It has been a rough couple of months for Raafat Thabet’s press and dry cleaning business in a leafy district of Egypt’s capital, Cairo.
The 60-year-old father of two’s business is down by 50 per cent but, out of loyalty and a sense of duty, he has not fired any of his five employees, a decision that has deepened his operating losses at a time when the fallout from a worsening outbreak of the coronavirus is depressing businesses despite efforts by the government to prevent the economy from tanking.
Already, the outbreak has shut down Egypt’s lucrative tourism industry, which accounts for up to 15 per cent of gross domestic product and is a main source of foreign currency. Suez Canal revenues and remittances from Egyptians working abroad, two other pillars of the economy, have been hit.
A stimulus package worth 100 billion Egyptian pounds was announced by the government last month, but economists are forecasting a modest 2 per cent net domestic product growth this year, about a third of last year’s but, if realised, would be a respectable performance given the fallout from the virus outbreak.
“People don’t go out as much; the schools and universities are closed and everyone is at home at night because of the curfew,” said Mr Thabet, who started his company in 1988.
“So business is down by half, but I cannot fire any of my workers. I must have their backs now. If I don’t at a time like this, who will?” he said.
“We open every morning, do our best and pray that God sends us what keeps us going. But don’t worry, God has something to give to each one of us.”
Mr Thabet’s small business is one of tens of thousands across this nation of 100 million that have been affected by the virus outbreak. Some have trimmed staff, others shuttered to wait out the virus before they reopen. Millions of workers who earn a daily wage at small businesses like Mr Thabet’s have been the most at risk, something the government quickly realised. It rushed to help them with unprecedented cash payouts.
The government, for its part, has had to tread carefully as it seeks to balance the need to shield people from the ravages of the virus and saving the economy from sinking.
Several of the country’s most powerful businessmen have explained that delicate act in blunt, some would say insensitive, terms. Economic collapse, they said, would be just if not more deadly than the virus, so people need to go back to work while taking precautions.
But fully reopening the economy has become a more dangerous proposition as the outbreak grows deadlier.
Egypt on Friday reported the highest number to date of infections in one day at 495. It was an increase by more than a hundred over the previous record last week and took to 8,476 the number of Covid-19 cases since the outbreak. Of these, 1,945 have been cured. The death toll stood at 514 as of Sunday.
Adding to the concern of many over the fragility and limitations of the health care system, a senior health ministry official said last week that quarantine hospitals were currently operating at full capacity, an assertion likely to prompt authorities to convert other medical facilities into isolation centres.
The government does not hide its concern that the outbreak could spiral out of control. It is blaming the negligence of Egyptians in embracing social distancing and avoiding large gatherings for the spike in infections. Curiously, it says it intends to relax some of the counter-coronavirus measures in place later this month to allow a measure of normality and a higher gear of economic activity to take effect.
These will include the resumption of domestic flights and reopening resort hotels for Egyptians provided they operate a quarter of their capacity and guests and staff abide by social distancing rules.
Some critics have accused the government of risking lives for the sake of the economy and of serving the interests of business.
“Many had to go out and work; their choice is either to starve or die of the coronavirus,” said economist Salma Hussein. “The government should keep them at home and increase the food they receive through the nationwide ration system. It should also find a way to distribute unemployment benefits among a wider pool of day workers or those working without contracts or social security. This is a moment for rapid rescue.”
However, the government’s approach is supported by a strong argument given the scope of the economic losses incurred thus far due to the coronavirus outbreak. It also echoes the approach adopted by the United States and several western European nations, although the key difference is that those countries have a much better healthcare system than Egypt’s.
But for Egypt, the stakes are high.
Chief among them is the possible loss of the hard-won gains made in the four years since Egypt struck a deal with the IMF in 2016 to receive a $12bn loan to overhaul its economy. In exchange, Egypt adopted a bitter-to-swallow reform programme that included slashing the value of its pound by half, lifting subsidies on fuel and slapping a value added tax on a range of goods and services.
“If it weren’t for those comprehensive reforms on the tax side, on the budget, on foreign exchange and so forth, the situation would have been … even more difficult,” Minister of International Cooperation Rania Al Mashat told CNBC television. Still, the pressure on the economy is immense.
Foreign reserves, for example, fell by $5.4bn in March alone, while purchasing by non-oil private sector entities, a key indicator of economic health, plummeted to levels not seen since 2011. There was also an initial run on banks over fears of a complete lockdown that never materialised. The Egyptian stock market shed billions of pounds in a matter of days.
Fearing an economic meltdown, the government last week asked the IMF for help under the Rapid Financing Instrument and is also looking to negotiate a new stand-by deal that is similar but not identical to the one it reached with the Washington-based agency in 2016. Local media reports have said Egypt was asking for $2.7bn under the RFI programme and that the IMF board will look at Egypt’s request on May 11.
Details of how much Egypt will ask for under the second programme have not been released or what reforms, if any, Egypt will need to implement to secure a loan.
“It’s a difficult situation and it’s likely to stay with us until the end of the year or early in 2021,” said Abdel Qader Ramadan, chief economic editor at Masrawy, an online news site.
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
Killing of Qassem Suleimani
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Primera Liga fixtures (all times UAE: 4 GMT)
Friday
Real Sociedad v Villarreal (10.15pm)
Real Betis v Celta Vigo (midnight)
Saturday
Alaves v Barcelona (8.15pm)
Levante v Deportivo La Coruna (10.15pm)
Girona v Malaga (10.15pm)
Las Palmas v Atletico Madrid (12.15am)
Sunday
Espanyol v Leganes (8.15pm)
Eibar v Athletic Bilbao (8.15pm)
Getafe v Sevilla (10.15pm)
Real Madrid v Valencia (10.15pm)
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
Dunki
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
FIXTURES (all times UAE)
Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)
Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)
Top Hundred overseas picks
London Spirit: Kieron Pollard, Riley Meredith
Welsh Fire: Adam Zampa, David Miller, Naseem Shah
Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott
Northern Superchargers: Dwayne Bravo, Wahab Riaz
Oval Invincibles: Sunil Narine, Rilee Rossouw
Trent Rockets: Colin Munro
Birmingham Phoenix: Matthew Wade, Kane Richardson
Southern Brave: Quinton de Kock
Bridgerton%20season%20three%20-%20part%20one
%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EVarious%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nicola%20Coughlan%2C%20Luke%20Newton%2C%20Jonathan%20Bailey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Read more from Aya Iskandarani
More coverage from the Future Forum
If you go
The flights
Return flights from Dubai to Santiago, via Sao Paolo cost from Dh5,295 with Emirates.
The trip
A five-day trip (not including two days of flight travel) was split between Santiago and in Puerto Varas, with more time spent in the later where excursions were organised by TurisTour.
When to go
The summer months, from December to February are best though there is beauty in each season
Joy%20Ride%20
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About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
How%20I%20connect%20with%20my%20kids%20when%20working%20or%20travelling
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%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EGlobal%20Islamic%20economy%20to%20grow%203.1%25%20to%20touch%20%242.4%20trillion%20by%202024%3C%2Fa%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fuk-economy-plunges-into-worst-ever-recession-after-record-20-4-contraction-1.1062560%22%20target%3D%22_self%22%3EUK%20economy%20plunges%20into%20worst-ever%20recession%20after%20record%2020.4%25%20contraction%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EIslamic%20economy%20consumer%20spending%20to%20increase%2045%25%20to%20%243.2tn%20by%202024%3C%2Fa%3E%3C%2Fp%3E%0A
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
More on Quran memorisation:
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
COMPANY%20PROFILE
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.