Egypt Defies Time to Complete New Suez Canal ProjectSource: www.export-egypt.com 8/4/2015, Location: Africa |
|
|
|
|
|
The inauguration of the new Suez Canal is evidence that the stability has returned and that an environment exists in which things can be done, businesses can grow, banks can lend, and people can hope, Forbes Magazine reported.
"It’s good news economically. The canal’s own officials believe that the expansion will increase the number of ships per day using the canal from 49 to 97 by 2023, will generate $13.2 billion by 2023 up from $5.3 billion today, and has achieved all this two years ahead of time," the magazine's economic analyst Chris Wright said. An $8 billion project largely funded through investment certificates, it also demonstrated the liquidity that is available in Egypt for the right investments (although some would prefer that this had been tapped for a wider range of projects than just the Suez Canal), he added. Hisham Ezz Al-Arab, the chief executive of Commercial International Bank, Egypt’s largest private sector bank, said that the country is emerging from volatility in decent shape, Wright quoted Hisham as saying. "The worst is very much behind us," he says. His own bank’s results are improving dramatically: between the 2013 and 2014 financial years, market capitalization rose 52.31%, pre-tax profits 32.56% and total assets 26.43%. There is some broader empirical evidence to support this positive view. Earlier this year, Moody MCO -0.23% upgraded Egypt to B3, the first upward notch after six downward ones in the wake of the revolution. Egypt continued to grow at 2.7% on average per year from 2010 to 2014 despite the volatility around it, partly because it has an enormous (and statistically invisible) grey market economy which apparently never slowed. Earlier this year, Moody’s said consensus forecasts were for 4.5% growth in 2015 and 5% in 2016, although there are continuing concerns about inflation pressures, foreign exchange reserves, the fiscal deficit, and government debt as a percentage of GDP. The Suez Canal expansion is a great achievement and will help Egypt present itself on the world stage as a country going in the right direction. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
