Hisham Salah

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Latest by Hisham Salah


Revenues increase at hotels in Sharm El-Sheikh, Hurghada: Colliers International

Colliers International, a commercial real estate company, published on Thursday its three-month rolling forecast for November until January 2017. The report marked Cairo and Alexandria as tourism hot spots, explaining that Cairo witnessed a 13% increase in revenues per available rooms (RevPAR) because it is a stable corporate tourism destination. The report added that the …

Hisham Salah

Egypt’s subsidy system: questionable corruption, unending problems

At the beginning of the 20th century, when the world was plagued by famines and world wars, governments enlisted food subsidy programmes to feed their citizenry in these desperate times. Such programmes are still used by government’s all over the world in order to combat poverty and hunger. However, many countries across the world have …

Hisham Salah

Egypt to receive $3.5m donation for solar energy projects from UNDP

Minister of International Cooperation Sahar Nasr and Minister of Trade and Industry Tarek Kabil signed an agreement with the United Nations Development Programme (UNDP) for a $3.5m donation to supports solar energy projects with the aim of increasing clean energy connected to Egypt’s national grid. The agreement represents the government’s concern for using Egypt’s solar …

Hisham Salah

New annual study to measure progress in sustainable development: CAPMAS

Central Agency for Public Mobilization and Statistics (CAPMAS) will publish a new study every February to measure the government’s progress in implementing the Millennium Development Goals (MDGs) and Sustainable Development Goals (SDGs), president of the agency Abou Bakr El-Gendy announced. MDGs are part of the development agenda supported by United Nations. El-Gendy said these focus …

Hisham Salah

Dr.WEEE: Egypt’s latest vision for e-waste management

Maybe it’s broken and cannot be fixed. Maybe it costs more to maintain than to replace. Or maybe it’s just old and you have bought a newer model. Either way, what do you do with electrical and electronic goods once you decide to get rid of them? Here comes Dr. WEEE, a company specialised in …

Hisham Salah

Finance Ministry to offer $2.5-3bn in treasury bonds by mid-January

The government will offer US dollar treasury bonds worth $2.5-3bn in mid-January, according to Minister of Finance Amr El-Garhy. He added that another offer of the same value will take place in the second half of 2017. The ministry had initially intended to offer these bonds this week but five investment banks advised a postponement …

Hisham Salah

Making ends meet as prices skyrocket

While price increases and inflation are inevitable for any country, in recent months Egypt has seen unprecedented price hikes which have severely impacted families’ cost of living. In the wake of the Egyptian pound flotation, subsidy cuts, and higher fuel prices, the average family’s monthly income does not stretch nearly as far as it used …

Hisham Salah

Orange to provide 4G network services within 3 months

Jean-Marc Harion, the CEO of Orange Egypt, said the operator would obtain the licence to launch 4G technology within three months. He noted at a roundtable meeting held on Wednesday that neither Orange not any other company has yet received the 4G network licence. He said that providing a Long-Term Evolution (LTE) network is not …

Hisham Salah

How should the government pace its reforms after the IMF loan approval?

On 11 November, the executive board of the International Monetary Fund (IMF) approved a $12bn three-year extended fund facility for Egypt, in support of the government’s economic reform programme. Ever since negotiations with the IMF started, the government has implemented a number of economic reforms, including passing the civil service and value-added tax laws, floating …

Hisham Salah

Lure of investments unaffected by imprisonment of Press Syndicate head: expert

On Saturday, former vice president Mohamed ElBaradei took to social media, wondering how Egypt could still bring in investments when the government has ordered the imprisonment of the Press Syndicate’s president, labeling the incident as a scene in an absurd play. For the first time in Egypt’s history, a court verdict ordered the imprisonment of …

Hisham Salah

20% target of renewable energy sources remains following flotation: NREA head

The target for 20% of Egypt’s power requirements to be generated from renewable sources will remain unchanged following the flotation of the Egyptian pound, according to Mohamed El-Sobky, head of the New and Renewable Energy Authority (NREA). El-Sobky hopes the flotation will not affect investors’ desire to invest in Egypt. He added that the new …

Hisham Salah

NECD cooperates with Wageningen University for planning 1.5m acres project

New Egyptian Countryside Development (NECD) is willing to sign an agreement with Wageningen University to plan for the 1.5m acres reclamation project in order to prevent the random use of the acres, according to the head of the NECD Atter Hannoura. He added that the university, which is the only higher education institution in the …

Hisham Salah

Suez Canal Economic Zone: the Egyptian dream that could begin a renaissance

Hong Kong, Shenzhen, Singapore, Jebel Ali, Hamburg, Rotterdam, Tangier, and Panama are waterways that brought about major changes for their countries. However, the oldest waterway, the Suez Canal, has maintained its position as one of the world’s most important waterways since its opening on 17 November 1869. These other waterways around the world have managed …

Hisham Salah

Flotation and increased fuel prices raise ceramic prices, increase market slump

Ceramic production companies have deemed it necessary to raise their prices in the coming period following the flotation of the Egyptian pound and its devaluation, besides the increased cost of production inputs, including gas, electricity, and fuel. During the eighth International Ceramic and Sanitaryware Exhibition (ICS), held between 9 and 12 November, surveyed ceramic manufacturers …

Hisham Salah

Deficit in trade balance down by 3.1% in August: CAPMAS

During August, the deficit in the trade balance recorded EGP 37.8bn, compared to EGP 38.9bn in August 2015, a decrease of 3.1%, according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) monthly bulletin on foreign trade statistics. In a statement issued on Monday, CAPMAS noted that the deceleration happened because the value of …

Hisham Salah

Increased cash support for subsidy cardholders is not enough: expert

Egypt floated its currency on Thursday, allowing it to fall from its previous peg of EGP 8.88 to the US dollar to between EGP 13 and EGP 16. This is the final push to secure the three-year International Monetary Fund (IMF) programme within days. In another step toward securing $12bn from the IMF, the government …

Hisham Salah

30% hike in inflation rate in short term: Beltone Financial

The Central Bank of Egypt (CBE) announced on Thursday that it is floating the Egyptian pound completely, and banks will be free to quote whatever rates they decide on, for cash and transfer transactions. Despite the hardships, investment banks see a bright vision of Egypt’s economy in the near future. According to a statement released …

Hisham Salah

Sugar: one more problem for Egyptians

Since the end of September, Egypt has been facing a remarkable shortage in sugar, pushing the commodity’s price upwards, while creating its very own informal market, and consequently, increasing the suffering of Egyptians. Egypt produced a total of 2.2m tonnes of sugar in 2015 and consumed 3.1m tonnes, creating a shortage of some 900,000 tonnes. …

Hisham Salah