Mohamed Samir

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Latest by Mohamed Samir


IMF

Prospects and risks of Egypt’s ambitious economic reform programme, according to the IMF 

Since 2011, political and regional developments have taken a significant toll on the Egyptian economy. Underlying structural challenges and the prolonged political transition led to the build-up of macroeconomic imbalances. A significantly overvalued exchange rate undermined competitiveness and depleted reserves. Weak revenue, combined with poorly targeted subsidies and a growing public sector wage bill, resulted …

Mohamed Samir

hotels , revenues

Hotel revenues per available room forecasted to grow by 8% between December, February in Cairo: Colliers 

Cairo hotels continued to show a strong performance despite the recent devaluation of the local currency. The continued surge in revenues per available rooms (RevPAR) is a result of the increasing Average Daily Rates (ADR), according to Colliers International’s MENA Hotel Forecasts December 2016 report. Consequently, hotel profitability rates are expected to further enhance. According …

Mohamed Samir

World bank

Egypt’s GDP growth rate expected to fall to 4% in 2017: World Bank

In its report “Global Economic Prospects”, the World Bank stated that among oil-importing economies, growth in Egypt has slightly declined to 4.3 % in fiscal year (FY) 2016. This comes as a result of foreign currency shortages which feed manufacturing and a decline in tourism after the crash of a Russian aeroplane in the Sinai …

Mohamed Samir

sherif ismail

Was the government ready for the flotation’s consequences?

Squeezed by economic and political turmoil following the 25 January Revolution that toppled former president Hosni Mubarak, Egyptians are now facing a new era of hardship and austerity. The government’s adopted economic reform programme, backed by the International Monetary Fund (IMF), included the flotation of the Egyptian pound, subsidy cuts, high interest rates, and the …

Mohamed Samir

sisi

Al-Sisi asks citizens to endure 6 months of hardship

On Wednesday during the opening of the National Project for Fish Farming in the Suez Canal area in Ismailia, President Abdel Fattah Al-Sisi called on Egyptians to endure the economic hardships resulting from governmental reforms for the next six months. During his speech, he reasserted the state’s commitment to its economic reforms, and promised citizens …

Mohamed Samir

sisi and abdel nasser

The dilemma of Egypt’s public wages from Abdel Nasser to Al-Sisi

  Reforming the public sector and reducing its wages are some of the key elements of the economic reform programme adopted by the Egyptian government, and blessed by the International Monetary Fund (IMF). Yet, according to a study by the Egyptian Center for Economic and Social Rights titled “Changes in the Public Sector Wage Policies …

Mohamed Samir

4

Could the visit of Libya’s National Oil Corporation chairperson to Cairo solve Egypt’s oil imports challenge?

  On Wednesday, the chairperson of Libya’s National Oil Corporation (NOC) visited Cairo to meet with Minister of Petroleum Tarek El Molla to discuss mutual cooperation opportunities between the two countries in the oil and gas sector. The visit comes after the announcement of new gains in Libya’s oil production this week. Despite Egypt’s abundance …

Mohamed Samir

Abd Al-Moneim Mattar, the general supervisor for the implementation of the Value-Added Tax (VAT) Law

New customs, tax laws to resolve issues within automotive sector

The industry development sovereign fund gives incentives to the local product before sale and export in order to see a return on the taxes they paid, said Egyptian Tax Authority head Abdel Moneim Matar. The Tax Authority used to collect 30% of the value of a used car, but in the automotive industry strategy it …

Mohamed Samir

PSX_20161213_100332

Ministers, business community review means to stimulate local automotive industry in opening session of Egypt Automotive Summit

The executive director of the third round of the Egypt Automotive Summit, Mohamed Aboul-Fotouh, announced several topics which participants will be discussing. Topics on the agenda at the summit include facilitating the export of spare parts, competition with foreign companies, local feeding industry experiments, and the role of banks in financing feeder industry experiments. “We …

Mohamed Samir