{"id":552740,"date":"2022-09-26T13:11:08","date_gmt":"2022-09-26T13:11:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/optimism-still-abounds-even-if-things-didnt-go-as-planned\/"},"modified":"2022-09-26T13:11:08","modified_gmt":"2022-09-26T13:11:08","slug":"optimism-still-abounds-even-if-things-didnt-go-as-planned","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/optimism-still-abounds-even-if-things-didnt-go-as-planned\/","title":{"rendered":"Optimism still abounds, even if things didn\u2019t go as planned"},"content":{"rendered":"

<\/a> The Enterprise Fall Reader Survey says: 2022 isn\u2019t panning out how many <\/strong>of you had hoped \u2014 but you\u2019re still an optimistic bunch.<\/strong> At the start of the year<\/a>, more than three-quarters of you expressed optimism that 2022 would bring better business conditions to Egypt \u2014 even after broadly agreeing that 2021 was a good year to do business here. That was before the outbreak of war in Ukraine hit the global economy. In the time since, we\u2019ve seen investors punch out of emerging markets<\/a>, inflation spiral, the EGP slide more than 20% against the greenback, and the imposition of import restrictions that are weighing heavily on businesses<\/a>.<\/p>\n

\"enterprise\"<\/p>\n

Nine months into the year, most of you agree that 2022 hasn\u2019t lived up to expectations<\/strong>, with 70% of respondents saying that this year hasn\u2019t been good for business.<\/p>\n

\"enterprise\"<\/p>\n

It\u2019s not hard to understand why:<\/strong> A whopping 89% of respondents agree that domestic economic conditions are directly affecting their business, with only 8% appearing to be unscathed.<\/p>\n

\"enterprise\"<\/p>\n

You\u2019re realistic that many of the issues facing Egypt\u2019s economy will take time to resolve<\/strong> \u2014 meaning business conditions are unlikely to improve soon.<\/strong> Nearly half of you (47%) don\u2019t think that business conditions will improve before 2022 is out and 28% don\u2019t have clarity on what 4Q will bring. That\u2019s more than the 25% of you who believe the final quarter of the year will see the tide turning.<\/p>\n

\"enterprise\"<\/p>\n

But your long-term outlook is much more optimistic:<\/strong> Almost half (48%) of respondents believe that 2023 will bring better conditions for the business community. But with import restrictions in place and the FX situation still unclear, a full one third of you don\u2019t have enough visibility to make a call about \u201823.<\/p>\n

\"enterprise\"<\/p>\n

That optimism also (mostly) carries through to how you view your competitive<\/strong> advantage:<\/strong> Thirty-nine percent think their companies will do better than the competition in six months. That\u2019s less bullish than the 69% of readers who had the same sentiment at the beginning of the year, but only 10% of you think you\u2019ll be doing worse than the competition. The broad majority (47%) are on the fence, saying things will likely remain unchanged \u2014 or they\u2019re not certain what the future holds.<\/p>\n

\"enterprise\"<\/p>\n

Respondents are split nearly exactly down<\/strong> the middle on whether they will commit fresh investment in Egypt<\/strong> over the next six months, with 40% saying it is either likely or highly likely, and 39% saying it\u2019s just not in the cards.<\/p>\n

\"enterprise\"<\/p>\n

<\/a> On average, your peers think the EGP will settle at 22.12 to the greenback. <\/strong>Most of you see the EGP slipping further against the USD as you prepare your 2023 budgets, with 85% of you expecting to see the USD : EGP exchange rate above where it stands today. The bulk of you (64%) see the rate somewhere between EGP 21-24, while 8% think we\u2019re in for an exchange rate of above EGP 24 \/ USD 1. There\u2019s a small optimistic minority (7%) budgeting for the EGP to remain relatively stable or even rally.<\/p>\n

\"enterprise\"<\/p>\n

The current high-interest environment also plays a role in determining investment plans:<\/strong> More than one-third of you (36%) say you need to see the Central Bank of Egypt cutting interest rates by anywhere between 100-300 bps to help you unlock CAPEX spending. Twelve percent need even more, saying interest rates need to be 300 bps lower to allow for new investments.<\/p>\n

\"enterprise\"<\/p>\n

<\/a> So, what\u2019s been on your mind?<\/strong> The top concern cited by survey respondents is access to foreign currency. Twenty-two percent see Egypt\u2019s FX situation \u2014 including requirements the Central Bank of Egypt imposed earlier this year<\/a> for importers to use letters of credit (L\/Cs) to purchase non-essential items amid a shortage of greenbacks \u2014 as the biggest problem facing their business today. Exactly two-thirds of you (66%) agree that your business is presently affected or constrained by poor access to FX.<\/p>\n

Tied for number 2: 19% of respondents said red tape and regulations as their biggest headache<\/strong> \u2014 a figure that has remained steady since the beginning of the year (indeed, since we began this survey years ago). Your sentiment on the Madbouly Cabinet appears to have shifted somewhat, with 62% of you seeing the council of ministers as unsympathetic to the needs of business<\/strong>. At the beginning of the year, 45% of you said you felt cabinet was in tune with the needs of business.<\/p>\n

The same with inflation:<\/strong> 19% of you said rising prices weigh the most on your business. Interestingly, although it wasn\u2019t the biggest issue cited by the majority of you, 88% of respondents agree that inflation is impacting their business.<\/p>\n

Supply chain and procurement issues come in next<\/strong>, with 11% of respondents naming that as the biggest hurdle. Access to credit and the interest rate environment follows closely after (10%). Other problems like finding and retaining talent \u2014 which has been a persistent complaint among businesses \u2014 and taxation have largely fallen down the list of priority issues, with less than 10% of you citing either of these as the biggest thorn in your side.<\/p>\n

How the times have changed:<\/strong> We\u2019ve officially said goodbye to the pandemic, as a mere 1% of you cited health concerns or restricted mobility due to covid-19 as a top-of-mind concern. That\u2019s a sea-change from the 27% of you who had covid-19 issues as their biggest issue two years ago<\/a>. Speaking of covid-19, 37% of you have carried over some sort of hybrid work model from the pandemic years, while 56% of readers are fully back in the office.<\/p>\n

\"enterprise\"<\/p>\n

These problems didn\u2019t stop you from hiring staff this year\u2026<\/strong> Sixty percent of survey takers said their company made new hires in 2022, while 38% haven\u2019t grown their teams.<\/p>\n

\"enterprise\"<\/p>\n

\u2026And isn\u2019t leading many of you to cut the proverbial fat on your teams:<\/strong> Nearly three-quarters (73%) have held off on layoffs or otherwise cutting staff since the beginning of the year. Twenty-four percent of you, however, reported downsizing your teams this year.<\/p>\n

\"enterprise\"<\/p>\n

But you\u2019re not necessarily going to grow your headcount:<\/strong> A slightly larger number of you (54%) are pausing on making new hires this fall or next year than those of you (51%) who are planning on hiring additional staff.<\/p>\n

Sixty-four percent of respondents said their companies gave out annual raises last year \u2014 and y\u2019all were<\/strong> pretty generous.<\/strong> The majority (47%) of those of you who did raise wages last year handed out a 10-14% increase, while 26% handed out 15-20% raises.<\/p>\n

More of you are compliant with the <\/strong>national minimum wage for the private sector<\/a><\/strong> than was the case at the beginning of the year: Only 21% say your companies need to raise salaries to be compliant, down from 27% at the beginning of the year.<\/p>\n

\"enterprise\"<\/p>\n

<\/a> It appears the streak of M&As will cool down in the months ahead:<\/strong> Only 38% of you have a positive outlook on M&A in your industry, while 18% don\u2019t see much consolidation ahead. A quarter of you are uncertain of what to expect as far as M&As are concerned.<\/p>\n

\"enterprise\"<\/p>\n

And the outlook for FDI is mixed:<\/strong> Some 35% of readers see new foreign investments coming into their industry in 2023, compared to the 60% of you who saw FDI inflows in the cards for 2022. One-third of readers have written off FDI for their industry in 2023 and 23% are unsure.<\/p>\n

\"enterprise\"<\/p>\n

But your expectations for IPOs are pretty high:<\/strong> Sixty-nine percent of readers see IPOs happening in Egypt in 2023, compared to 28% who aren\u2019t holding their breath for new paper. At the beginning of the year, 41% of readers expected to see an IPO happening in their industry this year.<\/p>\n

After a dearth of listings, the EGX might be seeing fresh IPOs thanks to simplified listing regulations:<\/strong> So far, the EGX has only seen Macro Group\u2019s EGP 1.3 bn IPO<\/a>. Five or six private sector companies are \u201cin serious talks\u201d with the EGX about possibly listing on the bourse, EGX Chairman Ramy El Dokany said earlier this month, attributing their interest to newly-introduced rules that make listing procedures a bit simpler. State-owned institutions could also bolster Egypt\u2019s IPO pipeline, as the government is working to reboot its privatization program through the Sovereign Fund of Egypt\u2019s new pre-IPO fund<\/a>, which will offer stakes in state-owned companies to strategic investors and sovereign funds ahead of listing them on the bourse.<\/p>\n

\"enterprise\"<\/p>\n

<\/a> A positive note to end on: You\u2019re taking the environment seriously.<\/strong> Thirty-eight percent of polled readers reported their company is taking steps to measure their carbon footprints \u2014 and actively try to reduce it. A smaller number of you (20%) said this isn\u2019t the case.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Enterprise Fall Reader Survey says: 2022 isn\u2019t panning out how many of you had hoped \u2014 but you\u2019re still an optimistic bunch. At the start of the year, more than three-quarters of you expressed optimism that 2022 would bring better business conditions to Egypt \u2014 even after broadly agreeing that 2021 was a good […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9248],"tags":[271,104,2907,633,182,125,78,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-552740","post","type-post","status-publish","format-standard","hentry","category-enterprise-reader-poll","tag-central-bank-of-egypt","tag-economy","tag-enterprise-reader-poll","tag-enterprisepm","tag-inflation","tag-investment-watch","tag-ipo-watch","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"bd84427a-c81c-42e3-9a7b-a8ca9d01efdc","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[552736],"teaser":"","voice_url":""},"yoast_head":"\nOptimism still abounds, even if things didn\u2019t go as planned - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/optimism-still-abounds-even-if-things-didnt-go-as-planned\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Optimism still abounds, even if things didn\u2019t go as planned\" \/>\n<meta property=\"og:description\" content=\"The Enterprise Fall Reader Survey says: 2022 isn\u2019t panning out how many of you had hoped \u2014 but you\u2019re still an optimistic bunch. 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Nine months into a year that has weighed on global and domestic economic conditions, thanks in large part to the outbreak of war in Ukraine, the vast majority of you (70%) agree that 2022 hasn\u2019t\u2026","rel":"","context":"In "POLL"","block_context":{"text":"POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/391.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581698,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/the-enterprise-2023-reader-poll-more-of-you-are-feeling-downbeat-about-our-economic-prospects-as-headwinds-mount\/","url_meta":{"origin":552740,"position":1},"title":"The Enterprise 2023 Reader Poll: More of you are feeling downbeat about our economic prospects as headwinds mount","author":"enterpriseam admin","date":"20 February 2023","format":false,"excerpt":"2022 was not a great year for business \u2014 and there\u2019s uncertainty on what the future holds","rel":"","context":"In "ENTERPRISE READER POLL"","block_context":{"text":"ENTERPRISE READER POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-reader-poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/Cairo-traffic-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648394,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/03\/what-enterprise-readers-expect-of-egypts-economy-1q2017-reader-poll\/","url_meta":{"origin":552740,"position":2},"title":"What Enterprise readers expect of Egypt\u2019s economy \u2014 1Q2017 reader poll","author":"enterpriseam admin","date":"3 April 2017","format":false,"excerpt":"The results of the 1Q2017 Enterprise Reader Survey are out. In a nutshell: You have better access to FX than in 4Q2016;Almost 40% of you say 1Q was a good time to do business in Egypt \u2014 and almost 40% of you think the opposite;Nearly 15% of your companies gave\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/4\/1230.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568754,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/03\/the-results-of-our-enterprise-2020-reader-poll\/","url_meta":{"origin":552740,"position":3},"title":"The results of our Enterprise 2020 reader poll","author":"enterpriseam admin","date":"3 February 2020","format":false,"excerpt":"For all of the complaining, 2019 was a pretty good year in which to do business in Egypt, you told us in our fourth annual Enterprise Reader Poll \u2014 and you expect 2020 to be even better. Around 48% of poll respondents said last year was good for business. This\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/22.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580932,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/this-evening-cib-gets-central-banks-blessing-to-complete-mayfair-acquisition-take-our-2022-enterprise-reader-survey\/","url_meta":{"origin":552740,"position":4},"title":"THIS EVENING: CIB gets central banks\u2019 blessing to complete Mayfair acquisition + Take our 2022 Enterprise Reader Survey","author":"enterpriseam admin","date":"29 January 2023","format":false,"excerpt":"Good afternoon, wonderful people. We\u2019re now in the throes of that dreaded two-month stretch without any holidays or long weekends to speak of. (Is that the world\u2019s smallest violin we hear?)**TAKE OUR 2022 ENTERPRISE READER SURVEY and get a chance to break bread with us: Give us your thoughts on\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/755.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543520,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/business-activity-contracts-at-a-faster-pace-in-january\/","url_meta":{"origin":552740,"position":5},"title":"Business activity contracts at a faster pace in January","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"Non-oil business activity in Egypt contracted for the fourteenth consecutive month in January on the back of weaker demand and inflationary pressure, according to IHS Markit\u2019s purchasing managers\u2019 index survey (pdf). 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