Latest news with #OsamaEl-Gohary
Egypt Today
08-05-2025
- Business
- Egypt Today
Nearly 500 reforms in effect as part of efforts to bolsters private sector-led growth: IDSC
Cairo – May 8, 2025: Egypt has rolled out nearly 500 reform measures between May 2022 and December 2024 as part of a sweeping initiative to strengthen private sector involvement in the national economy, according to a comprehensive report from the Information and Decision Support Centre (IDSC). The report, reviewed by Prime Minister Mostafa Madbouly, details progress aligned with the State Ownership Policy Document, a key strategy to shift Egypt toward a private sector-led growth model. The reforms span six key pillars: monetary policy, competitive neutrality, industrial development, business environment enhancement, regulatory reform, and implementation of the State Ownership Policy itself. According to Osama El-Gohary, Assistant to the Prime Minister and Head of IDSC, the initiative aims to tackle structural barriers, attract investment, boost exports, and generate employment. Focused Reform in Business and Industry Two sectors—investment climate improvement and industrial support—dominated the reform agenda. Together, they accounted for nearly 65 percent of all measures implemented. A total of 189 initiatives supported investment and the broader business environment, while 134 targeted the industrial sector. The pace of reform accelerated in 2024, with 321 measures enacted, representing 64.2 percent of the total reforms for the period. These focused on investment facilitation (121 measures), legislative and institutional reform (96), and industrial sector promotion (83), constituting 93.5 percent of all 2024 measures. Monetary Policy and Inflation Targeting In a notable shift, the Central Bank of Egypt (CBE) introduced 11 monetary and exchange rate reforms, including a March 2024 announcement to adopt a flexible inflation-targeting framework. The strategy targets an inflation rate of 7 percent (±2 percent) by end-2026 and 5 percent (±2 percent) by end-2028. The move has already begun to improve investor sentiment, with net foreign direct investment reaching $46.1 billion in FY 2023/2024 and portfolio investment net inflows hitting $14.5 billion. Boosting Competitive Neutrality Efforts to enhance market competition resulted in 14 policy measures, such as implementing a pre-merger regulatory framework and advancing the goals of the Competition Protection Agency's 2021–2025 strategy. Egypt's competition watchdog received international accolades in 2024 for its 'Arab Competition Authority Simulation Model,' recognized by both the World Bank and the International Competition Network. Industrial Development and Export Growth The government took a series of steps to ease industrial procedures, including the adoption of National Food Safety Authority certification requirements and logistics upgrades like 24/7 port operations. These changes helped create 960 new export opportunities valued at $2.3 billion. Between July 2023 and June 2024, LE 67.5 billion in credit facilities were allocated to nearly 2,600 businesses, with 96 percent directed toward working capital—78 percent for industry and 22 percent for agriculture. In December 2024, the government launched a new LE 30 billion initiative for priority industrial sectors and reactivated a soft loan program. The result: industry accounted for 15.7 percent of new company registrations in FY 2023/2024, and industrial zones signed 218 new project contracts worth over $5.1 billion. Total exports of Egyptian goods rose 14 percent to $40.8 billion in 2024. Investment Incentives and Regulatory Reform The investment and business climate reforms included tax incentives and the issuance of 'golden licenses' to 46 companies by March 2025. Additionally, the Small and Medium Enterprises Development Authority issued over 1,300 temporary and final licenses. An export support program injected LE 70 billion between 2019 and 2024, benefiting more than 2,500 companies. A landmark $35 billion investment deal with the United Arab Emirates to develop Ras El-Hekma city was a major milestone in 2024. The deal is expected to unlock $150 billion in additional investment and draw 8 million tourists, with Egypt retaining a 35 percent profit share. Private sector investment has surged from LE 213.5 billion in FY 2016/2017 to an estimated LE 700 billion in FY 2023/2024. In the second quarter of FY 2024/2025 alone, the private sector contributed LE 148.5 billion, representing 53.3 percent of total investments, a year-on-year rise of 35.4 percent. Legal and Institutional Reform The reform drive also extended to Egypt's regulatory landscape, with 128 measures taken to improve the legal and institutional environment. These included a draft resolution to structure the Ministry of Investment and Foreign Trade and a newly published list of foreign-investment-regulated economic activities. A Prime Ministerial decree also formed the Industrial Ministerial Group. Improvements in governance indicators followed: Egypt's Regulatory Quality Index rose by 2.4 points, the Rule of Law Index improved by 1.4 points, and the Government Effectiveness Index jumped by 7.6 points in 2023. Advancing the State Ownership Policy As part of the formal implementation of the State Ownership Policy Document, 24 reforms were introduced, including legislation approved in May 2024 regulating state ownership and restructuring 59 economic bodies by year-end 2024. Private Sector Making Gains The reforms are beginning to yield measurable outcomes. In FY 2022/2023, the private sector contributed 74.8 percent of Egypt's GDP, up from prior years. Its share of total investment rose to 37 percent in FY 2023/2024, while 81.3 percent of new jobs in 2023 were created by the private sector, compared to a 76.3 percent average between 2013 and 2022. International Recognition Egypt's reform program has drawn praise from global institutions. The World Bank welcomed the CBE's inflation-targeting strategy. StartUp Blink named Egypt's start-up ecosystem one of the strongest in North Africa. McKinsey highlighted improvements in the country's investment landscape, while the United Nations ESCWA acknowledged the launch of new digital platforms for registering foreign investments.
Daily News Egypt
06-05-2025
- Business
- Daily News Egypt
Egypt implements 500 reforms to empower private sector, boost economy: IDSC
The Egyptian government implemented nearly 500 reform measures between May 2022 and December 2024 aimed at enhancing the private sector's role in driving the country's economic growth, according to a comprehensive report by the Information and Decision Support Centre (IDSC) at the Cabinet, reviewed by Prime Minister Mostafa Madbouly. The reforms target obstacles to private sector participation, aiming to increase its Gross Domestic Product (GDP) contribution, generate employment, attract investment, and boost exports, aligning with Egypt's State Ownership Policy Document strategic shift towards private sector-led growth. Osama El-Gohary, Assistant to the Prime Minister and Head of IDSC, stated that the government introduced a wide range of reforms across six key areas: monetary policy and exchange rate reforms; enhancing competition and promoting competitive neutrality; supporting the industrial sector; improving the investment climate and business environment; reforming legal and regulatory frameworks; and implementing the State Ownership Policy Document. Improving the business environment and supporting investment (189 measures) and encouraging the industrial sector (134 measures) constituted the largest share, at approximately 64.6% of total reforms, the report noted. In 2024 alone, 321 reform measures were implemented, 64.2% of the total for the period. These predominantly focused on investment support (121), institutional and legislative framework reform (96), and industry encouragement (83), accounting for about 93.5% of reforms in 2024. Regarding monetary policy and exchange rate flexibility, 11 reform measures (2.2% of the total) were introduced. A key step was the Central Bank of Egypt's (CBE) March 2024 commitment to a gradual shift towards a flexible inflation-targeting framework, aiming for 7% (±2%) inflation by the end of 2026 and 5% (±2%) by the end of 2028. This shift has positively impacted the investment climate, with net foreign direct investment (FDI) in fiscal year (FY) 2023/2024 reaching $46.1bn and portfolio investments registering $14.5bn in net inflows. To enhance competition and competitive neutrality, 14 reforms (2.8% of total) were implemented. These included achieving the interim goals of the Competition Protection Agency's strategy (2021–2025) and introducing a pre-merger and acquisition regulatory system in June 2024. Consequently, Egypt's Competition Protection and Anti-Monopoly Practices Agency received an honorary prize in 2024 from the World Bank and the International Competition Network for its 'Arab Competition Authority Simulation Model' initiative. Reforms to encourage the industrial sector totalled 134 measures (26.8%). Key actions included ministerial decisions facilitating industrial procedures, such as adopting National Food Safety Authority health and food safety certificates (effective early 2025), and logistical and customs facilitations like seven-day port operations, helping create 960 export opportunities valued at approximately $2.3bn. To support productive sector financing, EGP 67.5bn in credit facilities were allocated to nearly 2,600 clients between July 2023 and June 2024, with 96% for working capital (78% to industry, 22% to agriculture). In December 2024, an EGP 30bn initiative for priority industrial sectors was launched, alongside a reactivated soft loan programme. The impact saw industry account for 15.7% of new companies registered in FY 2023/2024. Industrial zones attracted 218 new project contracts worth more than $5.1bn. Egyptian goods exports grew 14% in 2024 to $40.8bn, from $35.8bn in 2023. Measures to support investment and enhance the business environment comprised 189 reforms (37.8%), the largest share. These included tax incentives and the 'golden licence', granted to 46 companies by March 2025. The Small and Medium Enterprises Development Authority issued 616 temporary licences, 242 final licences, and 499 temporary regularisation licences. Export support saw EGP 70bn injected between 2019 and 2024, benefiting over 2,500 companies. A 2024 investment deal with the UAE, valued at $35bn, focuses on developing Ras El-Hekma city, expected to attract a further $150bn in investment and welcome approximately 8m tourists. Egypt is set to receive about 35% of the project's profits. Private investments rose from EGP 213.5bn in FY 2016/2017 to around EGP 700bn in FY 2023/2024. In Q2 FY 2024/2025, private sector investments reached EGP 148.5bn (53.3% of total investments), a 35.4% year-on-year increase. Reforms in legal, regulatory, and institutional frameworks involved 128 measures (25.6%). Initiatives included a draft resolution to organise the Ministry of Investment and Foreign Trade and publication of a list of economic activities under foreign investment controls. A Prime Ministerial decree established the Industrial Ministerial Group. These reforms positively impacted international governance indicators in 2023: the Regulatory Quality Index rose 2.4 points to 26.9, the Rule of Law Index improved 1.4 points to 44.3, and the Government Effectiveness Index increased 7.6 points to 42. Implementing the State Ownership Policy Document involved 24 measures (4.8%), including approving a draft law in May 2024 regulating state ownership and initiating restructuring of 59 economic bodies in December 2024. The reforms significantly impacted private sector empowerment: its GDP contribution rose to 74.8% in FY 2022/2023, its share of total investments increased to 37% in FY 2023/2024, and it contributed 81.3% of new jobs in 2023, up from a 76.3% average between 2013 and 2022. The reforms have drawn international recognition. The World Bank commended the CBE's March 2024 decisions. StartUp Blink ranked Egypt's start-up ecosystem among North Africa's strongest. McKinsey noted an improved investment environment, and the UN's ESCWA recognised Egypt for launching electronic platforms for foreign investment registration. The IDSC report indicated this package of reforms underscores Egypt's commitment to creating a more competitive, diversified, and private sector-driven economy, aiming to unlock new opportunities for sustainable growth and position Egypt as a regional hub.
Egypt Today
13-03-2025
- Business
- Egypt Today
IDSC gets new Board of Directors to improve effectiveness of government decision-making
Cairo – March 13, 2025: Prime Minister, Mostafa Madbouly, has announced the formation of a new Board of Directors for the Information and Decision Support Center (IDSC), with the aim of strengthening its role in supporting public policy-making. The move is part of broader efforts to improve the effectiveness of government decision-making through the use of artificial intelligence and data analysis. The newly appointed board includes a selection of renowned experts and senior officials from various sectors, ensuring that the center provides more innovative, sustainable, and evidence-based policies in alignment with the Egyptian government's goals. Osama El-Gohary, the Assistant Prime Minister and Head of the IDSC, will lead the new board. The board also features influential figures in economics, politics, development, management, and information technology. Notable members include: Professor Dr. Mahmoud Mohieldin, UN Special Envoy for Financing Sustainable Development, Professor of Economics at Cairo University, and former Minister of Dr. Ali El-Din Hilal, Political Science Professor at Cairo University and former Minister of Youth and Dr. Ahmed Darwich, former Minister of Administrative Development and former Head of the Suez Canal Economic Zone Dr. Ahmed Zayed, Professor of Sociology, Member of the Senate, and Director of the Alexandria Library. Additionally, several representatives from key ministries will join the board to ensure greater integration between research efforts and public policy needs. These include: Dr. Dina Sabry, a member of the Foreign Minister's office, representing the Ministry of Foreign Affairs and Egyptian Tamer Taha, Advisor to the Minister of Planning and Economic Development for Innovation and Entrepreneurship, representing the Ministry of Ahmed Abdel Razek, Permanent Deputy of the Ministry of Rana Abdel Hamid, Assistant Minister of Communications and Information Technology for Follow-up General Engineer Walid Bishr Johar, Head of the Central Administration for Information Systems and Digital Transformation, representing the Ministry of Local Development. In his statement, El-Gohary highlighted that the new board was formed to bring together a blend of academic expertise and practical experience. The goal is to provide the Egyptian government with high-quality, evidence-based analyses to better address emerging challenges. The board will oversee the strategic direction of the IDSC, ensuring that its work is aligned with national priorities and supporting decision-making with cutting-edge data analytics. The board's responsibilities will include enhancing the use of artificial intelligence and big data analysis to develop strategic, forward-looking policies. These tools will help the country navigate global changes and challenges with greater agility. Additionally, the board will work on expanding international partnerships to facilitate the exchange of knowledge and the implementation of best practices from around the world. Another key task for the board will be to review and enhance Egypt's legislative and organizational frameworks for information management, ensuring that decisions are based on reliable, evidence-driven insights. Looking ahead, El-Gohary noted that the board will also oversee several initiatives focused on AI and big data analysis, aimed at ensuring that Egypt's policies are increasingly precise and future-oriented. The center's research agenda will also be revisited, with an emphasis on maximizing its impact and efficiency. El-Gohary concluded by reaffirming the center's commitment to supporting government decision-makers and improving overall government efficiency. He emphasized that with the new board in place, the IDSC will continue its vital role as a leading government think tank, in line with Egypt's Vision 2030 and national development objectives.
Daily Tribune
17-02-2025
- Business
- Daily Tribune
Derasat and Egyptian Decision Support Center Join Forces to Advance Artificial Intelligence Initiatives
On Monday, February 17, 2025, a virtual conference brought together officials and researchers from the Bahrain Center for Strategic, International, and Energy Studies (Derasat) and the Decision Support Center of the Egyptian Cabinet. The meeting, chaired by Dr. Osama El-Gohary, Assistant to the Egyptian Prime Minister and Head of the Center, and Dr. Hamad Ebrahim Al-Abdulla, Executive Director of Derasat, marked a significant step in fostering collaboration on artificial intelligence (AI) initiatives between the two centers. The conference centered on AI research, with Derasat's team providing an overview of its groundbreaking work in developing an AI-driven renewable energy lab. Dr. El-Gohary emphasized the importance of this collaboration, underscoring the wealth of expertise and skilled personnel at both institutions. He highlighted the vast potential AI technologies offer in supporting decision-making processes and contributing to various sectors. Dr. Al-Abdulla echoed Dr. El-Gohary's sentiments, stressing the critical role of joint AI research efforts in enhancing capabilities and generating innovative solutions for areas of mutual interest. He also noted the center's commitment to integrating AI into digital transformation efforts, which he believes will pave the way for future advancements. Both sides expressed their enthusiasm for expanding their areas of cooperation, with plans to collaborate on additional initiatives and exchange knowledge to drive progress in scientific and technological fields. This partnership marks a promising future for AI research and innovation, with the goal of addressing future challenges and seizing emerging opportunities.
