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Al-Ahram Weekly
5 days ago
- Business
- Al-Ahram Weekly
Egypt adopts balanced fiscal policies to boost economic performance: Finance Minister - Economy
Egypt's Minister of Finance, Ahmed Kouchouk, affirmed that the government is doubling its efforts in the upcoming phase to enhance economic performance through balanced fiscal policies. Speaking during an extended dialogue with international investors on Thursday at the British-Egyptian Business Association (BEBA) in London, Kouchouk emphasised that Egypt is not competing with any specific country. Instead, the government aims to boost the competitiveness of the Egyptian economy, promote national development, and foster sustainable economic growth. He urged both local and international investors to capitalise on the economic opportunities available in Egypt fully, positioning the country as a strategic gateway to numerous regional and global markets. Kouchouk noted that Egypt has established a competitive growth model underpinned by a stable and coherent policy framework, laying a strong foundation for attracting new investments, localising manufacturing, and advancing technological development. The minister reaffirmed Egypt's commitment to improving the business climate through clear and tangible reforms. He emphasised that the government functions as a unified body with a shared vision to deliver a meaningful economic transformation, bolster investor confidence, and safeguard financial and economic stability. These efforts, he added, include building sustainable, integrated policies that sustain the momentum of recent positive economic developments. During the meeting, Kouchouk outlined ongoing tax and customs reforms aimed at simplifying procedures, lowering costs, and shortening customs clearance times to draw further investment. The government is also conducting a comprehensive review of taxpayer rights to strengthen them through legislative and regulatory changes to ensure greater tax fairness in the near future. Kouchouk revealed that Egypt is working with a range of international partners and expert institutions to improve investor services and stimulate higher levels of investment inflows. He emphasised that all public financial allocations must yield tangible economic benefits for investors, citizens, and the broader economy. To this end, allocations for economic activities have been doubled, with EGP 45 billion earmarked in the current budget to support exports. He emphasised that economic reform is not about achieving short-term milestones, but about cultivating long-term trust, establishing predictable policy foundations, and ensuring adaptability in the face of change. Kouchouk reported that Egypt's financial performance has steadily improved, with a positive outlook for the future. Despite global economic headwinds, Egypt posted strong results in the last fiscal year, with the private sector playing a pivotal role in driving growth. Private investment rose by 77 percent, while non-oil exports increased by 33 percent—reflecting growing confidence in the Egyptian economy and its ongoing reform agenda. The minister emphasised that private sector expansion creates a conducive environment for attracting foreign direct investment, which in turn has a positive impact on tax revenues. In the past fiscal year, Egypt's tax revenues increased by 35 percent without the imposition of any new burdens, thanks to the expansion of the taxpayer base and the resolution of longstanding disputes. He explained that the government has focused on overhauling the tax system through three major reforms: the introduction of a unified tax regime for small and medium-sized enterprises, the facilitation of voluntary dispute settlements, and the option to resubmit or amend previous tax filings without penalty. As a result, the ministry received around half a million new or revised tax declarations, and the private sector voluntarily contributed an additional EGP 60 billion in taxes. Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Independent
12-07-2025
- Business
- Egypt Independent
Planning min. lauds significant progress in Egypt-UK development coop.
Minister of Planning, Economic Development and International Cooperation Rania al-Mashat lauded the significant progress in development cooperation between Egypt and the UK. Al-Mashat made the remarks during her participation in a farewell ceremony for British Ambassador in Cairo Gareth Bayley, whose tenure in Egypt ended. The ceremony was attended by a large number of public figures, as well as representatives of the British Egyptian Business Association (BEBA). The minister highlighted the ambassador's effective role since 2021 in advancing Egyptian-British relations and enhancing partnerships between the two countries' public and private sectors. Regarding the remarkable boom in Egyptian-British development cooperation, Mashat said the UK has backed the launch of the Nexus of Water, Food and Energy (NWFE) Program and the launch of the Hub for Advisory, Finance and Investment for Enterprises (Hafiz) platform, which serves as a new financial and technical support platform for the private sector. The minister added that the UK contributed to diversifying innovative funding sources for the public and private sectors in Egypt, strengthening financing mechanisms for small and medium-sized enterprises, in addition to supporting startups in climate action. On his part, the British diplomat commended the strong and historical ties between Egypt and the UK, both at the governmental level and within the private sectors of both nations. He shed light on the projects supported by the UK in Egypt, including the 'NWFE' program, which acts as a tool for mobilizing climate investment and advancing the country's green transition efforts.
Zawya
02-06-2025
- Business
- Zawya
Egypt urged to establish real estate regulatory authority to boost market transparency, attract FDI
Egypt - Mohamed Fouad, real estate expert and member of the British Egyptian Business Association (BEBA), has urged the urgent establishment of an independent Real Estate Regulatory Authority (RERA) in Egypt. He emphasized that such a body, modeled on successful international experiences in countries like the UAE and India, is crucial for creating a structured and transparent legal framework for real estate transactions. Fouad explained that RERA plays a central regulatory and legislative role in mature markets. It safeguards the interests of buyers, investors, and developers by issuing licenses, enforcing compliance, ensuring transparency, and overseeing project implementation according to approved timelines and budgets. 'In markets witnessing rapid urban expansion and increasing investment flows—such as Egypt—an independent regulatory authority is no longer optional; it's a strategic necessity,' Fouad stated. He highlighted that the absence of a unified regulatory entity in Egypt has led to overlapping roles between institutions, resulting in delivery delays, contractual disputes, and inconsistent enforcement. A RERA-style authority, he said, would bring order to the sector by clearly defining the roles and responsibilities of key stakeholders: the government, developers, and buyers. Such a body would also bolster investor confidence, both local and international, by ensuring accountability and reducing risks. Regulatory oversight would include developer classification based on financial and technical criteria, stricter controls on marketing and advertising, and protection of buyers from fraudulent or stalled projects. Fouad cited Dubai's RERA as a global benchmark, noting how it has transformed the city into a trusted international hub for real estate investment. He also pointed to India's experience, where the implementation of RERA reduced legal disputes by over 60% in its early years. Without an independent authority, Fouad warned, the Egyptian real estate market remains exposed to mismanagement, undermining its attractiveness to foreign investors—particularly Egyptians living abroad who demand a clear, reliable legal framework. He proposed that the new Egyptian RERA be established under the Prime Minister's office or the Ministry of Housing, in cooperation with the Central Bank of Egypt and the Financial Regulatory Authority. It should have wide-ranging legal and supervisory powers, including dedicated departments for licensing, compliance, evaluation, and dispute resolution. Fouad also stressed the importance of launching a unified digital platform to centralize information on licensed real estate projects. This platform would provide real-time updates on implementation status, developer credentials, licensing and contract details, and facilitate electronic applications and transactions—supporting Egypt's broader digital transformation strategy. In conclusion, Fouad reiterated that the creation of a Real Estate Regulatory Authority in Egypt is a national imperative. It is key to achieving transparency, safeguarding stakeholders' rights, and turning the Egyptian real estate market into a sustainable, globally competitive investment destination capable of attracting foreign currency and exporting real estate. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
13-03-2025
- Business
- Zawya
Private sector now 63% of Egyptian investment, Al-Mashat says
Egypt - Private sector investment now accounts for 63% of total investment in Egypt, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has said. Al-Mashat made the announcement during a meeting with the British Egyptian Business Association (BEBA), highlighting the shift as a key indicator of Egypt's economic progress. Speaking at BEBA's annual Sohour ceremony, she emphasized the government's aim to transition towards an economic growth model based on manufacturing, exports, and tradable sectors. Al-Mashat also emphasized that the diversity of the Egyptian economy presents significant opportunities to enhance Egypt's regional position, particularly in the energy and logistics sectors. 'We aim to shift towards an economic growth model based on manufacturing, export, and tradable sectors,' Al-Mashat said. 'Integration among Economic Group Ministries [is key] to adopt policies that enhance the confidence of the business community and the private sector and stimulate investments.' The minister pointed to the government's efforts to consolidate macroeconomic stability through clear policies, including the implementation of Egypt's National Structural Reform Programme. She also noted the IMF's approval of the fourth review of Egypt's program and the decrease in inflation rates as factors boosting investor confidence. She added that 45.3% of government investments in the upcoming fiscal year's plan are directed towards human development, compared to 42% in the current fiscal year, with 35% for industrial development and 19% for local development. Regarding financing for development, Al-Mashat said that blended financing to stimulate private sector investments amounted to about $4.2bn during 2024, while the total concessional development financing from development partners to the private sector in Egypt from 2020 to 2024 amounted to about $14.5bn. Al-Mashat emphasized that the ministry is working to attract more development financing to the private sector through the 'HAFIZ' platform. The meeting also covered developments related to the implementation of the country platform for the 'NWFE' program and the volume of investments attracted by the platform in the renewable energy sector. Preparations are underway for the launch of Egypt's Integrated National Financing Strategy for development and the ministry's annual report for 2024. Al-Mashat underscored the strong trade and investment partnership between Egypt and the United Kingdom, with trade exchange reaching approximately £4.7bn last year. She noted the UK is one of the largest investors in Egypt through various private sector companies, and highlighted the British International Investment (BII), which has an investment portfolio of approximately £547m in 64 companies in Egypt. The event was attended by British Ambassador to Egypt Gareth Bayley, BEBA Chairperson Khaled Nosseir, former Minister of Petroleum Tarek El Molla, former Minister of Tourism Hisham Zaazou, and representatives of the business community and financial institutions. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
Daily News Egypt
12-03-2025
- Business
- Daily News Egypt
Private sector now 63% of Egyptian investment, Al-Mashat says
Private sector investment now accounts for 63% of total investment in Egypt, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has said. Al-Mashat made the announcement during a meeting with the British Egyptian Business Association (BEBA), highlighting the shift as a key indicator of Egypt's economic progress. Speaking at BEBA's annual Sohour ceremony, she emphasized the government's aim to transition towards an economic growth model based on manufacturing, exports, and tradable sectors. Al-Mashat also emphasized that the diversity of the Egyptian economy presents significant opportunities to enhance Egypt's regional position, particularly in the energy and logistics sectors. 'We aim to shift towards an economic growth model based on manufacturing, export, and tradable sectors,' Al-Mashat said. 'Integration among Economic Group Ministries [is key] to adopt policies that enhance the confidence of the business community and the private sector and stimulate investments.' The minister pointed to the government's efforts to consolidate macroeconomic stability through clear policies, including the implementation of Egypt's National Structural Reform Programme. She also noted the IMF's approval of the fourth review of Egypt's program and the decrease in inflation rates as factors boosting investor confidence. She added that 45.3% of government investments in the upcoming fiscal year's plan are directed towards human development, compared to 42% in the current fiscal year, with 35% for industrial development and 19% for local development. Regarding financing for development, Al-Mashat said that blended financing to stimulate private sector investments amounted to about $4.2bn during 2024, while the total concessional development financing from development partners to the private sector in Egypt from 2020 to 2024 amounted to about $14.5bn. Al-Mashat emphasized that the ministry is working to attract more development financing to the private sector through the 'HAFIZ' platform. The meeting also covered developments related to the implementation of the country platform for the 'NWFE' program and the volume of investments attracted by the platform in the renewable energy sector. Preparations are underway for the launch of Egypt's Integrated National Financing Strategy for development and the ministry's annual report for 2024. Al-Mashat underscored the strong trade and investment partnership between Egypt and the United Kingdom, with trade exchange reaching approximately £4.7bn last year. She noted the UK is one of the largest investors in Egypt through various private sector companies, and highlighted the British International Investment (BII), which has an investment portfolio of approximately £547m in 64 companies in Egypt. The event was attended by British Ambassador to Egypt Gareth Bayley, BEBA Chairperson Khaled Nosseir, former Minister of Petroleum Tarek El Molla, former Minister of Tourism Hisham Zaazou, and representatives of the business community and financial institutions.
