Country Report - 2014
Current Market Description
Since the Revolution of January 2011, Egypt has been going through various phases of political and economic upheavals. Quick shift of governments and policies has taken a heavy toll on the business environment over the last four years. Once flourishing, tourism and foreign direct investments (FDI) witnessed an unprecedented decline forcing the government to resort to economic aid from the Gulf countries to sustain import bills and service debt. Since Mr. Abdul Fattah Al Sisi’s becoming the President in June 2014, the government has embarked on an aggressive plan to restore political as well as economic stability. A landmark achievement was made in the form of holding Egypt Economic Development Conference (EEDC) in March 2015 for attracting FDI by restoring investors’ confidence and paving the way for an investment friendly environment. Several memorandums of understanding (MOU’s) worth billions of dollars were signed during the summit and it is hoped that these will be converted to actual investments soon.