Business

New Administrative Capital in Cairo

Since the day the Pharaohs commissioned the Great Pyramids of Giza, Egypt has been home to vast mega-projects. Today is no exception, with the Suez Canal to the ongoing New Administrative Capital, presented as the biggest planned city of all time, Egypt has been living up to its Ancient ancestors. In March 2015, Egyptian Minister…
A growing population in Egypt demands quality housing

One of the best solutions for Egypt’s constant overpopulation of cities has been urban expansion. It is part of an ambitious government plan to build new cities on the outskirts of every major governorate in Egypt. The Egyptian real estate sector has historically proven resilient to economic and political tensions over the past decade and…
Becoming an Energy Hub: From blackouts to exports, the Egyptian energy sector has made a complete 360 in the past five years

Egypt’s oil and gas sector was on a downward spiral for years due to the impact of the Arab Spring, the unfolding of the Muslim Brotherhood, and the military coup. The country could not even keep its lights on five years ago. In 2013, due to a series of blackouts, factories were forced to shut…
Zohr: Massive new natural gas discoveries in the Mediterranean will meet and exceed Egypt’s national demand for years.

Egypt is the third-largest dry natural gas producer on the continent and the largest non-OPEC oil producer in Africa. In addition, the Suez Canal and Suez-Mediterranean Pipeline (SUMED) are strategic high-security global transit routes for oil shipped from the GCC to Europe and the United States. Egypt is the most populous country in North Africa,…
Egypt’s growing population is reinforcing economic growth while severely straining national resources

Egypt’s demographic boom has been a blessing to the economy. As the largest consumer market in the Middle East every sector of the economy can confidently expect sales to increase backed by national demographic trends. The needs of the growing population provide massive investment potential, and the private sector continues to find new opportunities to…
New Investment Law in Egypt

The landmark new investment law, ratified in 2017, changed the landscape of business in Egypt. The law has modernized and reduced barriers to how international companies invest and operate in Egypt, offering incentives, simplifying the processes, guaranteeing protection from decisions that are arbitrary or capricious, and providing new tools to ease establishing, starting and operating…
Egypt’s economic fundamentals are improving, and at 5.4% GDP growth it is the fastest growing country in the region

Egypt is the regions fifth-largest economy and increasingly on the global investment map. According to the International Monetary Fund Egypt was the third largest economy in Africa with a GDP of EUR 208 682 million in 2017 after Nigeria’s EUR 331 061 million and South Africa at EUR 304 642 million. Egypt’s economic fundamentals in…
Egypt’s evolving socio-economic dynamics evolve amongst social and religious frictions

Historically, the Arab Republic of Egypt has been fundamental to the development of the Middle East and North Africa. To this day, Egyptian political thought and cultural influence echoes throughout MENA. Egypt remains an influential actor in the region, pushing towards the path of further economic and political stability. History: It is impossible to…
Sustainable Development Strategy: Egypt Vision 2030

“The new Egypt will possess a competitive, balanced and diversified economy, dependent on innovation and knowledge, based on justice, social integrity and participation, characterized by a balanced and diversified ecological collaboration system, investing the ingenuity of place and humans to achieve sustainable development and to improve Egyptians’ life quality,” Egypt Vision 2030 Sustainable Development Strategy.…
Egypt EU Trade relations improving

The European Union remains Egypt’s largest investors Three-quarters of foreign direct investment come from EU states, and trade represents a third of the country’s GDP. The has been constant EU assistance and partnership programs since 1998, which established stable relations between Egypt and the EU. The Association Agreement was the most effective agreement when it…
Interview: Mohammed Berro, Chief Executive Officer, Emirates NBD Egypt

Emirates NBD Egypt is one of the largest banks operating in Egypt excels in premier banking and pioneers in digital banking. It is an essential stakeholder in financing mega infrastructure projects and development initiatives in Egypt. Emirates NBD Egypt is a wholly owned subsidiary of Emirates NBD Group, a leading banking group in the region. …
United Nations Global Compact Profile

Launched in 2000, the United Nations Global Compact (UNGC) is a global initiative that serves as a call to companies to align strategies and operations under the framework of the 10 UNGC Principles on Human Rights, Labor, Environment and Anti-corruption. Today with more than 9,500 business and 3,000 non-business organizations based in 160 countries and…
Interview: Nemanja Aleksic, CEO and Managing Partner of the Aleksic and Associates Joint Law Office

How do you assess Serbia’s legal framework in 2018? The legal framework of Serbia in 2018 will be adapted to the process of accessing the European Union, with full commitment to the priority reforms necessary in this process. On April 29, 2008, Serbia signed the Stabilization and Association Agreement in Luxembourg, which, entered into force…
Interview: Zoran Blagojević, CEO, Wiener Insurance Serbia

How do you assess Serbia’s insurance sector? Western European markets average premiums around EUR 2 500 per capita, but in Serbia we are at EUR 100 per capita. These two figures show us a clear picture of the huge growth potential the insurance sector has within the Serbian market. There is a huge misunderstanding of…
Interview: Radoš Gazdić, Acting Director General, Development Agency of Serbia (RAS)

What are some of the key facts that all international investors should remember about Serbia? The key factor at this moment is the competitiveness of the labour force when comparing it to Europe. Serbia is increasingly becoming more attractive, first and foremost, because of the technical education of our labour force. It is one of…
Interview: Marko Čadež, President, Chamber of Commerce and Industry of Serbia (PKS)

What is the global perception of Serbia? Over the last five years investors saw straightforward and clear economic policies. This means fiscal consolidation, monetary stability and political stability. They have seen Serbia has a clear strategy. There is now a new perception on Serbia’s future. The perception is now quite good. Together with Montenegro, we…
Interview: Ingeborg Øfsthus, CEO, Telenor Serbia

How do you see Serbia’s telecommunication sector in 2018 and what key challenges do you foresee moving forward? The global telecommunications sector is going through a revolution, and that revolution is digitalization. The fact being the competition landscape is changing. It is hitting every single operator around the world in some way or form. We are lucky…
Interview: Zoran Petrović, CEO, Raiffeisen Bank Serbia

How do you assess Serbia’s economy? We expect Serbia’s economy in 2018 will be driven by a couple of factors. First of all, we believe it will be pushed by the consumptions of the citizens, the unemployment rate is going down, employment rate is going up, so we expect that also the banking sector continue…
Serbia: The Balkan Industrial revolution

Serbia’s rich historical legacy lies in its strength as a regional manufacturing hub. This is furthermore supported by its extensive free trade agreements which allow duty-free exports to a market of more than 1 billion people. Some of these markets go much further than the European Union which is Serbia’s largest export market. Serbia has…
Serbia: EU accession accelerating

Serbia is one of the most advanced countries in the process. Serbia is a small and open economy in South Eastern Europe. The nation’s development is considerably below the European average, while by growth it is one of the fastest developing countries in Europe. Growth potential in Serbia is tremendous in every segment of the economy.…
Interview: Martin Gauss, CEO, Air Baltic

How important is the development of Latvia’s aviation sector for the economy? If you look at the connectivity of the Baltic States, Riga at the moment is the key capital. Latvia being in Northern Europe has reachability issues. Connectivity with Europe by road and rail systems do not fully meet the needs of the region…
Interview: Nikita Sergienko, CEO, Bite Latvia

How do you assess Latvia’s ICT sector? Latvia has one of the best networks worldwide and probably the best in the European Union. Taking advantage of this, and the qualified labor, many multinationals moved their back offices, call centers, IT centers and even head offices to Lithuania and Latvia. Western Union, Swedbank, and even Barclays…
Interview: Reinis Rubenis, CEO, Swedbank Latvia

What challenges is the Latvian financial sector facing? One challenge for the Latvian banking sector is the number of banks. There are far too many banks in Latvia for such a small economy. Over the next five years, we will definitely see further consolidations taking place. This consolidation is necessary. A positive aspect of the…
Interview: Janis Lucaus, CEO, BTA

How do you assess the insurance sector? Even though the sector caters to a small market in terms of population, it is highly competitive and evolving. A key factor to take into consideration is the number of competitors and a clear increase of international insurance players within the market. Competition has been beneficial for the…