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Meet Reem

Reem is a cleaning lady and a mother of four. She has been married twice though neither ex-husband supports his children financially or otherwise. Reem is on her own raising her children. Reem is among the working poor. Although she works full time, she barely meets basic needs. All four of her children show signs …

Iris Boutros

Egypt’s growth to miss forecasts

Reuters – Egypt’s economy will only grow by 2.0% in the fiscal year ending June 2014, well below the government target of 3.5%, according to a Reuters poll of economists who lowered their forecasts once again. Chances for an economic rebound were hurt by violence and political turmoil after Islamist President Mohamed Morsi was ousted …

Daily News Egypt

Benevolent dictator

South Korea has quickly become one of the world’s economic powerhouses. Growth of its real gross domestic product (GDP or the most common although imperfect measure of a country’s economic performance) was an average of 8% from 1962 to 1989. Interesting and quite relevant for Egypt today, the South Korean experience of rapid growth occurred …

Iris Boutros

Op-ed review: The economy of the revolution

Amr Khafaga Shorouk Newspaper Columnist Amr Khafaga begins his column stating that it is not strange that the current economic situation of the country is devastated. “Any true revolution is necessarily followed by economic disruptions,” Khafaga writes.  He attributes the devastation to the fall of the ruling regime: “It affected the stability which was an …

Daily News Egypt

Consequences

So, the constitutional referendum, as expected, has passed with flying colours. Official results cite a turn out that’s over 20 million people who voted Yes for the constitution by 98%. It is again worth noting that the supreme majority of those who voted for the constitution didn’t bother reading it or care what was in …

Mahmoud Salem

Egypt’s mafia fund

By Farah Halime A private equity fund launched by Gamal Mubarak managed to reel in millions of dollars of investment from Egypt’s elite, revealing the depths to which political and business connections ran as he began rising in stature in the late 1990s. According to a document obtained by Rebel Economy, Gamal Mubarak’s $54m Horus I Fund, …

Daily News Egypt

The curious case of Egypt’s economy

According to economists, any country that experiences a revolution should have an economic recession within six months. For anyone who has followed our news, this was not the case in Egypt, and curiously, still isn’t. One of the strangest economic facts that very few people cite about this country is that it hasn’t suffered a …

Mahmoud Salem

Buoyed by Gulf aid, Egypt current account hits surplus

Reuters – Egypt’s current account recorded a surplus in the first quarter of the financial year, boosted by billions of dollars in aid from Gulf Arab states after the army ousted Islamist President Mohamed Morsi in July. The current account ran a surplus of $757 million between July and September, driven by a massive increase in official transfers, according to …

Daily News Egypt

Egypt’s secret Swiss bank

By Farah Halime Nestled in the heart of downtown Cairo is the opulent headquarters of Arab International Bank, a secretive bank that has allowed kleptocrats to funnel money out of the country for decades with barely any regulatory oversight. The bank, established in 1974 by a treaty signed by Egypt, Libya, Qatar, Oman and the UAE, is exempt …

Daily News Egypt

Why one foreign investor left Egypt

By Farah Halime One of the key markers of a thriving economy is whether investors are committed. For Egypt, attracting investors has remained a point of contention in the last three years – are they or are they not putting money in Egypt? Marshall Stocker, an American venture capitalist, was among a band of businessmen drawn …

Daily News Egypt

Why Egypt’s army is bad at doing business

By Farah Halime General Abdel Fattah Al-Sisi must be revelling in the image of an all-powerful oligarch created by the media. Apparently he reigns over a sprawling economic empire that journalists describe (in now rather clichéd terms) as so varied that it covers everything from the production of flat-screen televisions and pasta to refrigerators and …

Daily News Egypt

Interests

Our dear military, we have a problem, and one that needs to be addressed immediately. We seem to have conflicting interests, and I fear that those interests, or rather your interests, will destroy this country for years to come, against the wishes of all of your supporters. Allow me to break it down for you, …

Mahmoud Salem

Egyptian Pound strengthens at Dollar sale

Reuters – Egypt’s pound gained slightly at a central bank foreign- currency sale on Thursday. The central bank said it sold $38.8 million to banks at the auction, with a cut-off price of 6.8778 pounds to the dollar, compared with 6.8781 at the sale on Wednesday. The central bank introduced dollar sales last December to help …

Daily News Egypt

The social businesses to turn Egypt’s black skies blue

It’s that time of year. Black skies over Cairo and all over Egypt’s Delta mean the rice farmers are burning their straw. They will be burning about four millions tonnes of rice straw these recent weeks so they can prepare their fields for the next planting season. While we’re all struggling a little bit harder …

Iris Boutros

Is the worst over for Egypt’s economy?

By Farah Halime Could Egypt’s economy be on the road to recovery? Some indicators suggest this might be the case. According to Reuters: Egyptian business activity shrank for the 13th month in a row in October but at a much slower rate, suggesting the economy may be improving after months of renewed political turmoil. The seasonally …

Daily News Egypt