition to that, UAE investments in Egypt reached

$5.7 billion during the 2021/2022 fiscal year, a 300.8%

increase from $1.4 billion in the previous fiscal year.

September 2023

8 www.BusinessTodayEgypt.com

In Brief Egypt

Egypt launched digital platform to maximize yacht tourism in Egypt

The Maritime Transport Sector of Egypt’s Ministry

of Transport issued a statement regarding the

procedures that are currently being implemented

to maximize yacht tourism in Egypt. The minister

is launching a single digital platform called Single-

Window for Yacht Tourism for foreign yachts to

simplify these procedures.

Through the digital window platform the owner

of the yacht or his representative can enter the data

of the yacht and the passengers, upload the required

documents, the arrival time, the port in which the

docking is required, and the entire trip itinerary.

The digital window then automatically sends the

information to the concerned authorities to review

the required data, documents and interviews and

send their approvals to the official window website to

issue the approval within 30 minutes.

The new online platform will be linked to the official

websites of the Passports, Emigration and Nationality

Department at the interior ministry as well as the Suez

Canal Authority (SCA) to help passengers aboard

yachts obtain an electronic entry visa in a smooth way.

The window will then issue an invoice for the

foreign yacht to be redeemed electronically in US

dollars, before the process usually required a period

of 15 to 30 days.

This is within Egypt’s framework to increase tourist

numbers and promote Egypt as a tourist destination.

The ministry of transport is currently coordinating

the Ministry of Tourism and Antiquities to launch a

marketing campaign to advertise tourist ports and

marinas along the Egyptian coastlines with the aim of

boosting yacht and ship tourism.

Egypt’s international reserves climb for 12th

month in a row, reaches $34.9B in August

Egypt’s international reserves increased to $34.92 billion during August

2023, up from $34.87 billion recorded in July, revealed official data by the

Central Bank of Egypt (CBE). The new data signals the twelfth consecutive

month in which reserves have recorded increases.

On a year-on-year basis, CBE numbers indicate a climb of 5.39% in

August compared to $33.14 billion during the same month in 2022.

The central bank’s foreign reserves include a variety of currencies such

as the U.S. dollar, Euro, Australian dollar, Japanese yen, and Chinese yuan.

Minister of Finance Mohamed Maait stated earlier this week that Egypt

is seeking to receive new external financing between $1.5-2 billion. Maait

added that approximately $1 billion is expected to come through Samurai

and Panda bond offerings by the end of the year.

Last week, the CBE revealed new data indicating that Egypt’s net foreign

asset (NFAs) deficit contracted by EGP 24.92 billion ($807.95 million),

close to 3%, on a monthly basis to record EGP 812.41 billion ($26.34

billion) in July 2023.

Egypt’s total foreign assets rose to EGP 1.47 billion in July 2023 from

EGP 1.43 billion in June, while the country’s total assets grew by 50% yearon-year

to hit EGP 4.48 trillion in July from EGP 2.98 trillion in June 2022.

Net foreign asset deficit is the net total value of foreign assets owned by

the country’s banks minus their foreign liabilities.


September 2023

9

News in Focus

Egypt

Joins

Is It Worth the Hype?

Egypt is among 6 countries that will join the BRICS group

starting from January 2024. Business Today Egypt assesses the

anticipated results of BRICS’ expansion in Egypt and the global

economy.

10 September 2023


News in Focus

By Hanan Mohamed

Expanding the membership of the

BRICS group by inviting Saudi Arabia,

Egypt, the United Arab Emirates

(UAE), Argentina, Iran, and Ethiopia

to join starting from January 2024 will transform

the union into a bloc that holds control

over about a third of the global economy.

The expansion, the first since South Africa

joined the group in 2010, will see the number of

member countries increase to 11, in addition to

the four founding members: Russia, Brazil, India,

and China.

According to calculations by the World Bank,

the combined Gross Domestic Product (GDP) of

Saudi Arabia, the UAE, Egypt, Iran, and Argentina

reached around $3.1 trillion in 2022. When

combined with the $26 trillion GDP of the five

existing countries in the group, this constitutes

a significant economic force. The bank’s estimations

for the global GDP stand at approximately

$100 trillion.

Insight into BRICS

The BRICS group, conceived in 2006, embarked

on its path with the first meeting in 2008,

initially comprising Brazil, Russia, India, and

China (BRIC). South Africa’s inclusion on December

24, 2010, expanded the group to BRICS,

showcasing its distinctiveness as a diverse coalition

of emerging economies spanning four continents.

Since its establishment, the BRICS bloc has

struggled to transform its growing economic

strength into substantial political influence.

However, the current state of fragmentation in

the global system, exacerbated by disputes between

the United States and China as well as divisions

over Russia’s invasion of Ukraine, presents

a new opportunity for the group to become a

louder voice for the Southern Hemisphere, and

potentially compete with the United States and

its allies.

The group launched the New Development

Bank in 2015 with a capital of $50 billion, aiming

to provide swift financing without imposing

stringent conditions compared to the World

Bank. The New Development Bank offers a bond

yield of up to 5%, 100 basis points higher than

similar offerings by the World Bank. It also holds

international credit ratings of +AA from both

Fitch and Standard & Poor’s. So far, the bank

has invested $33 billion in 96 projects across

member countries.

Egypt’s joining of the New Development Bank

In December 2021, the BRICS New Development

Bank approved Egypt as the fourth new

member of the bank after the UAE, Bangladesh,

and Uruguay. The move reaffirmed the robust

economic and political relationships between

Egypt and the group’s members, showcasing

Egypt’s economic and geopolitical significance

in the Middle East and North Africa.

This convergence leveraged cooperative opportunities

to support sustainable development

efforts, and promoted recent economic and in-


11

News in Focus

vestment reforms. Further, targeting reduced

transactions in USD would ease foreign exchange

pressure, particularly as the dollar represents

a major share of Egypt’s foreign exchange.

Egypt’s membership in the New Development

Bank grants it access to financing for its developmental

projects. On the other hand, Egypt’s

presence within BRICS allows it to benefit from

the achievement of the group’s goals and contribute

to the creation of a global system that

empowers emerging economies.

How can Egypt benefit from joining the BRICS?

This expansion enables Egypt to reap a host

of benefits, including increased trade opportunities

with the existing BRICS members. The

group has witnessed a surge in trade between

Egypt and its constituents, with over $31 billion

in trade exchanges recorded, constituting

around 21% of Egypt’s foreign trade in 2022,

according to a recent study published by the

Egyptian Observatory of the Egyptian Center for

Thought and Studies.

For Saudi Arabia, the UAE, and Egypt, joining

the BRICS bloc will bring them closer to China,

one of their major trading partners, maintains

James Swanston, Middle East and North Africa

economist at Capital Economics. China is the

largest single export market for Saudi, and the

largest import market for all three. Overall,

trade of the three countries with the existing

BRICS bloc stands at 20-30% of their total trade.

With the new six members, the percentage will

rise to 30-40%.

Swanston added that another incentive for

Saudi Arabia and Egypt to join BRICS is to attract

foreign investment. Egypt seeks to attract foreign

capital to shore up its shaky balance of payments.

China has the largest share among the countries

of the group when it comes to volume of

trade exchange with Egypt, which registers at

about $16.2 billion, followed by India at $6 billion,

then Russia at $4.7 billion. Finally, Brazil

and South Africa’s trade exchange volume stand

at $1billion and $300 million, respectively, in

2022, according to data from the Central Agency

for Public Mobilization and Statistics (CAPMAS).

These indicators reflect the possibilities of enhancing

trade exchange between Egypt and the

countries of the group, especially after expanding

membership to include 11 countries.

There are also opportunities to support the

competitiveness of Egyptian exports in light of

the decline in the value of the local currency,

provided that it is diversified, basic, and of high

quality.

Minister of Finance Mohamed Maait said that

dealing in national currency among member

states of the BRICS helps Egypt in “rationalizing

consumption in the currencies basket of the import

bill. This would reduce the pressures on the

state’s general budget, which bears huge burdens

to provide basic needs of wheat and fuel,”

Maait added.

This comes in the light of war in Europe and

the global inflationary wave that resulted in an

unprecedented rise in the prices of goods and

services, the minister continued.

12 September 2023


News in Focus

Over the past year, Egypt has been suffering

from a foreign currency crunch, which has

caused the import bill to surge, and fuel and

wheat prices to hike.

The state has been struggling to fulfill its global

debt obligations, especially as it pays installments

of a $3 billion loan, on which it agreed with the

International Monetary Fund in December.

Egypt suffers from a “dollar gap” of up to $30

billion, which requires investments of around

$100 billion over the coming five to seven years,

according to estimations by President Abdel

Fattah El-Sisi in February.

Kamal El-Desouki, a member of the Board of

Directors of the Egyptian Industries Union, explained

that BRICS aims to restore equilibrium

in economic powers and international trade

dynamics. The alliance establishes a multipolar


13

News in Focus

economic world, challenging the dominance of

specific alliances on the global economy, particularly

in terms of currency control over trade.

He added that Egypt’s inclusion in the BRICS

“Rationalizing consumption

in the currencies basket

of the import bill would

reduce pressure on the

state’s general budget.”

Development Bank Group will help secure financing

for its developmental projects with improved

terms and expedited processes. Egypt’s

contribution to the bank is around $1.5 billion.

El-Desouki also pointed out that the alliance

boasts the world’s largest food basket, potentially

allowing Egypt to settle trade contracts for major

imports using national currencies.

Mohamed Attia El-Fayoumi, chairman of the

Chamber of Commerce and treasurer of the

General Federation of Chambers of Commerce,

clarified that Egypt’s acquisition of membership

in the BRICS Development Bank Group a few

months ago, followed by the official announcement

of joining the alliance, will provide Egypt

with opportunities to secure funding for its developmental

projects under better terms and

facilitations, free from the constraints imposed

by the World Bank Group and the International

Monetary Fund.

14 September 2023


7 Gains

A study by the Egyptian Center for Thought and

Strategic Studies indicates that Egypt’s accession to

the group could open the door wide for Cairo to

take advantage of various opportunities promising

a positive return on the Egyptian economy, as represented

in:

News in Focus

1. The economic capabilities of

the countries of the group: The

member states of the group

play a growing role in influencing

the global economy.

2. Reducing the demand for

the dollar: BRICS countries

are working to form alternative

payment systems and create a

common digital currency.

3. Egypt’s membership in

the New Development Bank:

Egypt’s accession to the group

enhances Egypt’s ability to support

its sustainable development,

and address liquidity issues.

4. Strengthening Egypt’s role in

the world and Africa: Egypt’s

accession will strengthen its important

and influential role in

Africa to become a hub linking

Africa, Asia, and South America.

5. Increasing trade exchange between

Egypt and the group: In

2022, Egypt’s exports to BRICS

countries increased by 5.3 percent

to reach $4.9 billion, compared

to $4.6 billion in 2021.

6. New investment channels: Expectations

indicate more intrainvestment,

and the placement

of countries such as India, for

example, on the Egyptian investment

map.

7. Securing strategic

commodities: BRICS

countries produce a

third of the world’s

grain production,

and Egypt, Russia,

and India have held

discussions regarding

the trading of

wheat and rice,

among other strategic

commodities.


15

News in Focus

Egypt’s New

Industrial Incentives:

How Advantageous

Can They Prove to be?

A look at the recently announced package of incentives targeting

industrial projects.

16 September 2023


News in Focus


17

News in Focus

By Hanan Mohamed

President Abdel Fattah El-Sisi has recently

directed the government to

grant target industrial projects an

impressive package of incentives that

is hard to be overlooked by investors.

The incentives include exempting strategic

industries from all types of taxes, except for

the value-added tax, for up to five years to enhance

national industry. The Cabinet will issue

a detailed resolution defining these industries,

provided that the projects are operational

within a maximum of three years.

The exemption may be extended for five

more years for a number of these industries,

on condition that they achieve specific targets

based on the level of foreign investment and

the regulations determined by the Cabinet.

It is even possible to reclaim up to 50% of

the land value if the project is implemented

within half of its designated period. The “golden

license” may be expanded to cover all projects

aiming to entrench local manufacturing.

How beneficial can these incentives be?

Capital Economics Middle East and North

Africa economist James Swanston believes that

Egypt’s shift toward orthodoxy continues to

tread a fine line. Proposed efforts to attract

foreign investment are positive for growth, but

could stoke fears about the commitment to

tight fiscal policy.

In a recent report Swanston added that these

incentives coming alongside the state privatization

drive, which officials said they now expect

to raise $5 billion by mid-2024, constitute

more signs that policymakers are trying hard

to attract direct foreign investment into Egypt.

“This should also help to raise foreign currency

liquidity in the economy,” he stated.

“However, while this may help to alleviate

strains on Egypt’s external position, it may reignite

investors’ worries over the commitment

to tight fiscal policy. In the past week, sovereign

dollar bond spreads and credit default

swap premia have risen to their highest levels

since June. That said, we continue to think

that fears of a sovereign default are overdone

given the large primary surplus and not too

onerous FX debt repayment schedule,” Swanston

added.

Economist and Deputy Head of the Arab

Union for Social Development in the Arab

League Ashraf Ghorab agrees with Swanston

and believes the announced package will attract

more foreign direct investment and local

investments, while also eliminating routine,

bureaucracy, and challenges faced by investors.

HIghlighting the state’s attempts to localize

technology and develop industries in

line with global technology standards, Ghorab

lauded the president’s decisions to support

industrial and production sectors, especially

strategic and technological industries.

He explained that the incentives will reduce

expenses and production costs for manufacturers.

Given the economic circumstances and

the increased production costs, the benefits

will allow them to expand their projects, increase

output, enhance market supply, and offer

products at suitable prices. These measures

will also provide more employment opportunities

and lower unemployment rates.

He pointed out that the expansion of the

golden license will reduce time and effort for

investors and attract more foreign and local

investors. Ghorab highlighted that such decisions

had been preceded by many incentives

and facilitations that support national industries

and contribute to enhancing local manufacturing.

At the time, the incentives were issued

by the Higher Council for Investment, led

by President Sisi. Ghorab noted that the state

is determined to continue the plan to deepen

local manufacturing and provide necessary fa-

18 September 2023


News in Focus

cilitations, including removing obstacles that

hinder investors.

Ghorab continued that the development

of the industrial and production sectors will

increase their contribution to the Gross Domestic

Product (GDP). This contribution

will grow, especially with Egypt’s accession to

BRICS and the initiation of trade transactions

between Egypt and BRICS countries using local

currencies. This will help secure production

materials, leading to increased production

and employment. He also noted that the

state is committed to a plan to localize the production

of 152 industrial products instead of

importing them, encouraging the private sector

to manufacture these products to reduce

the import bill.

In a statement to the press, Deputy Chairman

of the Industry, Commerce, Small, Medium,

and Micro Enterprises Committee in

the Senate Mohamed El-Manzalawy described

the incentives as “historic, significant, and unprecedented.”

He called on the government to

immediately enforce these decisions and promote

them via various local, Arab, and international

media outlets, emphasizing that the

main goal of President Sisi’s decisions is the

transition to a productive economy, not just a

consumer-oriented one.

El-Manzalawy urged the government to establish

policies that ensure a strategy of import

substitution by focusing on local manufacturing

of imported products. This would save significant

amounts of foreign currency, reduce

the import bill, and increase Egyptian exports.

The Senate member said the recent decrees

have supported and encouraged national strategic

industries, generating wide-ranging satisfaction

among all investors in general, and

particularly in the industrial sector. He called

on businesspeople and investors within the industrial

sector to seize this opportunity to enhance

the sector.

Member of the Senate Abdo Abu Aisha considered

President Sisi’s decisions as supportive

of the national industry on the one hand,

and a significant turning point and great encouragement

for capital inflow into the indus-


19

News in Focus

These incentives will drive the

wheel of production and economic

development, as well as

stimulate and encourage the

private sector to collaborate

with the state in establishing

development projects.

trial sector on the other. He highlighted that

the state’s future vision seeks to increase the

growth rates of this sector and its contribution

to the Gross Domestic Product, as well as enhance

the volume and quality of Egyptian industrial

exports to foreign markets.

Abu Aisha also emphasized President Sisi’s

directives to continue building integrated industrial

clusters and zones, supporting transformational

industries, and prioritizing certain

fields. These fields possess Egypt’s manufacturing

foundation, competitive advantages,

and opportunities on both regional and global

levels. “This marks a true leap for industry in

Egypt and the New Republic,” he said.

Member of the House of Representatives

Ahmed Othman stated that these incentives

will drive the wheel of production and economic

development, as well as stimulate and

encourage the private sector to collaborate

with the state in establishing development

projects. He noted that these incentives send a

reassuring message to investors that the state is

serious about removing investment barriers in

the industrial sector, eliminating bureaucracy,

and facilitating procedures.

Othman is confident the incentives will contribute

to enhancing the state’s efforts to localize

industries and support productive sectors.

This will in turn lead to increased exports and

a reduction in imports. “The state is working

on removing any obstacles to industrial investment,

whether they are legislative, executive,

or procedural.”

20 September 2023


News in Focus


21

USD

Pension

Certificate:

Egypt’s

New Bid

to Enhance

Foreign

Currency

Liquidity

In a bid to increase the country’s

foreign currency and to provide

social protection for Egyptians

abroad, Egypt has launched its first

dollar pension document for expats.

22 September 2023



23

News in Focus

By Nourhan Magdi

Statistics show a significant improvement

in foreign investments and the

revenues of tourism and the Suez

Canal, indicating the effectiveness of

the Egyptian Government’s endeavors to eliminate

the dollar shortage crisis.

Issuing dollar certificates with an annual return

of 7% by Egyptian banks is the latest bid

in this regard. The move also aims to provide

social protection for Egyptians abroad.

Egyptian expats can now buy a USD pension

plan in Egypt through Misr Life Insurance and

the National Bank of Egypt, Financial Regulatory

Authority Chairman Mohamed Farid recently

announced at a press conference.

The minimum amount is $500 and the maximum

is $10,000 per plan in a year. Installments

can be added at a minimum of $50 per installment

for the purpose of increasing the due

pension, provided that the total paid installments

do not exceed $10,000 in one year.

The new offering named “Maash Bokra,”

which translates to “Tomorrow’s Pension,” will

allow Egyptian expats aged 18 to 59 to buy into

a pension plan with a monthly USD payment.

It can then be redeemed as a lump sum or in

monthly payouts over 10 to 15 years. The minimum

period for the pension plan is 5 years.

Customers are not required to submit any

medical documents to purchase the pension

certificates. In case of death and total permanent

disability, pensions will be paid in full immediately.

Why a dollar pension certificate?

Minister of Immigration Suha Gendi explained

that offering a dollar pension certificate

for Egyptians abroad is part of the broader

efforts to enhance social security and pension

benefits for expatriates. Many of these initiatives

were discussed during the fourth edition

of the Egyptians Abroad Conference.

“We have implemented many initiatives, and

we have listened to Egyptians abroad in more

than 50 countries, over more than 250 working

hours as part of the “An Hour with the Minister”

initiative. We are keen to coordinate with

various agencies to achieve the demands of

Egyptians abroad,” Minister Gendi said, adding

that the pension plan is a first and is one of the

ministry’s bids to meet the expats’ demands.

The minister of immigration said the national

initiatives aim at motivating Egyptians abroad

to open dollar accounts in national banks, and

to issue dollar certificates with a high competitive

return.

Another initiative was also launched to exempt

cars purchased by Egyptians residing

abroad from customs. That would allow them to

send their cars home without paying customs,

or buy ones for their families in Egypt.

The Ministry of Immigration cooperated with

ministries and different bodies, including the

General Authority for Financial Supervision, to

establish an investment company for Egyptians

abroad. A group of the best Egyptian businessmen

abroad would participate in the project.

Gendi added that the Ministry of Immigration

is making every sincere effort to rebuild

trust between Egyptians abroad and their home

country by building bridges of trust with all segments

of Egyptians abroad as one of the goals

of the new republic.

The minister also pointed to discussions on

the establishment of the Egyptians Abroad

Fund, which would seek to achieve solidarity

among Egyptians abroad, as well as provide

health and social insurance services.

Expected benefits

Analysts believe that the issuance of these certificates

at this time will return a large percentage

of the flow of remittances of Egyptians working

abroad to the coffers of Egyptian banks. Both

24 September 2023


News in Focus

“The

national

initiatives

aim

at motivating

Egyptians

abroad

to open

dollar

accounts

in national

banks.

parties would benefit, whether depositors from

abroad or banks looking for hard currencies.

According to the Central Bank data, remittances

from Egyptians working abroad declined

by about 26% between July 2022 and March

2023. Recent data revealed that Egypt ranked

5th in the world in expatriate remittances during

the year 2021, recording an average annual

increase of about $10.1 billion over the last 6

years.

Enhancing Egypt’s US dollar liquidity

In July, Prime Minister Mostafa Madbouly

revealed the government’s plan to enhance

Egypt’s U.S. dollar liquidity to reach $191 billion

by 2026. According to him, the government

will focus on leveraging revenues from

tourism, the Suez Canal, remittances, and commodity

exports to bolster the nation’s financial

position.

This was followed by the National Bank of

Egypt’s (NBE) announcement of the new

USD Pension Certificates, as NBE, along with

Banque Misr, offered a bundle of new services

and privileges for Egyptians working abroad.

This step comes as Egypt tries to cope with a

shortage of the U.S. dollar liquidity in the local

market, and to merge the financial gap.


25

Face of Business

26 September 2023


Face of Business

Mountain View

Makes its Debut in

the Gulf

Regional expansion plans and bringing the Mountain View’s way

of life to the KSA.

As one of the country’s leading innovative

real estate developers, Mountain

View (MV) is set to bring its signature

style to the rest of the MENA region

after announcing earlier this year its expansion

plans. Unveiling its plans for its entry into the

Gulf market, MV has stated that it is seeking to

replicate the success it has had in the Egyptian

market by establishing communities based on

the Science of Happiness.

Mountain View’s Chief Commercial Officer

and Board Member, Eng. Wael Ezz sat down

with Business Today Egypt to share more details

on its local and regional projects and goals.


27

Face of Business

MV has recently announced its plans to expand

in the region, could you share any details?

At Mountain View, we are seeking to explore

new locations and bring our exceptional success

and style in the real estate sector to other

international markets this year through our

distinctive and unique residential projects. Accordingly,

MV recently revealed its expansion

plans across the region by entering the Gulf

market to build upon on its success in creating

communities based on the Science of Happiness.

The Saudi real estate market is relatively new,

yet has a promising future with strong purchasing

powers. Additionally, the Saudi market is

witnessing a wide urban movement, especially

in major cities, and real estate investment is

characterized by a wide profit margin. Therefore,

our expansion strategy also contributes to

the Kingdom’s 2030 goals of achieving a 70%

ownership rate of residential units within the

upcoming 10 years.

In your opinion, what differentiates MV’s projects

from its competitors in a region with such

fierce competition?

If we weren’t as distinctive as we are now,

the competition within the real estate market

wouldn’t be as fair and varied. Mountain View

contributes greatly with our individuality by

working with prestigious international entities

that can assist us in introducing high-end real

estate projects that meet international standards

on Egyptian land.

When Mountain View first entered the real

estate market 18 years ago, our goal was to

change the standards of the Egyptian real estate

industry. We have a clear vision that constantly

28 September 2023


Face of Business

dollar and a shortage of foreign currency.

Despite the difficulties the country has encountered

over the past few years, the Egyptian

real estate market has consistently demonstrated

resilience and is recognized as the safest

form of investment on the long run. As part of

our overall strategy, MV has prepared several

plans according to different scenarios which

has enabled us to meet these challenges.

By implementing these strategies, Mountain

View has seen remarkable progress, recording

a 56% increase in sales year-on-year, bringing

in EGP 31 billion in 2022 as opposed to EGP 20

billion in 2021.

Saudi Arabia plays a fundamental and major

role in the Middle East region, in terms of its

economy and growing population of 38 million

individuals. And as I mentioned earlier, the

country’s focus on urban development, growing

consumer purchasing power, and demand

for unique high-quality real estate projects

make it a prime location for MV to kick start its

regional expansion.

guides every step we take and that is to “Bring

Life to Land and Spread Happiness around

Us”.

MV has a wide portfolio of innovative projects,

new creative concepts, and high-profile

collaborations. In fact, we put together a team

of renowned young minds with extensive expertise

to create designs and products that can fill

the current market gap and add real value to

the Egyptian real estate scene, followed by a regional

expansion strategy.

How would you describe Egypt and Saudi Arabia’s

real estate sectors today?

The Egyptian economy, in general, as well as

the real estate industry, are both dealing with

the volatile global economic landscape, with

Egypt’s two biggest challenges being the Egyptian

pound’s sharp devaluation against the US

Understanding local demand and culture is essential

for successful expansions, please tell

us more about MV’s regional partnerships and

their role in supporting the company’s expansion

strategy

We have collaborated with Sisban and Alesayi

Investment Group, two trustworthy entities; Sisban

is a leading Saudi investment holding based

in Jeddah with global subsidiaries in the real

estate and F&B sectors. In order to deal with

the region’s retail clutter, we worked together

to establish a new firm in KSA and introduce a

fresh retail concept through the creation of a

fresh Saudi brand.

Since Mountain View and Sisban collaborated

to launch iCity in 2015, this is not the first time

we have partnered with them and we are eager

to collaborate closely with them once more.

As for our collaboration with Alesayi Investment

Group, we are working to establish a joint

venture company to carry out construction and

real estate development in Saudi Arabia with

the goal of creating integrated urban projects

of the highest caliber as well as resorts for tourists.

Given the depth of experience in investment

and real estate development shared by all stakeholders,

these collaborations seek to promote

investments in Saudi Arabia’s retail industry

while also driving more cooperation and experience

exchange.

With today’s economic climate and evolving


29

Face of Business

consumer needs, how does Mountain View

remain in touch with trends and new developments

in such challenging times?

18 years ago, Mountain View set out to transform

the standards of the Egyptian real estate

market. Since then, Mountain View has earned

a reputation as an entity that does not just ride

the wave—it actually creates it! This is achieved

by having innovation at the center of everything

we do and placing our family-like clients as our

first priority.

As part of our mission, “together building a

lighthouse to inspire meaningful and happy

communities,” we have ongoing studies of consumer

needs and demands, and have the constant

goal of exceeding them.

We’ve become trendsetters in the industry by

bringing new innovative concepts and products

that keep up with the radical changes in the

real estate market, in terms of the concepts of

housing, unit designs, non-residential components,

and much more.

Once more, we follow an efficient three-step

plan to execute out this, starting with a thorough

market analysis to identify some of the

consumers’ present and future needs. Second,

we work with renowned global entities that can

assist us in introducing premium real estate

projects with international standards on Egyptian

land. Last but not least, we assembled a

team of renowned young minds with extensive

expertise to create designs and products that

can fill the current market gap and add real value

to the Egyptian real estate scene, and, now,

regionally.

As one of MV’s flagships, iCity continues to

make headlines. How would you describe the

project’s progress during the past months?

Mountain View “iCity New Cairo,” which is

the most prominent example of the company’s

rapid project completion rate, was successfully

developed during the current year. Throughout

this year, the company delivered around

1,500 diverse housing units at iCity’s New Cairo

project.

I can now state with even greater pride that

the company intends to surpass its previous

record by investing EGP 6 billion in 2023 to

accelerate project construction, broaden the

scope of our projects and services, and find

new investment opportunities locally and in

other markets. We also intend to deliver a total

of 2100 units during the current year across all

our projects.

Considering iCity’s “The North Park” phase,

the final phase of iCity New Cairo, it will fea-

30 September 2023


Face of Business

ture 350 units spanning across 4-acres with

units ranging between Millennial Apartments

and iVillas, with a range of spaces that will meet

consumers’ changing needs.

In addition, the North Park phase was included

as part of our close attention to detail in

order to offer the latest real estate products that

meets changing consumer demands. Mountain

View implemented the concept of Activity

PODS in the latest North Park phase which are

locations for residents to enjoy a quiet atmosphere

away from the noise of the city and encourage

them to work, study, or read in a quiet

environment outside. Without the hassle of

traveling far, the Activity PODs are also ideal for

hosting social and sporting events and activities

that will improve resident interaction and help

them grow personally.

Will MV develop its future KSA projects using

the same pillars that has defined iCity’s success?

The iCity project is one of our company’s

innovative and pioneering Mountain View’s

projects. It is known as the best integrated

residential project in Egypt because it relies

on cutting-edge designs developed by leading

international companies to meet customers’

ever-changing needs and because it merged the

science of happiness and the science of design

for the first time in Egypt and the Middle East.

We will not rely on duplicating our projects

executed in Egypt in KSA only; instead, we

continue to research the market’s needs, similar

to what we do when launching any project.

Through this research we are studying the market,

we are investing in to bridge the gap and

explore its needs. We hope to offer the Saudi

market a very distinctive experience by introducing

a new product to their real estate market

and developing fresh and successful partnerships.

We are also introducing our latest innovative

concept “Lighthouse” to the KSA market. The

Lighthouse will be the first experiential happiness

destination and meaningful happiness

incubator initiated by a real estate developer

in the KSA with the sole objective of building

meaningful happy communities. We believe

this new offering will be an impressive success

and fill certain gaps lefts open in the market.

Finally, through the development of our new

partnerships, we hope to deliver brand-new experiences

to the Saudi market and we promise

to launch a number of new innovations in the

coming months.


31

In-Depth

Navigating Investment Challenges:

Egypt’s Endeavors to

Promote The Business Climate

32 September 2023


In-Depth

A look into how Egypt is navigating and dealing with the

challenges that investors face when entering the Egyptian market,

and how the government has been eliminating obstacles and

promoting the improved business environment.


33

In-Depth

By Nouran Allam

Egypt has been vigorously working to

create a favorable environment for

both local and foreign investors. In

recent years, the country has launched

several initiatives, and has enacted laws to attract

investments and improve business climate.

According to the World Bank’s 2019 Ease of

Doing Business Report, Egypt ranks 114 out of

190 economies. Egypt also ranks 93 out of 140 in

the World Economic Forum’s latest Global Competitiveness

Report.

In terms of the Egyptian market’s strengths

and challenges, the UK government’s website

published a guidance report on the Egyptian

market, entailing its strengths and challenges.

Investors’ Challenges:

Egypt faces several investment challenges that

need to be addressed to promote a climate conducive

to business. One of the main obstacles is

bureaucracy and complicated regulatory framework

that can deter potential investors. Streamlining

administrative procedures and simplifying

regulations would go a long way in attracting

both local and foreign businesses.

“The main challenges facing investors in

Egypt include excessive bureaucracy and limited

access to credit, which hinders the process of setting

up companies, securing industrial land, and

acquiring the necessary permits. It also imposes

a financial burden on foreign investors. The investment

climate is also affected by the current

slow and unwieldy customs procedures, which

impose pressures on the importation of goods

or raw materials,” Sherif Fahmy, CEO of N Gage

Consulting, told Business Today Egypt.

Fahmy added that another challenge investors

face is “weak intellectual property protection

enforcement, which discourages them from investing

in the country due to the risk of infringement

or theft without legal recourse.”

At the same time, Egypt has been facing a foreign

currency (FX) shortage due to the Russia-

Ukraine conflict, rising inflation, decline in remittances,

and foreign investment.

“Investors have also been facing challenges relating

to access to foreign currency, which led to

a major cash flow issue. Such a challenge is actively

impeding investment, especially for investors

who rely on the importation of production

inputs. In addition, the uncertainty surrounding

the exchange rate hinders the investors’ ability

to set their investment plans,” Fahmy said.

Government efforts

Earlier this year, Egypt’s Supreme Council for

Investment (SCI) issued 22 decrees intended to

boost private sector participation in the economy,

and facilitate foreign direct investment.

“Our goal is to speed up and facilitate the investment

process, and ensure the private sector

increases its investments until they are on the

same level as the government or even bigger,”

Prime Minister Mostafa Madbouly said during

34 September 2023


In-Depth

the press conference to announce the decisions

taken by SCI.

The SCI has released a set of incentives to

make it easier to do business through faster and

easier licensing and simplified procedures.

“One of the government’s notable efforts is

the 22 decrees issued by SCI, which tackled several

points that concerned the private sector in

Egypt, enabled increased transparency within

the government and within the private sector,

and facilitated the registration and licensing

processes. The decisions also included complete

changes to the law on transferring profits to parent

and subsidiary companies, which will help

avoid double taxation,” Fahmy said.

The Egyptian Cabinet also announced its

privatization program to sell its stakes in 35 stateowned

companies in February 2023 to strategic

investors, via offerings on the EGX, or a mix of

both to collect $5 billion from October 2023 until

the end of June 2024.

As of the date this article was written, three

more companies were added to the list: Eastern

Company, Al Ezz Dekhila, and Telecom Egypt.

“The latest decisions by the government are a

step in the right direction towards Egypt’s goal

of decreasing the economy’s dependence on

state-owned entities, and increasing the share of

the private sector in the economy to 65% from

the current 30%,” Fahmy said.

The 35 state-owned companies fall within sectors

such as banking, insurance, construction,

energy, tourism, oil, energy, and petrochemicals.

Egypt has already accomplished 25% of the

fourth phase of its Initial Public Offering (IPO)

program, and has sold equity stakes in stateowned

entities worth $1.9 billion, with more

deals to be announced soon.

Among the strides that the government has

been making to improve the business climate in

Egypt is the introduction of the Golden License.

In accordance with Article 20 of Investment

Law No. 72 of 2017, the aim of the Golden License

is to facilitate and attract investment in

strategic national and partnership-based projects

between the private and public sectors.

This license provides the investor with a single

approval that encompasses the establishment,

operation, and management of projects, including

the necessary building and land allocation

permits.

“The most notable of these efforts [made

by the government] include the launch of the

Golden License, which allows investors, either

those contributing to sustainable development

in line with the state’s economic development


35

In-Depth

plan, or those establishing a partnership with the

public sector, to acquire or lease land and operate

enterprises on it with approval from the General

Authority for Investment and Free Zones

(GAFI) only, thereby reducing bureaucracy that

faces foreign investors,” Fahmy commented.

Companies eligible for the golden license will

establish strategic or national projects or publicprivate

partnership projects in specific sectors.

GAFI announced earlier this year that it has

granted golden licenses to 13 companies already.

“Finally, the country has also been leading a

36 September 2023


In-Depth

digital transformation strategy to facilitate and

develop different industries. Most importantly, it

introduced the single-window system in the 2020

Customs Law. Egypt has also been working on

creating special industrial and economic zones,

such as the Al-Shorouk Industrial Zone in Cairo,

the Petrochemicals Zone in Suez, the Borg Al-

Arab Industrial Zone in Alexandria, as well as

the Special Economic Zone in Egypt (SEZone),

which were all established with business-friendly

regulations,” Fahmy added.

In August 2023, GAFI completed the electronic

incorporation of the Damietta Green

Ammonia Production Company in Damietta

Public Free Zone. It became the first e-incorporated

company in Egypt, part of the first phase

of integrating companies through GAFI’s newlylaunched

e-incorporation service on its e-portal.

This comes within GAFI’s plans to improve the

quality of services provided to investors, making

the process more transparent and less bureaucratic.

“The investor can now establish his company,

and pay all fees electronically using an e-signature.

GAFI then completes the rest of the procedures

with the external bodies related to the

company’s incorporation, and then sends documents

of the company to the investor via email.

Investors will not face bureaucracy again without

incurring any additional fees, as the cost of the

e-incorporation service is equal to the incorporation

cost via investor service centers nationwide,”

GAFI CEO Hossam Heiba said in a press statement.

Recommendations and the Way Forward

“The current investment measures being taken

by the government will definitely have a positive

impact on increasing investment in Egypt,

but more steps need to be taken to attract more

long-term Foreign Direct Investments (FDIs).

For instance, promoting access to financing for

MSMEs, further facilitations to doing business

in Egypt, and developing a skilled workforce

through education and vocational training are

a few of the vital [elements] that require an increased

focus by the government,” Fahmy explained.

A recurring issue that the Egyptian Cabinet

has realized after complaints by investors and

economic experts is the lifting of financial and

tax burdens.

“Nevertheless, some further efforts could include

reducing the financial burdens on investors,

increasing policy transparency, offering

industrial lands at reduced prices, and granting

tax facilitation and exemptions to foreign investors.

There is a growing consensus on the importance

of the Supreme Council for Investment

intervening in matters relating to core industrial

operations,” Fahmy emphasized.

Further facilitations to the import of raw materials

that are vital for production, meeting export

agreements, and reducing production costs

are still some of the aspects Egypt needs to tackle.

According to Fahmy, stronger competitiveness

also means eliminating custom duties on

imported inputs and even providing incentives

for technology-intensive components.”


37

In-Depth

38 September 2023


In-Depth

Overlooked

Investment Window:

Egyptian Sports

and Tennis

as an Illustration

Tennis remains substantially underestimated and neglected, to the

point where the latest trend in the sport is, basically, leaving it.

By Aya Aglan

Egypt is struggling in the midst of a dire financial

crisis, with the annual headline inflation rate

reaching an all-time high of 36.8% in June 2023.

Three currency devaluations have also caused the

Egyptian pound to lose about 50% of its value since March

2022.

It is no secret that the country is desperately looking for

financially feasible opportunities across sectors, but one

sector that remains largely unexplored and underestimated

is the sports industry.

Not only does investing in sports contribute to improving

the population’s quality of life or enhancing a country’s

soft power, the sports industry generates a lucrative stream

of income for many countries. A report presented by the

UAE’s Pro League Committee Chairman, Abdullah Naser

Al Junaibi, during the Dubai International Sports Conference

in 2019 revealed that sports are considered a major

source of income for nearly a billion people around the

world. Although it is hard to inspect the accuracy of that

figure, it goes on to show how the sports industry – whose

worth is expected to reach $623.6 billion in 2027 - is a vital

source of income to countries around the world.


39

In-Depth

These numbers explain the growing interest

and investments in the sports industry, largely

driven by Gulf countries, within the Middle East

and North Africa (MENA) region.

However, this rising interest in sports has been

accompanied by the controversial phenomenon

of naturalization; countries are competing over

talented athletes to enhance both their financial

resources and soft power, with some offering citizenships.

Meanwhile, many athletes are looking to

maximize the profits they generate in their subjectively

short-term careers. This, in return, raises a

lot of questions about loyalty, national affiliation,

and the very virtue behind sports.

In terms of Egypt, the country has been struggling

to put an end to the phenomenon of exporting

athletes, but to no avail. Whenever an Egyptian

athlete decides to play under the name of another

country, despite the uproar in the media, the public

discourse is dominated by sympathy and disappointment

over the state of sports in the country.

This can be clearly observed in the reactions

sparked by the international squash champion,

Marwan El-Shorbagy, who chose to represent

England instead of his home country, Egypt, in

July 2023. This came almost a year after his older

brother, Mohamed El-Shorbagy, made the same

decision.

Lately, Egypt has been witnessing noticeable

improvements in the national sports scene, as officials

have exerted more effort to support team

sports such as handball, basketball, as well as individual

sports such as weight-lifting and wrestling.

Tennis, however, is absent from that list. In fact,

tennis remains substantially underestimated and

neglected, to the point where the latest trend in

the sport is to leave it behind.

Why Tennis?

Tennis, called the “royal” or “elite” sport, is the

sixth highest-paid sport in the world and is a favorite

target for investors all over the globe due to

high-yields and its prestige.

Gulf countries have become attracted to investing

in tennis due to it being considered a “rich

person’s” sport. Recently, Saudi Arabia made

headlines for its potential investment in the Association

of Tennis Professionals (ATP) tour, one of

the world’s largest tennis tournaments.

Financial and Mental Burdens

The sport’s situation in Egypt is rather different.

It is substantially hard for tennis players to solely

depend on the sport to support themselves. Most

of the time, players find themselves investing way

more than what they actually gain. According to

a tennis coach at NEWGIZA Sports Club, Karim

Hamada, financial costs borne by local tennis players

have increased significantly since the outbreak

of the Covid-19 pandemic in late 2019. Today,

players spend EGP 50,000-100,000 annually on

equipment.

Hamada believes that the financial factor is not

the only one at play, as mental health support is

remarkably undervalued, particularly by the Egyptian

Tennis Federation (ETF).

Tennis players look at the great progress of

squash and paddle tennis nationally, how they are

more financially rewarding, and most importantly,

how they are supported by their national federations.

Due to pressing financial burdens, the sport’s

immense physical effort and slower progress,

parents are sometimes the primary motivator for

players to abandon tennis for another fairly easier

sport.

However, Hamada perceives the 15-20% cut

from players’ prize money in favor of sports clubs

as rational, as clubs hire professional players and

provide them with monthly salaries, training

coaches, and other forms of technical assistance

in order to advance their sports careers.

Egyptian tennis player Youssef Abdellatif, who

thus far holds the 13th rank locally in the men’s

category, says “the issue is not with the (sports)

clubs’ percentage, it is with the prize money proposed

by the federation itself.”

An Alarming Trend

Nowadays, tennis players abandon the sport for

alternatives like squash or paddle tennis for many

reasons, but mainly due to the lack of financial

support.

The issue is so extreme to the point that it affects

not only juniors or amateurs but also players

from the national tennis team, according to a

source who preferred to remain anonymous.

According to Abdellatif, the prize money for

local tournaments and championships has stayed

the same since he started playing tennis in 2015.

On the other hand, federation fees have increased

significantly; for example, registration fees for

championships hiked from EGP 125 in 2015 to

EGP 450 in 2023. The federation justifies that such

an increase is necessary to keep up with the rise in

prices, yet, it does nothing to make sure players

are fairly compensated.

“When competing in a third-class championship

category and you make it to the finals, you do

not get the EGP 450 back, as 15-20% of the money

gets deducted [by sports’ clubs]. So out of the 60

or more players competing, only the winner and

the runner-up can make back the money they had

paid for registration. So only two out of 60 players

can break even,” Abdellatif lamented.

Winners of first-class category championships

40 September 2023


In-Depth

earn EGP 4,000 and EGP 2,800 for men and women,

respectively, while second-class category championships

offer winners EGP 1,900 and EGP 1,300

for men and women, respectively. Third-class category

championships provide winners with EGP

1,000 and EGP 600 for men and women, respectively.

In 2022, Abdellatif wrote a post on Facebook

about a fellow player’s experience. The said player

reached the quarter finals of a national championship

and was paid only EGP 86, a year after the

federation removed prize money for any round

preceding the quarter finals on the pretext that

the prize money in the quarter, semi-final and final

rounds was increased.

Even though Abdellatif has mentioned the

federation’s official page in his post, no one has

reached out to him.

“The only reason I am still playing [Tennis] is

my love for the sport, despite all the hardships. As

someone who is still struggling like that at the top

[of rankings], I can’t imagine what it is like for a

player in the 60th or 70th ranks,” he added.

Solutions

Sports marketing expert and assistant professor

for sports marketing at the German Sport University

in Cologne, Mohamed Zoromba, says that

tennis is known worldwide as a sport for the elite

or the higher classes due to its heavy expenses. In

order to truly advance in the sport, players need

to hire personal trainers who are heavily focused

on developing their individual skills, which can be

quite costly for most people.

Zoromba believes that sponsorship deals are

vital in sports like tennis, as sport clubs alone cannot

afford to qualify players. “Each player needs

a team of more than 12 professionals, including

a trainer, a coach/ technical director, a mental

health specialist, a nutritionist, a performance

analyst, etc. as each player is a potential champion

and needs to be qualified as one.”

“In the case of Egyptian tennis player Mayar El-

Sherif, her great potential only appeared after she

signed a sponsorship contract with Connection

Sports Company, run by Sherif Monsef,” Zoromba

said.

El-Sherif is an Egyptian tennis player who ranks

31st in singles at the Women’s Tennis Association

(WTA), making her the highest ranked Egyptian

tennis player in history.

Zoromba pointed out that President of ETF

Ismail El-Shafei and his deputy Hassan El-Aroussy

are doing a “spectacular job” when it comes to

providing diverse training methods and camps.

However, more needs to be done in regards to financial

support, particularly by attracting sponsorship

deals to improve players’ performance and

the sport’s conditions in Egypt. This can be done


41

In-Depth

time staff and advisers to assist. It also has veteran

officials who are also the best qualified in Africa,”

Makhlouf continued.

Having said that, Makhlouf still acknowledged

the need to “have more funding to create more

opportunities for all the tennis actors, whether

they are officials, coaches, or players.”

through improving media coverage, and showcasing

the potential gain for sponsors when signing

tennis players.

A Wider Perspective

When asked about his opinion on the state of

tennis in Egypt, International Tennis Federation

(ITF) Development Officer for North and West

Africa Amine Ben Makhlouf said that “[Egypt’s

federation] is among the best African federations

in terms of the development of tennis. They are

making lots of steps to advance the sport nationally

by following ITF development pillars.”

Despite all the difficulties, Egypt has one of

the highest numbers of tennis players in Africa,

Makhlouf said, adding that tennis clubs and the

federation in Egypt are exerting lots of effort to

attract more players to the game.

He highlighted the great potential Egypt has in

the training field, as the country is recognized at

“silver level” in terms of tennis education, and will

be hosting a “coaching high-performance course”

in November 2023, which provides the highest

certification in tennis training.

“Egypt has a well-structured federation with full

Formal Response

For his part, Secretary General of the Egyptian

Tennis Federation Walid Samy said there is no

worry at all when it comes to the future of tennis

in Egypt, as there is a steady, sustainable stream of

players joining the sport each year.

When asked about instances of tennis players

abandoning the sport for squash or paddle tennis,

Samy said that it is only the “older players” in their

twenties who are joining this phenomenon.

“Normally, at that age, the players’ athletic abilities

are declining, which puts more pressure on

them to chase after financial gain, and thus, they

seek sports like paddle or squash.”

“We must take into consideration that sports

like paddle or squash are fairly new, too, meaning

that people will be intrigued to try them out

at first, but eventually, they’ll have their ups and

downs,” he added.

Samy firmly believes that tennis, as a well-established

sport, is superior to squash and paddle.

Although squash has been around for some time

– unlike the fairly new paddle – it is still not an

Olympic sport, which takes away its prestige as a

sport and deprives it of various lucrative and rewarding

opportunities, particularly on the global

level. In general, tennis players have more potential

to be recruited as professional players all

around the globe, and lead more prosperous

careers, not to mention the prestige of the sport

itself.

Samy admits that nationally, paddle and squash

might be more financially appealing, however,

tennis is still deemed attractive by many.

He went on to address the elephant in the

room: the low prize money. Although Samy agrees

that the sum is low, he affirmed that the ETF has

been doing its best to ensure self-sufficiency, unlike

other sports federations.

The federation’s annual budget currently ranges

from EGP 52-53 million, compared to EGP 5

million in 2018. According to Samy, a key factor

to this increase is the fruitful administration of the

financial resources, balance between expenditure

and spending, and cutting back on “exploitive

spending,” which includes ETF’s board members

travel expenses and allowances – a principle which

has been applied in the ETF starting from 2017.

Samy highlighted the federation’s innovative

42 September 2023


According to the guiding

statutes of the ETF, the

financial resources of the

federation are derived

from:

⃣ Annual membership subscriptions.

In-Depth

⃣ Revenue from matches, parties,

sponsorship contracts, advertisements,

the federation’s percentage

in return for television broadcasting

of matches and sporting activities,

and the rent of the federation’s

stadiums.

⃣ Proceeds from marketing

the federation’s name,

logo, or flag.

⃣ Fines imposed

on federation

members,

players, administrative,

or technical staff

participating in competitions.

⃣ Subsidies and grants provided

by national government

agencies or by the International,

African or Arab Tennis Federations.

⃣ Donations and bequests accepted

by the Board of Directors

of the Federation (with the

notification of the Egyptian Olympic

Committee).

⃣ Subscriptions to the various competitions organized by

the federation.

⃣ Any other revenues approved by the competent administrative

authority.

approach to not only expand the federation’s financial

provisions, but to also contribute to the

country’s gross domestic product (GDP), particularly

when it comes to tourism.

The current ETF executives have heavily focused

on increasing tournaments and championships

hosted by Egypt, which, in return, has

reflected greatly on the country’s tourism sector.

Samy estimates that tennis tournaments and

championships give 50,000 tourist visits annually

to the country.

In the junior category alone, the ETF went from

hosting three tournaments to 19 tournaments in

2023, making Egypt the second foremost country

in Africa in terms of hosting the most junior level

competitions in both men’s and women’s categories.

Although the ETF managed to sign a lucrative

deal with Banque Misr as a sponsor for national

championships and tournaments for the fourth

consecutive season, Samy admitted that efforts to

improve marketing and sponsorship deals for the

game are still lacking. Most of these efforts come

from board members’ individual efforts and good

relations with other stakeholders. He stated that

this was a problem for almost all sports federations

– except for football – as it is hard to amass

collective interest from local fans in order to attract

sponsors.

Optimistic about the future, Samy said there

is “no need to worry about the state of Egyptian

tennis or its federation,” and expects the game

to only get better locally. He called on people

interested in the game to reach out to the ITF,

the Egyptian Ministry for Youth and Sports, or

the Olympic Committee for “truthful, relevant

answers” instead of “gathering information about

tennis from Facebook.”


43

Spotlight

Designing Tomorrow

Exploring Innovation, Sustainability, and Success in Modern

Architectural Design; a conversation with Innovation Design

Studio’s Mahmoud Farouk.

In the ever-evolving regional landscape

of real estate and design, the trend of integrating

wellness with creative interior

and architectural design remains strong,

leaving a lasting impact on the industry as

consumer’s desires to improve their wellbeing

and health seem to only increase.

Delving into the world of architectural design

and wellness, Business Today sits down

with Mahmoud Farouk, the Chief of Design

and Co-founder of one of the region’s most

influential design firms, Innovation Design

Studio, to explore their journey, philosophies,

and the secrets to their success.

Innovation Design Studio has amassed a decade

of experience in architectural design, reshaping

skylines and redefining spaces across

Egypt, Saudi Arabia, and Oman. Throughout

the years, the studio’s commitment to delivering

cutting-edge designs and creating value has

left a lasting mark on the industry.

The studio’s recent accolade, the prestigious

Golden A’ Design award - one of the highest

achievements in design - for their outstanding

work further displays the firm’s commitment to

creating high-class functional projects.

BT spoke to Farouk to jump into the heart of

Innovation Design Studio to understand their

approach to sustainability, wellness, and the

profound impact they have had on the design

concepts shaping our region.

In the rapidly evolving real estate and design

sector in Egypt and the region, how does Innovation

Design Studio position itself, and what

sets you apart from your competitors?

Innovation Design Studio stands at the forefront

of the industry, boasting a decade of experience

in inspiring architectural design. Our

success is attributed to our commitment to delivering

top-notch designs and creating value

for over 400 projects across Egypt, Saudi Arabia,

and Oman.

Recently, we were honored with the prestigious

Golden A’ Design award for our outstanding

work on a business district, which

showcases our dedication to creativity, functionality,

and wellbeing in every design model.

With new design concepts like sustainability

and wellness gaining traction globally and, in

our region, how does your company embrace

and incorporate these concepts into your projects?

Innovation Design Studio is a pioneer in developing

WELLNESS Architecture, focusing

on creating spaces that promote physical, emotional,

and mental wellbeing while also considering

the impact on the natural environment.

Our designs adopt socially conscious systems

arrangements, aiming to strike a harmonious

balance in the spaces we create. Sustainability

44 September 2023


Spotlight

and wellness are core principles we incorporate

into every project, ensuring our clients benefit

from livable environments that enhance creativity

and productivity.

Could you share some insights into your current

business volume and the progress you

have made recently?

Over the years, Innovation Design Studio has

experienced remarkable growth, undertaking

various projects ranging from residential to

commercial, with a significant increase in project

scale and value. Our journey started in 2014

with 2 designers and a project worth $4 million,

and in 2023, we proudly worked on a project

valued at $400 million with more than 40 Egyptian

talents supporting us in serving more than

19 developers. As we continue to expand our

presence in the local market and key regional

projects in Oman and Saudi Arabia, we maintain

a clear vision for global expansion.

Your company has achieved an impressive market

share; could you elaborate on how you navigate

the competition, both from international

consultants and local experts?

Competition in our industry is robust, but Innovation

Design Studio thrives due to our dedication

to innovation and a deep understanding

of end-user needs and preferences.

We stand shoulder-to-shoulder with the best

international consultants, not just by providing

cutting-edge solutions but also by upholding

our core values of creativity, functionality, and

wellbeing.

As strategic partners to prominent real estate

developers in Egypt and the region, we ensure

that every project aligns with our clients’ needs,

offering top-notch designs that set us apart in

the competitive landscape. Additionally, we leverage

our expertise in materials localization,

supporting the Egyptian government’s vision

of limiting imports and preserving foreign currency,

while also collaborating closely with local

manufacturers who adhere to international

standards, making them preferred partners to

both developers and designers.

Our company pioneers in developing

“Wellness Architecture” aiming to create value

and develop socially conscious systems arrangements

to promote the harmonious balance

between physical, emotional and mental wellbeing

while restoring the natural environment.

We develop destinations based on an integration

approach to provide full circle of services

from consultative to the complete delivery of

high-end architectural design projects.


45

Spotlight

Exploring Egypt’s

Mining Sector

Egyptian Deserts Still Abound with Untapped Riches.

20 September 2023


Spotlight

By Noha El Tawil

For the past 6 years, gas deposits in

Egypt have been the main target of

public attention and exploration activities.

Before, gold deposits, mainly

Sukari Gold Mine, were the center of that attention,

along with phosphate existing in abundance

in Western Desert’s Abou Tartour. However,

the country is rich in other minerals,

like quartz, for which processing plants were

opened only this year. In the following, we get

a closer look at the potential of Egypt’s mining

sector.


47

Spotlight

What Do We have?

The State Information Service (SIS) classified

in a report Egypt’s mineral resources into three

categories that are energy ores, metallic ores,

and non-metallic ores.

Energy ores are divided into carbon ores and

radioactive materials. Speaking of carbon ores,

coal exists in North Sinai’s Oyoun Mousa and

Gabal Al-Maghara, while South Sinai’s Bedaa

and Thawra contain carbonaceous sediments.

Gabal Al-Maghara consists of 27 million tons

of documented reserves of coal, including 21

million tons that are mineable. The output of

that site is used in electricity production and cement

manufacturing, among other industries.

As for the carbonaceous sediments in Bedaa

and Thawra, they amount to 15 million tons

of documented reserves and 60 million tons of

probable reserves. Egypt’s carbon ores also include

oil shales above phosphate deposits in the

governorates of the Red Sea in the east and the

New Valley in the west.

The radioactive materials the country possesses

are mainly uranium, which exists in Sinai as

well as the Eastern Desert’s Mosaikat and Gabal

Qetar.

The metallic ores are ferrous ores, non-ferrous

ores, and precious metals. With regard to

ferrous ores, Egypt is mostly known with iron,

whose reserves are around 3.1 billion tons. Its

deposits lie in Eastern Aswan (14 million tons,

including 2.7 million tons that were extracted),

Eastern Desert (53 million tons), and Bahariya

Oasis in the areas of Al-Gadida (71 million

tons), Gharabi, Nasser, and Al-Hara (7.5 million

tons). The deposits in the last three areas are

still untapped, as they require special processing

being mixed with manganese.

Aluminite, which is used in construction, is

concentrated south of the Eastern Desert, where

there are 25 million tons of documented reserves

and 15 million tons of probable reserves.

It also exists in black sand on the Mediterranean

Coast extending from eastern Alexandria to Arish,

with reserves amounting to 7 million tons.

Manganese lies in Sinai’s Om Bagama, and

Eastern Desert’s Esh El-Malaha, Wadi Al-Maalik,

Gabal Elba and Abou Ramad with reserves

amounting to 120,000 tons. The mineral is used

in the production of steel, dry-cell batteries,

paint, and other chemicals.

Further, there are 2,000-5,000 tons of prob-

48 September 2023


Spotlight

able reserves of chrome used in the manufacturing

of steel, heat-resistant alloys, jet engines, gas

turbines, leather tanning and dyeing, thermal

industries, and photography.

In respect of non-ferrous ores, there are

copper deposits in Sinai’s Sarabit Al-Khadem,

Firan, and Samra, as well as Eastern Desert’s

Abou Sweil, Wadi Haimour, and Akarem. Zinc

and lean mineral deposits exist intertwined in

Om Deghig on the Red Sea coasts with reserves

amounting to 1.6 million tons, including 1 million

tons of documented reserves. Tin lies south

of the Eastern Desert in Wadi Al-Agala, Moweilha

(160 tons in reserves), and Abou Dabab

(850,000 tons).

As for precious metals, Egypt ranks 38th globally

in terms of gold reserves, which amount to

75.6 tons. There are three main sites of gold

production, which are Hamash, Wadi Al-Aalaqy,

and Al-Sokari. The latter alone has reserves

of 14 million ounces. There are reserves in

the Eastern Desert’s Onoud (33,000 tons), Al-

Barameya (280,000), Hangaleya (500,000 tons),

Sabaheya (83,000 tons), Om Oud (15,600 tons),

and Abou Marwat (290,000 tons).

The Ministry of Petroleum and Mineral Resources

announced in 2020 the discovery of a

gold deposit in the Eastern Desert containing

over 1 million ounces of gold, with the extracting

potential standing at 95%.

Regarding non-metallic ores, phosphate, a

main component of fertilizers, is concentrated

near the Nile Valley between Aswan’s Edfu and

Qena, on the Red Sea coasts between Safaga

Port and Al-Qusair, and at Western Desert’s

Abou Tartour Hill, which alone contains 1 billion

tons in reserves.

Quartz, used in the manufacturing of optics

and photovoltaic cells, exists in Eastern Desert’s

Gabal Al-Dob, Gabal Marwat, and Om Hegleg.

High-quality white sand, used in producing

glass, lies in Sinai’s Abou Zanima, the Red Sea

coast’s Zaafarana and Abou El-Darg, Beheira’s

Wadi Al-Natroun, and Qena Valley.

Feldspar lies in Aswan, Om Deissi Valley, and

the Red Sea coasts at Al-Eneigy. It is used in producing

ceramics, pottery, china dinnerware, re-


49

Spotlight

fractories, and glass.

Limestone, which is part of certain industries

such as cement, bricks, paint, paper, rubber,

and plastic, exists in Cairo’s Tura and Maasara,

Minya’s Beni Khaled and Samalout, Siwa, and

Alamain.

Egypt also has ornamental stones, as well as

precious and semi-precious stones. Those are

turquoise, granite, diorite, serpentine, marble,

and alabaster. Those are concentrated in the

Red Sea, Aswan, North Sinai, Beni Suef, Menya,

Asyut, and Sohag.

50 September 2023


Spotlight

Tangible Steps to

Leverage the Mining

Sector in Egypt

Golden Triangle

The Government of Egypt eyes

developing the Golden Triangle

Economic Zone (GTEZ), established

in late 2017 and situated between

Qena, Safaga, and Al-Qusair.

The area is one of the richest in

terms of mineral resources in Egypt,

accounting for 75% of the country’s

depots in the sector.

Chairperson of GTEZ Adel Saeed

stated in July during Egypt Mining

Forum that the entity had received

business offers worth a total of $1.6

billion from local and foreign investors

to operate in the Golden

Triangle. He elaborated that a consortium

of Australian companies

wanted to establish a phosphoric

acid production plant, whose value

would be around $875 million.

Further, the Egyptian Financial

and Industrial Company aims to invest

$600 million in a fertilizer factory

spanning over 100 feddans (one

feddan equals 4,500 square meters).

Thus, the government is already

studying the most suitable location

to designate for the project.

In addition, the authority received

a proposal from an Egyptian

businessman to make an investment

of $150 million in a new phosphate

fertilizer and phosphoric acid factory.

Auctions

In 2021, 11 Egyptian and foreign

companies won the first round of

auctions offered by the Ministry of

Petroleum and Mineral Resources

to mine gold in 82 sites in the Eastern

Desert. In the following year,

4 British, Canadian, and Egyptian

companies won the second round

to operate in eight sites containing

gold and other minerals.

Quartz

President Sisi inaugurated in May

the Quartz Industrial Complex in Ain

Sokhna. It consists of 5 factories that

were built to process the output of a

quartz mine in Marsa Alam in the Red

Sea governorate, with an annual capacity

of 140,000 tons each.

Meanwhile, the reserves of the

quartz mine in Marsa Alam’s Marwa

Al-Sowaiqat amounted to 3.5 million

tons, according to Head of the Egyptian

Mineral Resource Authority Yasser

Ramadan.

The first of its kind worldwide, the

cost of the quartz complex is €80 million.

It carries out all the processing

phases of the mineral. It is also the

only quartz plant in Africa and the

Middle East.

A video that was streamed to explain

the process showed that quartz

rocks get crushed into pieces sized between

3 and 5 centimeters, and again

into millimeters, then into micro millimeters.

The material is later turned

into a paste after adding certain substances,

to be used in producing hard

quartz slabs.

The Italian ambassador to Cairo

lauded the fruitful economic partnership

with Egypt, saying that the two

Italian companies that invested in the

quartz complex would take part in

other projects in the mining sector in

the country.

The project created 2,600 direct

and indirect jobs. Also, a group of engineers

and technicians were trained

in Italy.

A plant will be established to produce

bioquartz at $70 million with an

annual capacity of 60,000 tons, in addition

to another for glass sand. Another

major in-progress project in the

mining sector is having plants built to

process the output of a copper mine

in South Sinai in collaboration with a

British company.

Moreover, the head of the Egyptian

Mineral Resource Authority stated

that there are plans to establish a

silicone processing factory with an

annual capacity of 60,000-100,000

tons, and another for polycrystalline

silicone with an annual capacity of

10,000 tons. The projects will be implemented

in four phases with a total

cost of $700 million.

Phosphate

President Abdel Fattah El-

Sisi inaugurated in March

the Nitrogenous Fertilizer

Complex in Ain Sokhna. The

project is owned by El-Nasr

Company for Intermediate

Chemicals of the Armed

Forces National Service Projects

Organization (NSPO).

It was implemented by Germany’s

ThyssenKrupp AG

in partnership with Egypt’s

Petrojet.

The complex is composed

of 6 mega factories that manufacture

different types of nitrogenous

fertilizers. Those

are ammonia (400,000 tons/

year), liquid urea (300,000

tons/year), granulated urea

(300,000 tons/year), nitric

acid (165,000 tons/year),

ammonium nitrate (200,000

tons per year), and calcium

ammonium nitrate (300,000

tons/year).

The total production capacity

of the complex is 1.7

million tons per year of phosphate,

potassium, and nitrogen

fertilizers, including a

surplus that is exported to

nearly 56 countries.

President Sisi underscored

that the availability of sufficient

natural gas in the past

few years has enabled the

state to establish phosphate

fertilizer plants instead of exporting

raw phosphate.

Board Chairman of El-Nasr

Company for Intermediate

Chemicals Ehab Abdel Samie

stated that his establishment

has inaugurated two factories

for the production of

medical and industrial gas as

well as a trigeneration power

plant in the chemical industries

complex in Giza’s Abu

Rawash. He further noted

that the inauguration of the

phosphate fertilizer complex

brought the total number of

industrial complexes owned

by the company to 4.


51

Spotlight

Revolutionary New LIMEX:

Egypt’s New Window

to Go Plastic-Free

52 September 2023


Spotlight

Egypt launches a project to manufacture alternatives for plastic

from “LIMEX,” a revolutionary new material in a bid to end the

use of plastic.

By Nourhan Magdi

As the world is moving towards a sustainable

green economy and attracting

green investments, Egypt is also

taking decisive steps in the same direction.

Egypt has announced several green

projects, including one to manufacture plastic

alternatives at an investment amounting to $50

million.

With Egyptian cities already declaring themselves

environment-friendly and free of singleuse

plastics, the state aims to incorporate the private

sector in the development process to open

up new investment horizons in waste management

and plastic alternatives.

NO

PLASTIC

What do we know about the project?

One of the latest moves by the state is the

launch of a project to manufacture alternatives

for plastic from a revolutionary new material,

LIMEX. It contains calcium carbonate, or limestone,

and a very small percentage of raw plastic

materials such as polypropylene and polyethylene.

This project is the first to benefit from investment

incentives announced by the prime minister,

who ordered the establishment of a plastic

substitute factory for manufacturing LIMEX in

the city of the Tenth of Ramadan.

The project’s memorandum of understanding

is a step towards Egypt’s 2030 vision of sustainable

development. It also follows the recommendations

of the Egypt-hosted COP27 in November

2022, requiring the protection of the environment

in partnership with leading economic institutions

to promote green and blue economies.

According to the project’s memorandum of

cooperation, effective and gradual measures will

be promoted at the local, regional, and global

levels to reduce plastic use. The project seeks to

reduce the use of plastic in Egyptian society by

benefiting from relevant international experiences.

The company executing the project intends to

raise awareness about reducing carbon dioxide

and plastic pollution. It will also provide alternatives

better than single-use plastic and technology

that reduces emissions.


53

Spotlight

Importance of the LIMEX project

The plastic alternatives project is an opportunity

to lead the way in adopting serious, sustainable

solutions to confront plastic pollution.

The technology used in the project will significantly

reduce the use of plastic and carbon dioxide

emissions. It is also believed that the project

will create many promising job opportunities in

the Egyptian market.

There is an ambitious investment plan for the

project over the next 3 years at a value of $50

million.

The project, in addition to being cost-effective,

will reduce the imports of some plastic materials,

and will enhance Egypt’s transition towards a

sustainable green economy.

Egypt’s efforts to eliminate plastic waste

In addition to that project, the Ministry of Environment

has taken steps to eliminate plastic

waste over the past 9 years. Plastics are among

the materials that harm the soil, marine organ-

54 September 2023


Spotlight

isms, and the environment due to their non-biodegradability.

One of the main steps taken by the state was

announcing the general framework of the national

strategy to reduce single-use plastic bags

in coordination with the Japanese Aid Agency

(JICA) and the Plastic Technology Center.

Legally speaking, Egypt has added an article

to the Waste Management Regulation Law that

deals with “managing the circulation of singleuse

plastic bags.”

A standard for single-use plastic bags has been

issued in coordination with the Egyptian General

Organization for

Standardization and Quality, setting the minimum

thickness of a plastic bag at 55 microns.

Egypt also signed a plastic recycling charter

with major companies operating in Egypt on the

basis of extended responsibility for the product.

Awareness campaigns are also among the

main measures that have been taken by the state

to shed light on the dangers of plastic and its alternatives

of multi-use bags and cloth bags.

At least two cities, including Hurghada and

Sharm El-Sheikh, declared themselves plastic

“The plastic alternatives project is an

opportunity to lead the way in adopting

serious, sustainable solutions to confront

plastic pollution.”

free, which was a bold step encouraging other

cities to follow suit. The Government also cooperates

with youth initiatives and civil society, including

Very Nile, to launch campaigns to collect

plastic waste from the Nile banks. Meanwhile in

Cairo’s upscale district of Zamalek, some shops

stopped using plastic.

The Egyptian Ministry of Environment, in cooperation

with the Arab Bureau for Youth and

Environment, launched in July a national campaign

under the slogan “No to Plastic.”

For his part, Dr. Imad El-Din Adly, chairman

of the Board of Trustees of the Arab Bureau for

Environment and Development, said the campaign

aims to raise awareness on the dangers

of single-use plastic products. It is also hoped to

develop public awareness about health and environmental

risks of plastic waste.

A number of cleaning campaigns were also

launched in different governorates to clean

beaches, as well as awareness activities done

within schools, universities, and youth centers to

protect the environment and citizens.


55

Spotlight

A Dream Comes True:

Automating the

Foundation of

Companies in Egypt

GAFI Is Now in Charge of Conducting Official Procedures on

Behalf of Investors.

56 September 2023


Spotlight

By Noha El Tawil

The Egyptian Government has been

digitizing its operations and promoting

investment as a top priority.

Today, registering a new company

online is finally possible. The General Authority

for Investment and Free Zones (GAFI)

launched the service on August 9 as Prime

Minister Mostafa Madbouly witnessed the online

establishment of Damietta for Green Ammonia

Production Company to be situated in

Damietta Free Zone.

The Process

GAFI’s Chairman Hossam Heiba said GAFI’s

website includes information on the electronic

registration of new companies, legal structure

of companies (sole proprietorship, general

partnership, limited-liability company, corporation),

fees, duration of the process, and status

of the request.

Before starting the application, the investor

has to create an electronic signature through

one of two licensed companies: Egypt Trust

and Misr for Central Clearing, Depository, and

Registry (Makkassa).

The first step is to create an account, choose

the legal structure of the company, and insert

the company’s name, shareholders’ names, activity,

location, and names of board members.

After that, the required documents shall be

uploaded and the request can then be submitted.

From that point on, the investor can regularly

check the status of the request.

The second step is to pay the fees required

by all the entities involved online. Then, the

investor is expected to sign the company’s

foundation contract and a registry’s document

using the electronic signature.

GAFI then takes over to finish the procedures

with the Financial Regulatory Authority,

the Federation of Egyptian Chambers of Commerce,

the Financial Registry, and the Lawyers

Syndicate Fund. It also issues a tax ID and a

social insurance ID. The documents then are

either sent by courier or delivered at the investor

service centers available nationwide.

Industrial Sector

Heiba revealed in a press conference earlier

in August that strategies were being set to bolster

specific sectors, namely green energy, automotive,

home appliances, pharmaceuticals,

information and communications technology,

logistics, education, agriculture, and fisheries.

The GAFI chairman elaborated that Egypt

had companies that have been operating in

the automotive sector for over 60 years. Hence,

the country needs to leverage that experience,

and also boost feeding industries in the sector.

A fruitful outcome of the exerted efforts is

that Japan’s Yazaki entered the Egyptian market

for the first time. It is establishing a factory

in Fayoum to produce automotive components,

mainly braids and wires. Egypt is also

creating a fund to finance automotive enterprises.

Speaking of home appliances, Heiba showcased

that the local component in Samsung

Egypt’s products exceeded 70%. Further,

China’s Haier is setting up a factory in Egypt

to mainly target foreign markets, which will


57

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bring in three to four other companies to

supply inputs. Bosch and Beko have received

golden licenses to build plants, while Ariston

purchased an Egyptian factory and is in the

process of producing licenses.

The official emphasized that Egypt has two

main advantages in the home appliance sector:

expertise and a large market.

Addressing Complaints

“We created the Committee of Principles to

resolve frequent individual issues in the sector

of manufacturing. It consists of the Tax

Authority, Industrial Development Authority,

and GAFI, among others…We spread the

solutions devised to similar issues,” Heiba explained.

The GAFI chairman stated that 75% of complaints

have been settled, mostly in favor of

investors. Between June 2022 and May 2023,

1421 out of 1949 complaints were processed.

Some were lingering since the 1990s and

2000s. Examples included problems pertinent

to proving ownership of reclaimed lands, licenses,

and import of raw material.

“Complaints were from both Egyptians and

non-Egyptians, but Egyptians were the majority

because the majority of investors in Egypt

are Egyptian,” Heiba highlighted. He explained

that “no foreign investor would enter

the market without a local one.”

In an assuring tone, the GAFI chairman said:

“The Supreme Investment Council banned

any agency from imposing new fees or raising

existing ones without prior approval from

the council and the Cabinet…The requests of

some agencies have been rejected.”

Yet, some fees were planned to be enforced

before the ban so “we consulted with investors

and they agreed,” according to Heiba.

“When considering the approval/rejection,

we need to balance everything so that the

agency would have enough resources to provide

a quality service. We study if the raise is

needed to maintain quality,” Heiba said.

To arrive at a radical solution to random estimates

of taxes, the official stated that e-bills

are key and that they are being introduced nationwide,

but the process would take time.

Commenting on claims that some investors

had exited the Egyptian market, the GAFI

chairman said: “No investor has completely

shut down operations in Egypt. Some Egyptian

investors just expanded into other countries.”

Investment Promotion

The GAFI chairman underscored that the

main framework of the authority’s operation is

Egypt’s 2030 Sustainable Development Vision.

“However, we take into consideration variables

on the international scene. Those [events]

make it hard to smoothly implement plans,”

he added.

“We need to understand the real competi-

58 September 2023


Spotlight

tive edge of Egypt, evaluate the capabilities

of the private sector, and study the obstacles

it faces…Investment promotion currently requires

integration of efforts. The private sector

should play a role on that front. That mission

cannot be done by state agencies alone,”

Heiba said.

Regarding the role played by the authority,

Heiba said, “We divided ourselves into teams.

Each is concerned with identifying different

challenges. We talked with different state

agencies to amend legislation and measures.

Then, we drafted amendments and submitted

them to the prime minister. That resulted in

amending some measures.”

He pointed out that one of the sectors that

benefited from such work is real estate development.

As for attractiveness to investors, the GAFI

chairman underscored that Egypt has “the advantages

of location, and workers. We need to

sharpen their skills. The cost of Egyptian labor

has become cheaper than that of Southeast

Asia, and even more productive than it is in

some of the Southeast Asian countries…Those

are the things that matter to investors, and not

tax exemption, for instance.”

GAFI will launch an “After Care” platform,

where complaints would be submitted online

among other services. As for incentives, the

investor receives residence for 1 year during

the foundation phase, and it can be extended

for another. When operation begins, they are

granted a 5-year residence.

The law of investment allows establishing

companies by foreign currencies, not necessarily

the U.S. dollar. For instance, many Chinese

investors prefer to use their country’s currency,

according to Heiba.

In another context, the Finance Ministry

hired a global company to explain the taxation

system to investors.

Regarding licenses, an investor’s license request

is submitted to the concerned body. If

no reply is provided within five working days,

that means the request is approved. Hence, rejection

has to be made within that window of

time. In case of inquiries from the agency, the

investor is asked to provide answers.

Until present, 20 golden licenses have been

issued. If the investor aims for export, it is recommended

that he operate in the free zone

system on the condition of supplying the local

market with 20% of production.


59

Spotlight

A

Y O U T H

-Driven

Business World

An overview of the rise of youth’s presence

in the Egyptian business sector and how

they can become part of the economy.

60

September 2023

Spotlight

By Nour El Badawi

For the past few years, driven youths

have sought to start businesses and

become entrepreneurs. Since the

COVID pandemic’s “wake-up call,”

where many people were laid off, and the

adverse post-pandemic effect took its toll on

the business world, the trend of starting independent

businesses has been on the rise.

Youths have been seeking more opportunities

to bring their innovative ideas to light and

potentially create income and investment opportunities.

Egyptian youths, aged 15-25, are now exploring

investing and starting businesses in different

sectors. In tech, fashion, stock market,

transportation, health care, etc., young entrepreneurs

are determined to succeed, proceed

in their projects, and, most importantly, instill

change and development.

What is most striking is that youths now start

their businesses from a young age. Whether

they are trying to invest in generating money

or creating their online businesses in the

e-commerce and fashion industry, their presence

in various sectors is notable. Naturally,

some fail and face obstacles, but the rise of

youth entrepreneurship is still unprecedented.

This youth-led entrepreneurial sector is vital

for the economy and its development; not only

do they add to the informal part of the economy,

but also bring new ideas to light, sustain

generational development in the country, provide

solutions to overcome conflict, and play

a significant role in developing the country’s

diverse sectors and industries, especially in the

technology sector. As these informal startups

grow, they become registered as part of the

formal economic sector.

Additionally, young people have begun to

be more and more engaged in economic activities,

be it stocks or seeking opportunities

to expand their finances, with young entrepreneurs

carving a path for foreign investment

and currency circulation. According to

CAPMAS, youth representation in the local

market is estimated to be approximately 40%,

while, according to a survey conducted at the

American University in Cairo (AUC), 73% of

Egyptians consider entrepreneurship a good

career option.

Along with the increase of youths’ interest in

business, multiple initiatives have been put in

place to support the ongoing wave of youths in

multiple industries as part of the government’s

efforts to develop youth-led business as part of

the state’s goals for Egypt Vision 2030.

Supporting Egypt’s Future: Youth in Business

As the significance of youth-led entrepreneurship

in Egypt has become tangible

throughout the years, several government

and non-governmental entities have been established

to support and provide a platform

for the upcoming generation. Through such

September 2023

61

Spotlight

Aly Farag and Feryal Ashraf

appointed as Ambassadors

for the UN Global Initiative

in Egypt ‘Shabab Balad’

initiatives and the creation of startup incubators,

the youth’s sector started becoming more

explored and highlighted as an essential factor

in sustaining Egypt’s economy and development.

Among such prominent initiatives is the

World Youth Forum (WYF), an annual forum

held in Sharm El Sheikh since 2017. The conference

aims to connect the world’s youth,

allowing them to engage and exchange their

ideas and experiences. WYF has become the

platform for young people to network and engage

with one another and with policymakers

and state entities.

In addition to WYF, multiple other initiatives

are on the rise. NilePreneurs is a nationwide

initiative that started in 2019, and is supported

by the Central Bank of Egypt (CBE) and the

Egyptian banking sector. NilePreneurs partners

with governmental and private entities to

ensure the guidance and support of startups

and SMEs in multiple sectors, including manufacturing,

agriculture, and digital transformation.

The initiative started at Nile University,

but has now expanded to four other universities.

The CBE has launched several units over

the years, including FinTech Egypt and its initiative

FinYology - FinTech for Youth. FinYology

aims to encourage all youths specializing

in numerous majors to explore the financial

technology sector. Such initiatives targeting

the youth in universities is vital for the economy

and the upbringing of a driven, businessoriented

generation.

Last January, the Egyptian version of the

United Nations initiative Generation Unlimited

was established under the title Shabab

el-Balad, the first unified initiative supporting

the youth within the private and public sectors.

The initiative aims to stimulate progress,

encourage investment in the youth-led business

sector, employ the youth, develop their

skills, and train them.

In addition to all the initiatives to encourage

youths’ development in business, multiple

summits have been held to provide a platform.

Rise-Up Summit, for example, was established

in 2013 to bring together the region’s entrepreneurs

at an annual event in Cairo. The

summit has multiple panels for discussion, and

provides a platform for investors to research

what is new in the entrepreneurial market. In

general, Egypt has witnessed the creation of

62 September 2023


Spotlight

more platforms and events solely directed to

supporting the youth’s growing business.

As another trend of business is expanding

in the fashion sector, Bazarna Pop-up Society,

a nationally famous event that supports local

busiAnother event centered on entrepreneurship

is the Bazarna Pop-up Society, a nationally

famous event that supports young local

fashion brands. Established by BYouth – an

extension of the seasonal bazaar held by Bazarna

– the event intends to create a platform

for fashion businesses by youth to showcase

their products in a well-known event for better

exposure.

Nonetheless, with such initiatives and summits

in action, it is important to investigate

the potential of such a growing sector and determine

whether it is a trend or a permanent

fixture in the startup and youth-led business

landscape.

It Is Not All Roses

Dr. Mohamed Dabees, CEO of UltraTeb, the

first FinTech B2B e-commerce platform for

medical supplies, told Business Today Egypt

that as youths aim to grow in the entrepreneurial

sector, they face three major challenges.

The generational gap may discourage young

people from taking risks and starting their businesses,

even though they have easier access to

education, and are more aware of the intricacies

of the technology and business sectors.


63

Spotlight

Kevin Frye, CEO of the

International Initiative

Additionally, young startups face a major obstacle

in terms of intricate laws and complex

regulations on the taxation and financing of

startups. “The social and income taxes are very

high on startups, and at the same time, there

are not enough banking institutions supporting

startups,” he said.

Thirdly, financial and banking restrictions

discourages the youths’ registration of their

businesses to be part of the formal economic

sector, and slows down the startup’s natural

growth to become part of the business sector.

Dr. Dabees’ UltraTeb eliminates intermediaries,

streamlines the supply chain cycle, and

provides financing to hospitals to procure

their monthly medical supplies. Based on his

own experience, two of the most successful

governmental entities are the Information

Technology Industry Development Agency

(ITIDA), which is affiliated with the Ministry

of Communications and Information Technology,

and the Central Bank of Egypt’s FinTech

64 September 2023


Spotlight

Egypt.

As explained by Dr. Dabees, these two entities

are continually expanding, launching new

initiatives to help the growing FinTech sector

and local tech-enabled startups by partnering

up with international accelerators such

as 500 Global, and to develop their mandates

to enhance their services. He stated that the

Central Bank’s efforts to support startups are

notable, especially with FinTech Egypt’s analytical

reports, which gathers all the information

about the growing startup ecosystem in

Egypt. Through the expansion of the CBE’s

initiatives to support FinTech, they empower

underdeveloped startups all around Egypt’s

governorates.

The Future is Youth

“Business shapes economic activity,” said

Seif Wael Saleh, Associate Minister of Planning

for Public Policies and Investment at the

Ministry Planning and Economic Development.

Wael told Business Today Egypt that he

has observed the typical qualities found in the

businesses of the youth and how they fit within

the standard economy.

Wael explained that there are three main

qualities: agility, exposure, and creativity. He

further explained that other typical qualities

of the youth include higher levels of productivity

and exposure because “the latest business

trends and techniques are more embedded in

their education,” adding that these traits are

“quantitative and qualitative benefits to the

economy.” There is also creativity in their entrepreneurial

activity, which spreads a culture

of innovation across the society as more youth

employ youth, he noted.

Although their influence could be direct

or indirect, the increase in well-skilled youths

entices foreign businesses to invest more in

Egypt. Dr. Dabees explained that startups’

growth will eventually lead to their entry into

the formal sector to become part of the “regular

traditional business cycle,” encouraging

foreign investment and aid into their business.

As the youth of Egypt are becoming more

present in the business sector, there are efforts

to support the growing business and to create

multiple platforms to aid in fostering the development

of new ideas. However, registering

as part of the formal economy threatens new

startups as the industry grows and witnesses

new generational input. The inclusion of these

growing startups within the formal economy

and facilitating their registration with the authorities

is essential.

Egyptian youths have proven the sustainable

development of their businesses in multiple

sectors, yet they still face various challenges

that slows down their natural growth and rightful

positioning in the economic equation, but

their impact will predictably change the course

of laws that hamper their inclusion in the formal

map of business in Egypt.


65

BT Scene

For the third year in a row, Misr Italia Properties Achieves Exceptional Business

Results During the First Half of 2023

Misr Italia Properties, leading Egyptian real estate developer,

announced the results of achievements carried out during the

first half of 2023; from sales accomplishments and construction

updates, to all the partnerships, events, and CSR initiatives, the

company has shown continuous growth surpassing expectations

reaching a remarkable 36% above the sales target.

The company’s financial results reveal a significant achievement

with contracted sales reaching EGP 7.2 billion during the first half

of 2023, compared to EGP4.2 billion in the same period of 2022,

representing an increase of 71%. Among the standout projects in

terms of sales performance was Solare – Ras El Hekma, achieving

sales worth EGP 2.4 billion, closely followed by IL BOSCO City New

Cairo with sales amounting to EGP 2.1 billion.

Construction has been moving according to schedule with the

delivery of over 1000 units in IL BOSCO City New Cairo, including

300 villas and 700 apartments. Additionally, more than 1000

units currently under construction are scheduled for delivery this

year, along with building a solid infrastructure, including gas,

water, and electricity networks, as well as fiber-optic installations

for the first phase of the project. As for Vinci, located in the New

Administrative Capital, the company is actively engaged in the

construction works for the first phase, which starts delivering this

year and comprises 200 villas and 600 apartments. Moreover, the

first phase of KAI Sokhna is now complete and fully prepared to

welcome the property owners once all the associated facilities and

services for this phase have been finalized.

On another note, the first half of the current year witnessed

a lineup of significant events being hosted at a variety of the

company’s projects; notably, IL BOSCO Padel Tournament, which

took place on the ground of IL BOSCO Javelin Sports Club. Held

under the auspices of Dr. Ashraf Sobhy, Minister of Youth and

Sports, as well as Khaled Abbas Chairman of The Board of Directors

of the Administrative Capital For Urban Development, the

tournament welcomed prominent figures as well as the world’s

top players for four days of padel action. Stemming from MIP’s

comprehensive strategy to support entrepreneurs, the company

partnered with Startups Without Borders to host the latest edition,

themed “Go Borderless,” at Cairo Business Park, East Cairo’s

entrepreneurship and innovation hub. The summit featured

prominent figures from various fields, including representatives

from Google Europe and the Middle East, Techstars MENA, VISA,

and META, among others; and showcased startups from Lebanon,

Tunisia, Italy, Qatar, and Iraq, with participation from major

investors and business incubators, and accelerators from Egypt

and around the world.

“We exceeded all expectations and targeted figures during the

first half of the current year,” said Eng. Mohamed Khaled Al Assal,

CEO and Managing Director of Misr Italia Properties, “This success

has been a result of the company’s dedication to a culture

of consistent work and engagement in multiple partnerships that

contribute to achieving the best outcomes across our suite of

projects. The first half of 2023 saw Misr Italia Properties partner

with EDSA, a leading American architectural firm, and Whitespace

Architects, a Dutch company specializing in architectural design, to

execute premium-quality planning and design for our latest coastal

endeavor of Solare – Ras El Hekma. We choose partners who add

substantial value to our projects and have a proven-track record

that further solidifies the company’s position as a pioneering force

in the real estate sector.”

Eng. Mohamed Hany Al Assal, CEO and Managing Director of

Misr Italia Properties said: “Our strategy is guided by a solid commitment

towards delivery dates to ensure premium-quality experience

all-around. Moreover, we are committed to development

across all our projects with the aim to foster innovation, sustainability,

and entrepreneurial leadership. This commitment aligns

with Misr Italia Properties’ progressive vision and ambitious plans

for investment and development by prioritizing innovation and sustainable

practices; we seek to leave a lasting and positive impact on

the real estate industry, showcasing its dedication to progress and

growth in Egypt’s investment and development landscape.”

The first six months of 2023, have also been a time where Misr

Italia Properties took part in a number of initiatives as part of

its Corporate Social Responsibility by partnering with the Magdi

Yacoub Heart Foundation, 57357 Children’s Cancer Hospital, and

most importantly the Egyptian Food Bank to provide Tante Gezira

village in Qalyubia with Ma’edet Al Rahman during Ramadan.

Collectively, these results are a continuation of Misr Italia Properties’

commitment to actuating its strategic plans and vision,

showcasing its dedication to making a positive impact on society

and the community it serves.

66 September 2023


Johnson Controls Arabia Reinforces Presence

in Egypt with New Office in Cairo

Johnson Controls Arabia, a leading global provider of carbon-reduction

and energy-efficient building solutions, has announced the opening of a new

office in CityStars. With this strategic step, the company confirms its strong

belief in the potential of the Egyptian economy, in addition to the company’s

commitment to supporting sustainable development in the region.

In line with Johnson Controls Arabia’s commitment to expand its operations

and enhance its influence in the Egyptian market, the company

organized the opening ceremony of its new office in Cairo, followed by two

strategic signing ceremonies. The new office has been inaugurated by Dr.

Mohanad Al-Sheikh, CEO of Johnson Controls Arabia, and Engineer Ibrahim

Salem, Regional Director for Egypt, Lebanon, and Yemen at Johnson

Controls Arabia, alongside company executives and trusted partners from

Advansys.

Through Johnson Controls Arabia’s comprehensive portfolio of brands,

including YORK, Sabroe, Frick, AutoCall, Metasys and Tyco, the company

offers flexible payment solutions to make sustainable practices accessible to

companies across all industries in five Arab countries.

“We are delighted to inaugurate our newest office in Cairo, Egypt, marking

a significant milestone in our journey to support the Egyptian market,” said

Dr. Mohanad El Sheikh, CEO of Johnson Controls Arabia. “This expansion is

a testament to our unwavering commitment to sustainability and customercentric

solutions. Our ISO-certified office underscores our dedication to providing

innovative and environmentally friendly building solutions.”

Engineer Ibrahim Salem, Regional Director for Egypt, Lebanon, and

Yemen at Johnson Controls Arabia, stated, “The signing ceremonies mark

a crucial milestone, highlighting our continuous success in expanding business

and deepening impact in Egypt. These momentous steps are just the

beginning of a new series of expansions that we aim to accomplish with our

partners in the near future, which reflects our ambitious vision to improve

business potential and introduce new innovations.”

Engineer Ibrahim Salem added, “Our gratitude extends to all partners,

stakeholders, and the Egyptian government for their unwavering support.

Johnson Controls Arabia is enthusiastic about contributing to the Egyptian

market’s growth and success during this transformative phase.”

The first signing ceremony took place at CityStars Heliopolis, initiating

the delivery of Variable Refrigerant Flow (VRF) systems to parts of Citystars

Administration buildings. The partnership was signed by Dr. Mohanad Al-

Sheikh, CEO of Johnson Controls Arabia, and Mr. Mohamed Abo El-Yazid,

CEO and Managing Director of Citystars, in the presence of prominent figures.

The second signing ceremony, held in partnership with Al Marasem International

for Development for Fifth Square Mall, showcased the provision of

VRF systems and chillers. This collaborative endeavor was officially signed

by Dr. Mohanad Al Sheikh, CEO of Johnson Controls Arabia and Mr. Tarek

Helmy, CEO of Al Marasem International for Development, at the office of Al

Marasem Real Estate Development Company.

FedEx Enhances International Priority®

Service in UAE and Saudi Arabia

FedEx Express, a subsidiary of FedEx Corp.

(NYSE: FDX) and the world’s largest express transportation

company, announced the enhancement of

its International Priority® (IP) service in an effort to

improve the efficiency of goods circulation and enable

customers to seize global opportunities.

FedEx has improved the transit time of FedEx International

Priority® (IP) for exporters in the United

Arab Emirates (UAE) and Saudi Arabia. With this

enhancement, shipments can now be delivered to

major markets and territories around the world

within two to three business days*. This represents

at least a one-day improvement compared to previous

transit times for major markets*. By providing

a day-definite delivery service that combines speed

and reliability, FedEx offers customers the ability

to ship urgent and critical shipments. Additionally,

this enhancement includes FedEx door-to-door and

customs-cleared services*.

• Shipments from the UAE and Saudi Arabia to

the U.S. can now be delivered within two to three

business days*.

• Shipments to major markets in Europe can be

delivered within two business days*.

• Shipments to major markets in Asia Pacific,

Middle East and Africa (AMEA) can be delivered

within two to four business days*.

These improved service times from FedEx will

help businesses in the UAE and Saudi Arabia take

full advantage of the growing momentum around

exports in their markets. According to the ‘Global

Trade Outlook and Statistics’ report issued by the

World Trade Organization (WTO), in 2022 the UAE’s

and Saudi Arabia’s merchandise exports increased

by 41% and 49% respectively, to reach USD 599 billion

and USD 410 billion.

“Businesses, including small and medium-sized

enterprises, are looking for more efficient ways to

fulfill the demand of overseas consumers. Our improved

transit times provide businesses with faster

and more reliable access to major markets worldwide,

helping them enhance their supply chain and

strengthen their competitive advantage,” said Taarek

Hinedi, vice president of FedEx Express Middle

East and Africa operations.

The improvement to the IP service is FedEx latest

effort to continuously optimize its portfolio of

cross-border shipping services and support businesses

to tap into global markets.


67

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Continuing Strong Performance: ADH Reaps Fruits of Development Plan with Highest

Sales Growth of 275% for Listed Real Estate Company during the First Half of 2023

The Arab Developers Holding (registered under code ARAB

on the Egyptian Stock Exchange) has announced its financial

results for the first half of 2023. These results have shown unprecedented

performance across all activities. ADH achieved

the highest growth rate in sales among the real estate companies

listed on the Egyptian Stock Exchange. Additionally,

it achieved the largest annual increase in net

profits. These achievements are attributed to

the Company’s management efforts in offering

exceptional real estate products with competitive

and diverse payment systems. This strategy

capitalizes on the significant interest in real

estate investment in Egypt during the current

period.

ADH achieved sales of EGP 2.5 billion during

the first half of 2023, compared to EGP

896 million during the same period last year,

representing a growth rate of 275%. Revenues reached EGP

687 million, compared to EGP 468 million, with a growth rate

of 147%. The overall profit for ADH saw a growth of 132%, rising

from EGP 154 million in the first half of 2022 to EGP 204

million in the first half of the current year. Net profit increased

from EGP 15 million to EGP 54 million during the comparative

period, with an annual growth rate of 362%. Additionally, the

earnings per share increased from EGP 0.01 to EGP 0.04.

Regarding the second quarter of 2023, ADH achieved sales

of EGP 1.16 billion by selling 368 units with a total area of

approximately 57,000 square meters. This is compared to

sales of EGP 581 million from the sale of 277 units with a

total area of 48,000 square meters during the same period

in 2022. The company successfully delivered

207 units with a total area of about 36,000

square meters, compared to 165 units with

a total area of about 31,000 square meters.

These factors have contributed to the growth

of most performance indicators for the company’s

activities.

“The strong operational and financial performance

of the Company during the first half

of 2023 indicates the success of the management’s

strategy. This success positions ADH

as a leading player in the Egyptian real estate sector. The

Company’s strategy involves developing existing projects to

accelerate the pace of unit delivery to existing customers and

providing comprehensive services to enhance the customer

experience. This positive approach contributes to future sales

growth,” said Dr. Ayman Khalifa, CEO and Managing Director

of ADH.

Alameda Healthcare Group’s As-Salam International Hospital Maadi is the first

Hospital in Egypt accredited by the College of American Pathologists CAP

Alameda Healthcare Group (Alameda), Egypt’s leading private

healthcare service provider proudly announces As- Salam International

Hospital in Maadi’s achievement as the first full hospital

laboratory in Egypt to receive the prestigious College of American

Pathologists (CAP) accreditation. This remarkable accomplishment

follows two years of dedicated efforts and rigorous preparation

aimed at enhancing patient care through the delivery of top-tier

diagnostic services.

CAP is globally recognized for its stringent accreditation process,

which As-Salam International Hospital-Maadi’s lab underwent

in June 2023. The accreditation signifies the highest standards

of laboratory excellence. The milestone partnership affords

As-Salam International Hospital-Maadi’s lab access to CAP’s global

network of pathologists and facilitates the exchange of ideas and

best practices in the field.

Commenting on the recently acquired accreditation, Dr. Mazen

Attia, Chief Medical Officer at As-Salam International Hospital

Maadi, said: “It is my pleasure to announce that Alameda’s As-

Salam International Hospital Maadi has become the first full hospital

laboratory in Egypt to earn the prestigious CAP accreditation.

This milestone stands as a resounding testament to the dedication

of our exceptional medical team, the cutting-edge capabilities of

our facilities, and our ceaseless pursuit of excellence across all

fronts, including accuracy in patient diagnoses, early detection and

treatment, and enhanced patient care.”

The CAP inspection entailed a meticulous review of all laboratory

disciplines and bedside analytical testing activities, including chemistry

and hormones, hematology and coagulation, immunology,

microbiology, cytopathology, anatomic pathology, and point of

care testing. In achieving the CAP accreditation and surpassing its

rigorous assessment standards, As-Salam International Hospital

Maadi solidifies its commitment to pioneering patient care through

top-tier diagnostic services.”

Also commenting, Ms. Jasmine Singh, Chief Operating Officer

at As-Salam International Hospital-Maadi, said: “The recent attainment

of the coveted CAP accreditation underscores our unwavering

commitment to upholding world-class healthcare standards

for the patients we serve. Looking ahead, we will continue to

deliver on our mission to provide the highest quality care to our

patients and will leverage this achievement to foster collaborations

and further centralize our lab functions, ultimately driving us

towards success and setting new benchmarks within the Egyptian

healthcare landscape.”

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bt scene

PHD records new sales of EGP19.6 billion in

1H2023, an increase of 84% YoY. Revenues stood

at EGP 6.9 billion while Net Profit After Tax & Minority

Interest amounted to EGP608 million in 1H

2023

Palm Hills Developments S.A.E. (“PHD” or “the Company”), a

leading real estate developer in Egypt, announced its consolidated

financial and operating results for the financial period ending June

30, 2023.

Financial Highlights

• Revenue stood at EGP6.9 billion in 1H2023, stable YoY, on

sales mix during the period, as majority of new sales were apartments.

• Gross Profit stood at EGP2.3 billion in 1H2023, flat YoY, translating

into a gross profit margin of 34%. EBITDA increased 2% YoY

to record EGP1.4 billion, implying a margin of 20%.

• Net Profit After Tax & Minority Interest amounted to EGP608

million in 1H2023, an increase of 9% YoY, with a Net Profit margin

of 9%.

• Net Debt increased to EGP3.1 billion by the end of 1H2023, reflecting

the progress in construction activities spending in 1H2023

to record EGP3.8 billion, exceeding total construction spending

in FY2022 of EGP3.7 billion, as the company concluded early on

several bulk deals to secure highly exposed USD components and

alleviate inflation cost impact. Also, contractors’ payments were

expedited, and down payments percentage was increased to ensure

accelerated infrastructure works.

• During 1H2023, the company concluded EGP 472.5 million securitized

bond as part of the EGP5 billion issuance program.

Operational Highlights

• New sales grew 84% YoY to record EGP19.6 billion in 1H2023,

mainly driven by higher new sales in Badya, Palm Hills New Cairo,

Palm Hills Alexandria, Hacienda West, and The Crown.

• New sales for 2Q2023 recorded EGP12.9 billion, the highest

quarter in the company’s history,

]• showing an increase of 150% YoY.

• Badya continues to witness record new sales, surpassing

EGP10 billion mark in 1H2023, a growth of 229% YoY, boosted by

strong demand in 2Q2023 to record EGP7.1 billion compared to

EGP1.1 billion in 2Q2022.

• PHNC’s new sales amounted to EGP2.2 billion during 1H2023,

a growth of 15% YoY, driven by strong sales momentum in

2Q2023.

• During 1H2023, construction spending grew 115% YoY to

reach EGP3.8 billion, which reflects the acceleration of construction

pace across all projects.

• The Company delivered 538 units during 1H2023, a decline of

16.3% YoY. Released from construction by end of 1H2023 reached

873 units compared to 600 units in 1H2022, while Ready to Move

Inventory stood at c.EGP 3 billion, representing 140 units.

Yasseen Mansour, Executive Chairman Comments:

I am pleased with the announcement of our results for the

period ended June 30, 2023, where we delivered a healthy set of

financial and operational results despite the challenging dynamics.

The Company achieved another record new sales in 1H2023 of

EGP19.6 billion, a growth of 84% YoY. Badya, The Crown, Palm

Hills New Cairo, Palm Hills Alexandria, and Hacienda West accounted

for 86% of total new sales in 1H2023. Performance of

the second quarter came in strong amidst the current macro

circumstances, booking EGP12.9 billion new sales in 2Q2023, the

highest quarter in the company’s history, driven by our resilient

projects’ portfolio and strategic measures taken since the beginning

of FY2022 to introduce unparalleled offerings across all of our

projects, while maintaining growth momentum and profitability

margins.

Badya continues to grow in terms of sales, construction, and

deliveries momentum, as new sales in Badya increased remarkably

by 229% YoY crossing the EGP10 billion mark by the end of

1H2023.

In July 2023, the Company successfully concluded the second

securitization transaction during the year of EGP472 million via the

issuance of securitized Bonds as part of our EGP5 billion issuance

program to diversify our funding sources.

On the development side, we are accelerating construction

and execution pace in our major projects, as we spent EGP3.8

billion in 1H2023 on construction, surpassing what we have done

in terms of construction spending in FY2022, to conclude, early

on, bulk deals to secure highly exposed USD components namely

building and finishing materials, also higher down payments were

granted to contractors to accelerate infrastructure works. As

a result of construction spending progress, a total of 873 units

were released from construction in 1H2023 and 2,350 units

planned to be released from construction by year end, complemented

by Ready to Move inventory balance of 140 units worth

EGP3 billion.

We expect 3Q2023 to maintain strong sales momentum, evidence

seen after several successful launches in the North Coast

and steady sales pace across the rest of our projects since the beginning

of the quarter, and we remain confident in the ability of our

company to accommodate the current uncertainties.


69

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Art D’Egypte by Culturvator announces largest edition to date for the 2023 edition

of Forever is Now 03 at the Pyramids of Giza, Cairo, Egypt

Launched by Nadine Abdel Ghaffar in 2021, Forever Is Now

remains the first and only exhibition of contemporary art to take

place at the 4500-year-old UNESCO World Heritage site of the

Pyramids of Giza and its surrounding plateau. It aims to bring

together artists from around world to reflect on the enduring

legacy of one of humanity’s most compelling and mysterious

structures. Through the lens of these artists’ interests and practices,

Forever is Now aims to trace the continuity of themes that

stretch from our ancient past to present day whilst paying homage

to the ingenuity and reflections of human civilization and art.

This year’s edition is located around the concept “play” that

will see the Giza Plateau transformed into a space of serendipity,

chance and experimentation featuring interactive sculptural artworks

set to invite viewers to actively engage with each installation.

By becoming creators of their own experience and altering

the outcome of each work, visitors to Forever is Now 03 will blur

the line between artist and viewer in a playground of possibilities.

Nadine Abdel Ghaffar, Founder & Curator Art D’Egypte by

Culturvator: “This year will be our most ambitious yet with 14

participating artists – the biggest programme we will stage to

date. The forthcoming edition like previous iterations, will aim

and continue to create unexpected and energising dialogues

between humanity’s ancient past and its contemporary present

- ultimately demonstrating the enduring influence of ancient

Egypt’s cultural heritage and its ongoing ability to inspire both

the artistic and public imagination in novel ways. Both Egyptians

and international visitors alike will be able to interact and experience

contemporary art in the context of this legendary, ancient

monument.”

Highlights include: Arne Quinze’s circular Lupine sculpture that

will provide a viewpoint into an isolated vista of one of the Pyramids

and its invisible axis lines; Dionysios’s geometrical installation

based on instructions to artificial intelligence to imagine different

prayers on light; Carole Feureman’s hyperrealist sculpture

evoking Hathor - the ancient Egyptian goddess of love and fertility;

Rashid Al Khalifa’s fragments of a labyrinth, emerging from

the ground at varying angles, each inscribed with motifs sourced

from a 1679 work Turris Babel (The Tower of Babel) written by

the Jesuit scholar Athanasius Kircher and Pilar Zeta’s limestone

portal sitting amidst gold and blue spherical objects, a checkerboard

pathway and a mirrored egg and more to be released soon.

Participating Artists in Forever is Now 03

Arne Quinze (Belgium) / Artur Lescher (Brazil) / Azza Al

Quibaisi (UAE) / Carole Feuerman (USA) / Costas Varotsos

(Greece) / Dionysios (Greece)/ JR (France)/ Mohamed Banawy

(Egypt) / Pilar Zeta (Argentina) / Rashid Al Khalifa (Bahrain) /

Rashid Al Shaishai (Saudi Arabia) / Sabine Marcelis (The Netherlands)

/ Sam Shendi (Egypt & UK) / Stephan Breuer (France)

This project is made possible thanks to the support of the

Ministry of Foreign Affairs, Ministry of Tourism and Antiquities,

UNESCO and other numerous partners including Christian Dior,

our hotel partner Four Seasons Nile Plaza, Sawiris Foundation,

Orascom Pyramids Entertainment (OPE), BMW, Al Ismaeilia

Group, Abou Ghaly Motors, The Citadel, Egyptair, DHL our logistics

partner, Orange, Soma bay and our media partners MO4

Network and TV5Monde.

70 September 2023


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King’s School The Crown Granted License

to Operate by Ministry of Education

The Ministry of Education and Technical Education in Egypt has

awarded the King’s School The Crown its license to operate in Egypt

and teach the British National Curriculum. This milestone follows

the school’s registration with Cambridge of its recognition as an

outstanding international school worldwide, having recently received

the prestigious Expat-Parents School of Choice Award by Excellence

in Expat Education.

Mr. Joel Worral, Executive Head of King’s School The Crown,

expressed his appreciation to the Ministry of Education and Technical

Learning. He stated “We are honored to have been granted

our license to operate in Egypt. This reflects our commitment to

support the country in reaching its Vision 2030 goals, and it is a

testament of the hard work and dedication of our staff. We would

especially also like to thank our partner, the British Council, which

has been a great source of support during the process. We are

committed to creating an exceptional learning environment which

nurtures the individual academic, personal, and social growth of

each student and we look forward to welcoming our founding class

in September 2023.”

The school which will open on September 23, in Palm Hill’s The

Crown compound in Cairo West, has a highly experienced leadership

team with international expertise. One of the school’s priorities is to

enhance students’ learning experiences and outcomes. Its learning

environment fosters a safe, positive, and stimulating atmosphere for

its students.

King’s School The Crown stands out as one of the leading Britishcurriculum

schools in Cairo which will gradually accommodate

children from infancy (3 months) to Pre-University Years (18 years),

opening this year from early years (2.5 years) to Year 9 (14 years).

Qualified specialist subject teachers are available for all subjects from

Year 5 onwards, ensuring students receive appropriate challenges

and support based on their proficiency levels.

The school draws from the best global teaching and learning practices

as a part of the Inspired Education Group. Global collaboration

is a cornerstone of the group’s over 100 premium schools, across

six continents. Schools that form the Inspired Education Group benefit

students through providing them with various activities such as

competitions, teacher development, and child protection and safeguarding

training. The school also guarantees students a place in any

of the Inspired Group’s boarding schools, and access to global exchange

and summer camps in any Inspired School across the globe.

King’s School The Crown places a strong emphasis on sports and

distinguishes itself in Cairo with exceptional facilities. It stands out as

the only school in the area to feature a football field built in line with

FIFA guidelines, full-size courts endorsed by ATP, an impressive

500-seat theatre, a 25-meter swimming pool, and a comprehensive

indoor sports hall.

UNFPA partners with Startups Without

Borders to launch the GenF

mentorship programme for women

The United Nations Population Fund Arab States

Regional States (UNFPA ASRO) and Startups Without

Borders have just announced a partnership to launch

the GenF Mentorship Programme, aimed at supporting

female entrepreneurs in the fields of sexual and reproductive

health and rights, gender equality, and women

and girls’ empowerment across the Arab world.

GenF is a UNFPA-funded programme, in line with

UNFPA’s aim to use innovative approaches to accelerate

results towards a world where every pregnancy is

wanted, every childbirth is safe and every young person’s

potential is fulfilled. This partnership also underlines

UNFPA’s commitment to work with women-led

organizations. The programme is designed to support

female entrepreneurs who are creating innovative solutions

in areas related to sexual and reproductive health,

such as family planning, preventable maternal deaths,

gender-based violence and harmful practices such as

child marriage and female genital mutilation (FGM).

These challenges are particularly relevant throughout

the region. According to UNFPA’s 2021 State of

the World Midwifery Report, maternal mortality in the

region is high and yet well-trained midwives could

avert roughly two thirds of all maternal and newborn

deaths. Many families across the region are unable to

access family planning services in the first place. GBV

and other harmful practices are also prevalent throughout

the region, such as in Egypt, where 86 per cent

of married women between the ages of 15-49 have

undergone FGM, according to the 2021 Egypt Family

Health Survey.

And yet, the Arab region is currently seeing its biggest

youth cohort, representing an enormous potential

and yet faced with many challenges including unemployment,

limited civic participation and inadequate

education and health services, among other challenges.

The GenF Mentorship Programme will kickstart on

September 1st, and aims to provide participants with

access to a network of female changemakers, mentorship

opportunities and thematic training sessions to

grow their business, from business modeling, to marketing,

management and sales.


71

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Vodafone Egypt’s Summer Training Initiative Nurtures Youth Talent and Fosters

Corporate Social Responsibility

As part of its strategy to enhance investment in human capital,

Vodafone Egypt announced the graduation of a new batch

of students from various Egyptian government and private

universities as part of its summer training program. This program

aims to develop students’ skills, increase their efficiency,

provide practical experience, and build their digital and creative

capabilities across various sectors, enabling them to achieve

their professional ambitions. For over 20 years, Vodafone Egypt

has been one of the pioneering companies to recognize the importance

of summer training in the development and preparation

of future leaders.

Vodafone Egypt annually strives to enhance its summer training

program to keep pace with modern technological advancements.

This year’s program includes a variety of activities, with

some of the most important ones being teamwork activities,

digital learning and raising awareness among students about

sustainable development issues, and empowering women.

Vodafone selected the trainees participating in the summer

training program from among 13,000 applicants from over 10

Egyptian universities across the country. The percentage of

female participants was 55%, while males accounted for 45%

of the total trainees. Trainees were assigned a dedicated mentor

to guide them throughout the entire month-long training

period, which took place from July 17 to August 16. During this

time, the trainees underwent practical training with heads of

different departments and specializations within the company,

with the aim of building technological and digital capabilities to

empower them for future leadership roles.

“We believe in the importance of nurturing young talents

and providing diverse job opportunities by offering the necessary

support and resources to young people, enabling them to

develop their skills and acquire the knowledge that empowers

them to advance in their professional careers,” said Nagla

Kinawi, Human Resources Director at Vodafone Egypt. “We

understand that young talent is the foundation of success for

any company, and that’s why we strive to provide a work environment

that encourages creativity and personal development

through internal training and development programs. We also

aim to equip young employees with the knowledge and skills

required in the ever-changing job market and advanced technology

landscape. Youth have the ability to change the world

and drive innovation, so we work to provide a motivating work

environment and multiple opportunities for growth and development”,

Kinawi added.

The training activities included a session on digital well-being

presented by the Counseling Psychologist Sherry Botros, with

the participation of Dr. Carol Hemel, an Art Psychotherapist.

This session utilized art therapy as a creative way of expression

and relaxation for the trainees. Additionally, there was a

workshop on impactful presentation skills through storytelling,

led by Luke Lehner, the co-founder of Ritigala and Luke Lehner

Studios. Trainees were also equipped with practical skills for

delivering influential presentations using improvisation techniques

and storytelling.

In addition, Vodafone Egypt organized a day for Corporate

Social Responsibility and Sustainability in collaboration with

the Egyptian Clothing Bank. The trainees participated in recycling

Vodafone’s old uniforms and transformed them into

useful items. Amira Adeeb, a prominent figure in social media,

delivered a lecture on the importance of recycling and took

part in activities related to this field. To conclude the program,

Vodafone Egypt held an energetic event including various

games and activities under the theme of “Happiness in Summer”.

72 September 2023


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Waldorf Astoria Makes Its Debut In Egypt And The African Continent

Waldorf Astoria Hotels & Resorts, one of Hilton’s (NYSE: HLT)

iconic luxury hotel brands, today announced its expansion into

Egypt and the African continent with the opening of Waldorf Astoria

Cairo Heliopolis. The elegant hotel brings a welcoming atmosphere,

unforgettable experiences, and seamless, personalised

service to the Egyptian capital, providing a tranquil oasis, complete

with beautiful botanical gardens, for guests to unwind away from

the bustling streets of the city.

Perfectly located in the ancient city of Heliopolis, Waldorf Astoria

Cairo Heliopolis is close to Egypt’s main presidential palace,

with must-see spots like Downtown Cairo, Khan El Khalili Bazaar

and the highly anticipated Grand Egyptian Museum all easily accessible

from the hotel. The up-and-coming New Administrative

Capital, a new urban community home to government, residential,

business and cultural districts, is also within convenient reach

from the hotel.

A blend of modern elegance and local authenticity, the hotel features

252 luxurious and contemporary deluxe rooms and suites.

Four exquisite restaurants and bars invite guests on a journey of

discovery, whilst best-in-class facilities include a Waldorf Astoria

Spa and stunning event spaces.

Simon Vincent, executive vice president and president, Europe,

Middle East & Africa, Hilton, said: “Egypt welcomed 11.7 million

tourists in 2022, up 46% on the previous year, and with Cairo often

being the starting point for travellers’ journey to discover Egypt,

we are delighted to bring the world-renowned luxury of Waldorf

Astoria to this sought-after destination. Waldorf Astoria Cairo

Heliopolis will appeal to discerning guests seeking world-class

luxury, offering enriching experiences and unparalleled service

within easy reach of Cairo’s vibrant cultural and heritage sites.”

A Personal Touch

Guests at Waldorf Astoria Cairo Heliopolis can take advantage of

the bespoke Personal Concierge service enjoyed at Waldorf Astoria

hotels globally. The experience begins pre-arrival as the team

works with guests to tailor their stay to their exact preferences

and requirements. During the stay guests receive a personal welcome

at check-in and escort to room, as well as assistance with

any special requests, and upon departure, a complimentary bag

packing service and a swift checkout is offered.

Dale MacPhee, general manager, Waldorf Astoria Cairo

Heliopolis, said: “Bringing Waldorf Astoria’s world-class legacy to

Egypt opens up a host of opportunities for those looking to explore

the exciting city of Cairo which is steeped in history. With Waldorf

Astoria Cairo Heliopolis, visitors will enjoy unrivalled hospitality

at one of the most luxurious hotels in the country and we are delighted

to begin welcoming hotel guests to experience everything

that the hotel has to offer.”

The Best of Culinary

In line with the Waldorf Astoria legacy of food and beverage

excellence, Waldorf Astoria Cairo Heliopolis presents a variety of

exceptional dining options for guests to enjoy, whether it is for

pre-dinner cocktails, a relaxed dinner or poolside refreshments.

The hotel’s signature restaurant, Brasserie Ayda serves an

eclectic ‘Mediterranean-without-Borders’ menu that provides a

haven for guests, whether they arrive solo or with a large group.

With stylish interiors designed to resemble a Mediterranean

garden, the open kitchen, vibrant bar and pretty terrace offer a

buzzing energy from breakfast right through to dinner and into the

night, with lively music and entertainment alongside sharing plates

and creative cocktails that showcase the very best of the Mediterranean

and France, all using fresh, seasonal ingredients.

Peacock Lounge, a signature lounge found at Waldorf Astoria

properties around the world, serves as an ideal venue for both

sophisticated and informal gatherings where guests can enjoy specialty

Arabic coffee and artisanal pastries, or delight in afternoon

tea and expertly crafted cocktails with Egyptian mezze dishes.

Channelling a bygone era, Bar Raa is named after the ancient

Egyptian sun god and offers an intimate, elegant atmosphere.

Eclectic jazz music and live performances set the tone, with a

menu of sharing bites, some of Cairo´s most creative cocktails and

premium beverages inviting guests to linger long into the night.

Those looking to soak up the sun and lounge by the pool can

enjoy lighter fare and refreshing treats at Le Jardin Pool Bar. With

a secret garden ambience, guests choose from Mediterranean fusion

dishes alongside refreshing cocktails.

Spa & Wellness

Opening later this year, the Waldorf Astoria Spa provides a luxuriously

curated experience for guests looking to relax and enjoy

wellness treatments. The interior design of the spa is inspired by

nature and features four state-of-the-art treatment suites, each

providing a full guest bathroom and private relaxation zone, and

one multipurpose treatment room. Guests can enjoy a comprehensive

menu of treatments from face to body, including a traditional

Hammam scrub experience.

All guests are greeted at the Waldorf Astoria Spa with a bespoke

welcome experience in the arrival lounge and will have the opportunity

to trial products after their experience and receive a personalised

prescription for home care.

The spa also features Psammo Therapy treatment tables in two

of the suites. Psammo, otherwise known as hot sand therapy, was

a tradition of the ancient Egyptians, and delivers a cocooning and

comforting effect, surrounding the limbs with heat – the perfect

complement to any treatment.

Meetings & Events

For those looking to host a memorable event or celebrate a

special occasion with loved ones, Waldorf Astoria Cairo Heliopolis

offers state-of-the-art meeting and event spaces, including six

fully equipped meeting rooms and a spectacular ballroom that can

accommodate up to 2,000 guests. A dedicated team of event planners

and personalised menu options ensure the smooth running of

any event or celebration.


73

Last Word

“The Egyptian government is actively focused on

bolstering the private sector’s role and elevating

its economic contribution to 65% in the coming few

years,”

— The Prime Minister, Mostafa Madbouly.

74`

September 2023


A Legacy of Success

Over 28 Years of

Publishing Excellence

Business Today Egypt, August-September 2023

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