Olympic Group is the largest Egyptian company in the field of domestic appliances. The company mainly manufactures washing machines, air conditioners, refrigerators, electric water heaters and gas cookers. Irrigation plays a major role in a country the very livelihood of which depends upon a single river, the Nile. Most ambitious of all the irrigation projects is that of the Aswan High Dam, completed in 1971.
- However, since 2009 increasing desertification has become a problem.
- According to a report published by the World Bank in April 2019, 60% population of the country is “either poor or vulnerable”.
- The failure of industrialization resulted largely from tariff restrictions that Britain imposed on Egypt through a 1838 commercial treaty, which allowed only minuscule tariffs, if any.
- The government, however, has instituted a number of policy changes and reforms specifically intended to develop internal private equity funds and to attract private equity funding from international sources.
- Some desert lands are being developed for agriculture, including the controversial but ambitious Toshka project in Upper Egypt, but some other fertile lands in the Nile Valley and Delta are being lost to urbanization and erosion.
Onsi Sawiris is a member of one of the richest families in the country. He https://happy-gambler.com/zeus-the-thunderer/ founded the Orascom Construction Industries, which his son heads. He also has big investments in companies involved in mobile phones, media, and technology.
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This credit crunch is due to the non-performing loans extended by the banks to business tycoons and top government officials. Recently, the fiscal conduct of the government faced strong criticism and heated debate in the Egyptian Parliament. The overall deficit, after adjusting for net acquisition of financial assets, remains almost unchanged from the cash deficit. The budget’s overall deficit of £E43.8 bn or −10.2% of GDP for FY2002 has become £E49.2 bn in FY2007, so that is narrowed to −6.7% of GDP.
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The telecommunications liberalisation process started in 1998 and is still ongoing, but at a slow pace. Private sector companies operate in mobile telephony, and Internet access. There were 10 million fixed phone lines, 31 million mobile phones, and 8.1 million Internet users by the August 2007. The banking sector has gone through many stages since the establishment of the first bank in 1856, followed by the emergence of private sector and joint venture banks during the period of the Open Door Policy in the 1970s. Moreover, the Egyptian banking sector has been undergoing reforms, privatization, and mergers and acquisitions from 1991 up to today.
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Indeed, 2008 arguably marks the birth of a new national agriculture policy and reform. The transition to the unified exchange rate regime was completed in December 2004. Shortly later, Egypt has notified the International Monetary Fund that it has accepted the obligations of Article VIII, Section 2, 3, and 4 of the IMF Articles of Agreement, with effect from 2 January 2005. Several regimes were adopted including initially the conventional peg in the sixties, regular crawling peg in the seventies and the eighties and crawling bands in the nineties. Over that time period, there were several exchange rate markets including black market, parallel market and the official market.
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Among the 20 wealthiest individuals in the African continent, 14 were from Nigeria, Egypt, and South Africa. The wealthiest individual in Africa was the Nigerian Aliko Dangote of the Dangote Group. He was followed by Nassef Sawiris and Nicky Oppenheimer and his family who were from Egypt and South Africa, respectively.