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Egypt’s growth rate continues upturn for 5th quarter in row: EBRD

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CAIRO – 13 November 2018: The European Bank for Reconstruction and Development (EBRD) reviewed the Egyptian economy in its latest report “Transition Report 2018/2019”, stating that growth continued to accelerate for the fifth consecutive quarter.

“It reached 5.3 percent year-on-year in the second quarter of fiscal year 2017/18, and an estimated 5.3 percent for the year, the highest rate in a decade,” the report said.

The report attributed the hike to manufacturing, trade, tourism and construction, in addition to the recovery in mining.

“In per capita US dollar terms, GDP shrank in fiscal year 2016-17, as a result of the currency depreciation and sustained population growth, and increased by 5.0 percent in fiscal year 2017-18,” the report read.

EBRD

Regarding Unemployment, the report said that the rate dropped for the seventh consecutive quarter but remained elevated at 9.9 percent in the second quarter of 2018, and higher among the youth (24.8 percent) and women (21.2 percent).

The report clarified that the continued moderation in the unemployment rate is mainly due to the bold reforms implemented in late 2016 and throughout 2017, which have boosted export-oriented businesses and improved the economic outlook.

“The government has also launched large construction projects that have generated many jobs,” the report stated.

The report also outlined inflation, noting that it declined from its record high level of 33.0 percent in July 2017 to 16.0 percent in September 2018.

“Meanwhile, in January 2018, the real interest rate turned positive for the first time in almost two years, and continued to increase, supported by the decline in inflation, despite the easing of monetary policy which started in February 2018,” according to the report.

EBRD said in its report that the fiscal and external positions have improved, stressing that the government achieved its first primary budget surplus in 15 years of 0.2 percent of GDP in fiscal year 2017-18, and the overall fiscal deficit narrowed to 9.8 percent of GDP (slightly below the target of 9.0 percent) from 10.9 percent in fiscal year 2016-17.

The report clarified that the deficit declined as a result of a contained wages bill and lower interest payments, coupled with a continued strong tax performance, despite increases in spending on subsidies and transfers.

“Gross public debt declined from 103 percent of GDP in fiscal year 2016/17 to 92.5 percent of GDP in fiscal year 2017/18,” the report noted.

It also pointed to the current account deficit which dropped from 6.1 percent of GDP in fiscal year 2016/17 to 2.8 percent in fiscal year 2017/18, as a result of the strong pick-up in tourism receipts, exports (oil, non-oil), Suez Canal revenues, and private transfers, notably remittances, which more than offset increases in imports.

It continued the review by saying, “In recent months, Egypt has stepped up external borrowing and shifted away from costly short-term domestic debt to rebuild foreign exchange reserves, and reduce crowding out of credit to the private sector.”

International reserves rebounded to surpass pre-2011 levels, reaching a record high of $44.5 billion in September 2018, and covering close to 7 months of imports, up from a critically low level of 3.1 months in June 2016, according to the report.

The bank expected GDP to grow to 5.5 percent in fiscal year 2018/19 and to 5.8 percent in fiscal year 2019/20.

It noted that this acceleration will be supported by the continued boost in confidence, recovery in tourism, an increase in foreign direct investment, improved competitiveness and continued strengthening of exports, the start of natural gas production from the Zohr field, as well as the implementation of business environment reforms and prudent macroeconomic policies.

The report also anticipated GDP to continue its growth in the short term in nominal dollar terms.

“The main risks to the outlook arise from a slow-down in reforms, and increases in global oil prices which would delay fiscal consolidation. These risks are mitigated by the authorities’ strong commitment to, and ownership of, the economic reform program,” the report explained.

According to the bank, “The Transition Report 2018-19” analyses the impact on work of demographic change, as well as automation and migration, both across national borders and within countries. The report includes a macroeconomic overview of the EBRD regions and of structural reforms in the past year.

Egypt embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit.

Egypt also provides facilities and legislative reforms to encourage investors to invest in Egypt.

The legislative and regulatory aspects include the issuance of several laws and regulations, namely the new investment law and its executive regulations; the law of restructuring and reconciliation, bankruptcy and postponement of financing and privatization; and the amendments of the law of companies and the capital market and their executive regulations.

The state also established the investors’ service center that provides services to aid in the procedures of establishing a firm, its contract, documentation, licensing and its commercial registration.

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The Girls Who Burned the Night is competing for three awards at the Palm Springs Festival in the United States.

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The Girls Who Burned the Night -produced by Jawahar AlAmri, and Writen and directed by Sarah Mesfer- continues its releases at international film festivals, and its traveling to the United States to participate in the Palm Springs International Shortfest , which is one of the most prestigious short film festivals, and includes more than 300 films from around the world. Located in the state of California, the short film is nominated for 3 awards: Best of the Festival Award, Best Live-Action Short 15 Minutes and Under, and Best Student International Short.

The film has also travelled to Lebanon to participate at the Beirut International Women Film Festival. The Girls Who Burned the Night has also taken part in Toronto Arab Film Festival, and received a honourable mention, after competing at the 42nd Cairo International Film Festival, by the jury of Cinema of Tomorrow.

The film traces two sisters, Salsabeel and Wassan on an engagement night, after one of them was denied to go to the nearby grocery store. We can see the post – rejection restriction of the two sisters and being pushed to discover themselves and each other, and survive the harsh aspects and curves that never occurred to them would happen. The film is starring Jana Qomari, Haya Maraabi, and written and directed by Sara mesfer, produced by Jowaher Alamri , co-produced by Raghad Bajbaa, with Khalid Moeit as an associate producer.

The producer, Jawahar AlAmri, is a film maker with six years of experience. Her short film, The Girls Who Burned the Night, is one of her most recent projects as producer which has participated in several film festivals. Most notably, it participated in the 42nd Cairo International Film Festival and received a jury honorable mention, along with its participation at the Toronto Arab Film Festival. Another recent project of hers is directing Gathering With the Cosmos, a part of the feature anthology film that was directed with the support of the Red Sea Film Festival. She has also participated in the production of the feature film Forty Years and a Night, which took part in the Malmo Arab Film Festival in 2021. She has also participated in the production of an Egyptian film for the first time. Jowaher AlAmri is directing and writing her first feature film Aziz Halah, which was accepted at the Red Sea Film Festival’s lodge, in collaboration with the Torino Film Lab. Jowaher is currently involved as a writer for a Saudi television series on SBC.

Sara Mesfer is a Saudi Director based in Jeddah, Saudi Arabia. She holds a bachelor degree in Cinematic Art from Effat University, Saudi Arabia.

She started her journey working in different roles in films that participated in local and international film festivals, In addition to her work in VICE videos as Director and Producer. In 2018 she wrote and directed her first short film “Balcony” alongside with producing “Sadeya Left Sultan” that won the jury award in Saudi film festival in 2018, and screened in Malmo Arab film festival along with other regional festivals.

In 2019 she Wrote and Produced “Quareer, Chapter Three” a short film as part of “Quareer” Collective Feature Film that highlights five different stages of a woman’s life in Saudi Arabia.

in addition to films, Sara is part of the writing team of the first immersive theatre in Saudi Arabia “Bait Al Dahaleesi” that played in 2019.

Sara Wrote and Directed her short “The Girls who Burned The Night” in 2019, Followed by her participation as a Writer and Director of “Al Dabah” in Becoming Omnibus Feature with four female directors by the support of Red Sea Festival foundation in 2020.

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“Committed to People, Committed to the Future” INFINIX CSR initiative during Ramadan.

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INFINIX  adopts a sense of community with empathetic and emotional communication that creates the traditional feeling of togetherness, companionship, and hope, despite social distancing.

As part of INFINIX  core values to localized development, which in its continuous and deep involvement with local economic and social development in major emerging markets and its focus on win-win cooperation with local people.

Believing that the profitable growth of our company depends on the education, environmental and social sustainability of our communities across the world. And we know it is in our most beneficial interests to contribute to the sustainability of those communities.

We are delighted to announce the “Committed to People, Committed to the Future” Corporate Social Responsibility campaign. Our most recent philanthropic activity will obtain the distribution of 1300 meals during Ramadan in upper Egypt.

This social Annual initiative is in collaboration with “Misr EL KHEIR “charity organization based in Egypt will be responsible for the distribution of 1300 boxes to support the needs of underprivileged families who struggle poverty in some counties in Upper Egypt.

Commenting on this latest initiative (Chris Xu ) “The holy month of Ramadan is all about giving and generosity. For this reason, Company carefully selected the activities and programs that most presented another value to all segments of society. Ramadan Mubarak to everyone!”

INFINIX will continue its “Committed to People, Committed to the Future “CSR activities not only in philanthropy like Humanitarian initiatives and Ramadan services and competitions but also in youth educational programs, sports sponsorship throughout 2021.

 

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Al-Futtaim’s Cairo Festival City Hosted Misr El-Kheir’s

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38 Fully-Loaded Trucks Food Convoys to 12 Underprivileged Governorates

Cairo Festival City (CFC) – one of Al-Futtaim Group Real Estates’ well-renowned landmarks in New Cairo – has proudly hosted the 2nd batch of Misr El-Kheir Foundation’s food convoys. The initiative is held under the patronage of the Ministry of Social Solidarity and in collaboration with the Ministry of Youth & Sports to launch 38 fully-loaded trucks carrying around 490 tons of food supplies to 12 underprovided governorates.

“Al-Futtaim Group Real Estate, hand in hand with the Ministries of Social Solidarity and Youth & Sports along with Misr El-Kheir Foundation, took pride in successfully launching the 2nd batch of food convoys from Cairo Festival City premises as part of Iftar Saem Campaign 2021. Assembling together the arms of Sustainable Development Golden Triangle, our joint philanthropic endeavor aimed at providing underprivileged villages and vicinities across Egypt with much-needed nutritional supplies.” said Managing Director of Al-Futtaim Group Real Estate, Eng. Ashraf Ezz El Din.

Ezz El Din added: “Building upon our long-witnessed CSR initiatives, Al-Futtaim Group Real Estate played a pivotal role in such humanitarian event by diligently equipping a slot at Cairo Festival City to properly & safely serve packaging practices; giving due concern to social distancing.”

About CFC:
Cairo Festival City is a pioneer of integrated mixed-use community developments that range from residential to commercial and entertainment apparent by how Cairo Festival City Mall is bordered by residential projects, managerial and administrative centers, and an international school. Cairo Festival City is experiencing a boom in construction rate (in cooperation with the largest contractors in Egypt) and is soon expected to be the pinnacle of integrated mixed-use community living by presenting the benefits of both luxury and practicality. Cairo Festival City is strategically located in the heart of New Cairo over 3 million sqm of land and is in close proximity to Maadi, Mokkatam, Heliopolis, and Nasr City. It is also a short, 15-minute drive away from the Cairo International Airport.

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