Economy features

In going after corruption, Morsy breeds market anxiety

Egypt's President Mohamed Morsy speaks to the nation at Cairo stadium, 6 October 2012, to mark the anniversary of Egypt's successful crossing of the Suez Canal in its October 1973 war against Israel. Morsy said on Saturday he had fallen short of goals he promised to fulfil in his first 100 days in office, but aimed to assuage critics by highlighting his most prominent achievements.
31 Oct 2012
It began with a remark in a speech by President Mohamed Morsy at a celebration commemorating the October War. In the speech, Morsy said that authorities were investigating a series of unnamed companies which were engaging in corrupt...
Yes

In economic flux, Islamic banking and finance are gaining ground

A file photo of Saudi-owned Faisal Islamic Bank of Egypt building in downtown Cairo.
27 Oct 2012
The economic stagnation of the past year and a half has taken a toll on many businesses, but a fleet of Islamic investment banks in Egypt sees opportunity in the new emerging order. Ridge Islamic Capital, one such investment bank, has...
Yes

Egypt's unbalance of payments

22 Oct 2012
It’s no secret that Egypt’s current government is having trouble financing its spending. But the government’s troubles reflect a greater problem that encompasses the entire economy. In the past two years, the country...
Yes

Officials tout big plans for development in the Suez Canal

Container ship Edith Maersk crosses the Suez Canal at East Port Said, 120 km (75 miles) northeast of Cairo, 5 October 2012.
19 Oct 2012
As Egypt struggles to emerge from a period of deep financial uncertainty, government officials are looking towards the country’s vital shipping artery — the Suez Canal — as a major source of revenue and jobs. ...
Yes

A new loaf: Will Egypt tighten bread subsidies?

Crowds of residents of Daqahlia on January 18,2010 in front of outlet of bread which leads to return of phenomenon of bread queues in the governorate
17 Oct 2012
At the dead end of a winding side street in the central Cairo neighborhood of Sayeda Zeinab, Ashraf al-Husseini sat in front of the government-subsidized bakery that his family has been operating for nearly 50 years. In this neighborhood,...
Yes

In call center industry, obstacles and potential

Mobile phone mast
16 Oct 2012
The call center industry was one of the trademarks of Egypt's development strategy throughout the 2000s. Experts pointed to it as the poster-child for the country's expansion opportunities in the tech and communications industries...
Yes

Government pursues ways to increase tax revenue

Crowds of citizens in front of real estate bureau in Mansoura to present their reports
15 Oct 2012
The government will not raise taxes but will instead rely on foreign investment to remedy the country’s cash flow problem, Prime Minister Hesham Qandil said during a meeting with a group of foreign investors. But with foreign...
Yes

In sukkuk, govt sees a solution to economic crisis

Building of headquarters of Central Bank of Egypt in Downtown
12 Oct 2012
  Prime Minister Hashem Qandil announced last month his government’s intention to issue one or two rounds of sukuk, a type of Islamic financial product, before the end of 2012. He offered few particulars, but the reaction of the...
Yes

Antiquated rental law distorts housing market

A precariously built building in Alexandria
12 Oct 2012
In the upscale neighborhood of Abbas al-Akkad in Nasr City, Amr Hegazy owns a five-story building surrounded by prominent restaurants. Passing by the building situated on a tree-lined street, one may speculate that Hegazy makes at...
Yes

Up against a fiscal wall, government courts foreign investment

11 Oct 2012
Officials are making a concerted effort to assure foreign and domestic investors that the climate for business is safe and friendly after the stock market took a hit Monday due to some tough rhetoric on corporate corruption from President...
Yes

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