Asian investors are seeing opportunity in Egypt where many of their western counterparts see risk.
The bullishness of Chinese and Indian companies contrasts with some western companies re-evaluating their presence in Egypt.
Mass protests crippling the economy have dominated the headlines this year.
Asian tiger economies are focused on the rapidly growing population and proximity to European and African consumers that, they say, still make Egypt among the most attractive emerging markets in the long term.
Jangho Curtain Wall, a Chinese construction company, wants a share of the many infrastructure projects planned across the north African country. Jangho has already completed 25 projects in the Middle East.
"Egypt is the biggest market and has the biggest potential for construction," said Brian Wu, who is based in the company's regional Abu Dhabi office. "We do worry about the situation but in the future there will be big projects."
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Chinese companies are no strangers to embracing Middle East markets beset by turbulent conditions.
Chinese construction companies were early entrants to Lebanon after the war in 2006 and were also among the first wave of foreign concerns entering Iraq following the overthrow of Saddam Hussein. Chinese companies already have a solid base in Egypt, especially within construction and manufacturing.
"Chinese companies do see opportunities in unrest," said Ben Simpfendorfer, the editor of China Insider, a website analysing that country's economy.
"Particularly smaller companies are not shy of operating in difficult conditions if profit margins are high."
But it is not just the Chinese who are eyeing openings in the Egyptian market. The Indian conglomerate Essar Group has been reported to be interested in building a US$3 billion (Dh11.01bn) refinery in Egypt and buying a steel company there but those talks are "on hold", said Sreehari Iyer, the company's Dubai-based director of finance for the Middle East and Africa.
But he said the company was "definitely" interested in Egyptian projects in the near future.
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The Asian interest in Egypt is partly linked to the desire to globalise.
However, the country does have significant investment attractions too. Its location makes it cheaper to manufacture and export goods to Europe than it does from the Far East. The country has a free trade agreement with the EU and is part of the Common Market for Eastern and Southern Africa (Comesa), aimed at promoting trade and investment among countries.
"India, South Korea and China have been in Egypt for a long time but in the last few years there's been a surge of interest from those countries," said Abdel Rahman Raouf, the commercial affairs councillor at the Egyptian embassy in Abu Dhabi.
The continuing interest from the Far East comes as some western firms reconsider their positions. Microsoft has already begun to move some of its work out of Egypt after the government initially blocked internet access in the wake of civil unrest.
The country had been viewed as one of the next big hopes in the outsourcing market because of a large labour force with good education and language skills
"Many service providers, as well as their clients, are re-evaluating whether Egypt is still the right location for outsourcing deployments," said Peter Ryan, the lead analyst at the advisery firm Ovum.
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Freezer tips
- Always make sure food is completely cool before freezing.
- If you’re cooking in large batches, divide into either family-sized or individual portions to freeze.
- Ensure the food is well wrapped in foil or cling film. Even better, store in fully sealable, labelled containers or zip-lock freezer bags.
- The easiest and safest way to defrost items such as the stews and sauces mentioned is to do so in the fridge for several hours or overnight.
Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
WORLD RECORD FEES FOR GOALKEEPERS
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
THE%20SPECS
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Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
