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Yahoo
20-05-2025
- Business
- Yahoo
How the Gulf's lifeline for Egypt is worrying Cairo's residents
A Dubai-based billionaire's plans to redevelop downtown Cairo with new streets and skyscrapers — an area akin to his home — is drawing a growing backlash in the Egyptian capital, where residents fear not simply the loss of a historic district's character but the encroaching influence of the Gulf. The plans by Mohamed Alabbar, the man behind Emaar Properties and the Burj Khalifa, include the redevelopment of up to 50 acres of central Cairo, with the businessman telling Al Arabiya Business that Dubai offers a model that Egypt could stand to replicate in order to cater to visitors. For a country heavily reliant on tourism and facing hefty debt burdens as well as languid economic growth, the upside is obvious. Yet some Cairenes are skeptical, worried that the proposals will only exacerbate inequality, cater to elites, and increase Gulf influence over Egypt's decision-making. 'People think skyscrapers equal wealth, but they ignore the economic and political structures that made Dubai successful,' Ahmed Zaazaa, an architect and urban designer assistant professor at Cairo's Nile University, said. 'Egypt is in a very different position.' Beyond the debates over what downtown Cairo will eventually look like are questions about growing Gulf involvement in Egypt's economy, fueling concerns of an erosion of the country's sovereignty. Cairo has been looking to the Gulf to finance a much hoped-for economic revival. Saudi Arabia pledged to invest $15 billion into Egypt following President Abdel Fattah el-Sisi's visit to the kingdom last year, and has deposited $10 billion in Egypt's central bank, while Doha is looking to pump $7.5 billion into the Arab world's most populous nation. The UAE has been the most aggressive, though, and much of the emirates' attention has gone toward tourism — which accounts for 8% of GDP — and real estate. In Feb. 2024, Egypt signed a $35 billion deal with the Abu Dhabi Developmental Holding Company to develop Ras El Hekma, a lucrative Mediterranean coastal area. This agreement, the largest in Egypt's modern history, is part of a broader effort to attract up to $150 billion in foreign investments. 'Over the past 15 years, Egypt's reliance on Gulf financial support — largely driven by political alignment — has proven critical,' Amr Adly, an associate professor of political economy at the American University in Cairo, told me. He attributed this toGulf monarchies, including the UAE, seeing it in their best interest 'to support a stable and friendly political system in Egypt.' The Gulf's lifeline is critical to Egypt's stability. But the fact that such support may ultimately alter Egypt's national identity, erode its economic sovereignty, and allow foreign firms and powers to transform Cairo's urban landscape is unsettling to many Egyptians. The government has long planned to renovate Cairo's historic center: Built in the late 19th century, downtown Cairo was modeled after European capitals, with wide boulevards and grand architecture. Over the years, economic and political shifts have transformed it from an elite enclave into a space filled with businesses, cultural landmarks, and working-class residents. But Alabbar's remarks — especially his reference to the controversial 1990s facelift of Beirut's city center — sparked fears that redevelopment will strip the capital's downtown of its vibrant character, ultimately catering primarily to elites. The Egyptian government downplayed his comments, saying Alabbar's plan was one of multiple investment proposals it was reviewing for downtown Cairo. Prime Minister Mostafa Madbouly confirmed that as government ministries relocate in the coming years to the New Administrative Capital, their former buildings will be repurposed, with a focus on attracting high-end investments. 'In Beirut, the Solidere project turned the city center into a ghost town after business hours,' Zaazaa said. 'A similar fate could await Cairo if exclusivity is prioritized over inclusivity.' One longtime resident of downtown Cairo, Ismail Sharara, voiced another concern: 'This will make downtown even more expensive without justification,' he said. 'I'd rather the government keep ownership of downtown — it's a national issue.' Al Ismaelia for Real Estate Investment, the Egyptian company that since 2008 has led restoration efforts focused on preserving historic buildings, also distanced itself from Alabbar's vision, emphasizing that the downtown area should not be transformed into 'something it is not.' 'Heritage preservation is the foundation of our work,' an Al Ismaelia spokesperson said. 'Our goal is to maintain downtown's original architectural identity while revitalizing it for contemporary use.' In Budapest, Alabbar's $5.2 billion Mini Dubai project had also run into disagreements. The project promised the construction of the European Union's tallest skyscraper, an intelligent waste management system, and smart city elements in residential and commercial towers, schools and malls. The city has pushed back against the plan, however, with its mayor saying the government should prioritize affordable housing over luxurious skyscrapers. Not everyone is opposed to a deep modernization of downtown Cairo. 'Some displacement is inevitable,' said Mostafa Salem, the Egyptian founder of Dubai-based design studio Coconut, whose digital renderings of downtown Cairo have gone viral. 'Many buildings are illegally occupied or used as warehouses. That's not sustainable.' And in any case, Egypt may not be in a place to reject Alabbar's investment proposal. 'There has been a clear decline in transparency regarding economic policies and public data in Egypt, which makes it difficult to assess how much control Egypt retains over agreements like this,' Adly, the American University of Cairo associate professor, noted.
See - Sada Elbalad
22-04-2025
- Business
- See - Sada Elbalad
Egypt's Non-Oil Exports Jump 29% to $8.67 Bn in 2025
Ahmed Emam Egypt's non-oil exports surged by 29% year-on-year to $8.67 billion during January and February 2025, up from $6.72 billion in the same period of 2024, according to a government document reviewed by Al Arabiya Business. The building materials and metal industries sector led the way, with exports totaling $3.17 billion—more than double the $1.33 billion recorded during the same two months last year. This represents a remarkable growth rate of 138%. Coming in second was the chemicals and fertilizers sector, which saw a slight decline in performance. Exports from this category totaled $1.29 billion, down 6% from $1.36 billion in the first two months of 2024. The engineering and electronics sector ranked third, posting a 21% rise in exports to $1.02 billion, compared to $846 million during the same period last year. On the downside, agricultural exports dropped by 5% to $985 million, down from $1.03 billion a year earlier. Meanwhile, food industry exports slipped by 1%, reaching $1.01 billion compared to $1.02 billion in the same period of 2024. Together, the top five sectors—building materials and metals, chemicals and fertilizers, engineering and electronics, agricultural products, and food industries—accounted for a dominant 86% of total non-oil exports during the two-month period, collectively contributing $7.48 billion. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Egypt Today
25-02-2025
- Business
- Egypt Today
Dana Gas to Invest $100M in Egypt to boost gas production
CAIRO – 25 February 2025: Dana Gas has outlined a $100 million investment plan for Egypt, aiming to drill 11 wells over the next two years, according to Mohammed Mubaideen, Head of Investor Relations and Corporate Communications at Dana Gas, in an interview with Al Arabiya Business. The project is expected to unlock approximately 80 billion cubic feet of gas, significantly enhancing the company's production in Egypt. This increase in domestic gas supply is projected to save the Egyptian government around $1 billion over the same period, due to cost differences between locally produced and imported gas. To further support its operations, Dana Gas signed an agreement with the Egyptian government to expand its investments, with a portion of the funds being reinvested into its Egypt-based projects. This initiative aims to help counter the decline in Egypt's gas production over the coming years. Mubaideen also revealed that Dana Gas' outstanding receivables in Egypt dropped significantly in 2023, now standing at $78 million, a major reduction attributed to the new agreement with the government. Additionally, the company's collections in Egypt grew by 12 percent, reaching approximately AED 240 million.
Zawya
17-02-2025
- Business
- Zawya
Elsewedy Electric to begin supplying building materials for Ras El-Hikma project: Chairman
Egypt - Elsewedy Electric is expected to start supplying building materials to the Ras El-Hikma project on Egypt's North Coast within two months, the company's Chairman Ahmed Elsewedy told Al Arabiya Business. His remarks follow the company's memorandum of understanding (MoU) signed with Modon last October to develop, operate, and maintain industrial zones within the Ras El-Hikma project. The Emirati company is set to offer land plots to investors and real estate developers within the next three months to benefit from key investment opportunities offered by the project, the chairman said. He added that Elsewedy Electric already owns export offices in India and Brazil, as part of 17 global offices, through which it exports medium and high-voltage cables. It also seeks to establish factories across these markets to provide integrated solutions in the energy and infrastructure sectors,he said. Moreover, he highlighted that the company aims to boost its presence in the Gulf region, particularly Saudi Arabia, and Europe, as part of its expansion plan. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Al-Ahram Weekly
16-02-2025
- Business
- Al-Ahram Weekly
Emirati Emaar to expand Egypt investments to $25 bin amid real estate confidence: founder Alabbar - Economy
Mohamed Alabbar, founder of the Emirati Emaar Properties, announced that the company's investments in Egypt had reached $18 billion, with plans to expand to $25 billion within three years, expressing confidence in the Egyptian real estate sector despite global challenges. In an exclusive interview with Al Arabiya Business on Sunday, Alabbar, the UAE's largest real estate developer, stated, "Regardless of global economic conditions, Egypt inevitably bears the cost, and this is not of its own making." Discussing Emaar's latest ventures, he highlighted the real estate development company's partnership with Egypt's Midar Investment and Urban Development on a 500-acre project in New Cairo's Fifth Settlement, with investments exceeding $3 billion. Alabbar pointed out the project's strategic location and the strong potential of Emaar's collaboration with Midar, which possesses significant land assets. He noted that this partnership marks Emaar's first venture with Midar and aligns with the company's strategy to expand large-scale developments, potentially reaching 2,000 acres. For his part, Ayman El-Koussy, Managing Director of Midar, stated in a Bloomberg Asharq interview on Saturday that construction on 250 acres—half of the company's 500-acre joint venture with Emaar—is expected to be completed within three years. El-Koussy noted that during this phase, the companies will develop more than 2,900 residential units, including villas and apartments ranging from 200 to 600 square metres, a sports club, and a school. In his interview with Al Arabiya Business, Alabbar emphasized the need to expand Egypt's hotel infrastructure, citing the country's rich history and vast coastlines as key tourism assets. He stressed that Egypt must more than double its hotel capacity to harness its tourism potential fully. Furthermore, he pointed out that Egypt's hospitality sector surpasses the real estate market and stressed the need to boost annual tourist arrivals from 15 million to a target of 70 million. Short link:
