{"id":576844,"date":"2020-11-06T07:00:34","date_gmt":"2020-11-06T07:00:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/06\/the-creators-of-egypts-modern-economy\/"},"modified":"2020-11-06T07:00:34","modified_gmt":"2020-11-06T07:00:34","slug":"the-creators-of-egypts-modern-economy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/06\/the-creators-of-egypts-modern-economy\/","title":{"rendered":"The creators of Egypt\u2019s modern economy"},"content":{"rendered":"<p><strong>Muhammad Ali: Progress or short-lived glory? <\/strong>The <strong><a href=\"http:\/\/countrystudies.us\/egypt\/21.htm#:~:text=In%20just%20two%20short%20years,to%20be%20slipping%20into%20anarchy.\">\u201c<\/a><\/strong><a href=\"http:\/\/countrystudies.us\/egypt\/21.htm#:~:text=In%20just%20two%20short%20years,to%20be%20slipping%20into%20anarchy.\">father of modern Egypt\u201d<\/a> is known for much more than streamlining the economy, but it\u2019s certainly an area where he left a particular mark. Muhammad Ali Pasha managed to develop every sector of the economy <a href=\"https:\/\/bit.ly\/3dEdblA\">beginning with<\/a> agriculture and trade and ending with industry. Although the Albanian ruler established a state monopoly on farm land, further concentrating power at the top, he also successfully reformed a dysfunctional Ottoman system to turn large profits from exporting cotton, using the proceeds to develop domestic industry. The price for laying the foundations for Egypt\u2019s modern economy was the racking up of huge debts to the British, ultimately paving the way for 70 years of colonial rule and damage to long-term prosperity.<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/Talaat-Harb-postcard-1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>Talaat Harb: Taking back control of Egypt\u2019s financial system:<\/strong> Dominated by foreign powers, Egyptians in the early 20th century felt economically powerless and robbed of their identity. Many of the nation\u2019s banks closed their doors when World War I broke out and were slow to pay back depositor money. Growing calls for financial and economic independence prompted <a href=\"https:\/\/www.presidency.eg\/en\/%D8%A7%D9%84%D8%B1%D8%A6%D8%A7%D8%B3%D8%A9\/%D9%82%D8%A7%D8%A6%D9%85%D8%A9-%D8%A7%D9%84%D8%B4%D8%B1%D9%81\/%D9%85%D8%AD%D9%85%D8%AF-%D8%B7%D9%84%D8%B9%D8%AA-%D8%AD%D8%B1%D8%A8-%D8%A8%D8%A7%D8%B4%D8%A7\/\">Mohamed Talaat Harb Pasha<\/a> \u2014 then a nationalist, industrialist and author of a book calling for the establishment of a national bank financed by Egyptians \u2014 to rise to the occasion. In 1920, Talaat Harb <a href=\"https:\/\/www.banquemisr.com\/en\/about-us\/history#:~:text=%E2%80%8BBanque%20Misr%20was%20established,first%20wholly%20Egyptian%20%2D%20owned%20bank.\">founded Banque Misr<\/a>, with the idea of turning national savings into investments. He then went on to create over a dozen organizations, including Misr Cotton Ginning, Studio Misr, and what is now the country\u2019s flag carrier EgyptAir.<\/p>\n<hr class=\"grey-line\">\n","protected":false},"excerpt":{"rendered":"<p>Muhammad Ali: Progress or short-lived glory? The \u201cfather of modern Egypt\u201d is known for much more than streamlining the economy, but it\u2019s certainly an area where he left a particular mark. Muhammad Ali Pasha managed to develop every sector of the economy beginning with agriculture and trade and ending with industry. Although the Albanian ruler [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":576845,"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":[10497],"tags":[97,576,9173,2604,7087,412,131,148,6320],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-creators-of-egypts-modern-economy","tag-agriculture","tag-banque-misr","tag-economics","tag-enterpriseyourwealth","tag-finance","tag-history","tag-manufacturing","tag-music","tag-the-creators-of-egypts-modern-economy","wpautop","entry"],"acf":{"mongo_id":"de15581b-05e1-4006-9877-24af9ff59280","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/337.jpg","photo_position":"above","related_issue":[576839],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The creators of Egypt\u2019s modern economy - 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\/2020\/11\/06\/the-creators-of-egypts-modern-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The creators of Egypt\u2019s modern economy\" \/>\n<meta property=\"og:description\" content=\"Muhammad Ali: Progress or short-lived glory? The \u201cfather of modern Egypt\u201d is known for much more than streamlining the economy, but it\u2019s certainly an area where he left a particular mark. Muhammad Ali Pasha managed to develop every sector of the economy beginning with agriculture and trade and ending with industry. Although the Albanian ruler [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/06\/the-creators-of-egypts-modern-economy\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-06T07:00:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/337.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/06\/the-creators-of-egypts-modern-economy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/06\/the-creators-of-egypts-modern-economy\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The creators of Egypt\u2019s modern economy\",\"datePublished\":\"2020-11-06T07:00:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/06\/the-creators-of-egypts-modern-economy\/\"},\"wordCount\":262,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/06\/the-creators-of-egypts-modern-economy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/337.jpg?fit=%2C&ssl=1\",\"keywords\":[\"agriculture\",\"Banque Misr\",\"economics\",\"EnterpriseYourWealth\",\"Finance\",\"History\",\"Manufacturing\",\"music\",\"The creators of Egypt\u2019s modern economy\"],\"articleSection\":[\"THE CREATORS OF EGYPT\u2019S MODERN ECONOMY\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/06\/the-creators-of-egypts-modern-economy\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/06\/the-creators-of-egypts-modern-economy\/\",\"name\":\"The creators of Egypt\u2019s modern economy - 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It\u2019s a wrap for a busy work week, and we\u2019re ready to welcome the long weekend with open arms.EnterpriseAM Egypt won\u2019t be landing in your inbox on Sunday in observance of Armed Forces Day, along with other private and public sectors, as well as\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569315,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/20\/egypts-gdp-growth-reached-5-6-in-1h2019-2020\/","url_meta":{"origin":576844,"position":2},"title":"Egypt's GDP growth reached 5.6% in 1H2019-2020","author":"enterpriseam admin","date":"20 February 2020","format":false,"excerpt":"Egypt's economy grew at a 5.6% clip in 1H2019-2020, Planning Minister Hala El Saidtold cabinet yesterday. Retail was the primary driver of growth during the first six months of the fiscal year, accounting for 14.7% of the period\u2019s economic expansion, followed by the industrial sector (12.6%) and agriculture (12%). The\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/262.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/24\/covid-the-gift-that-keeps-on-giving\/","url_meta":{"origin":576844,"position":3},"title":"Covid: The gift that keeps on giving","author":"enterpriseam admin","date":"24 December 2020","format":false,"excerpt":"The global collapse of the tourism trade continued to weigh on economic growth in 1Q2020-2021: Egypt\u2019s economy grew only 0.7% during the first quarter of FY 2020-2021 and probably would have expanded at a 2.7% clip if it weren\u2019t for the tourism sector, which continued to reel from the effects\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592846,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/07\/comparing-egypt-and-lebanons-reliance-on-their-central-banks\/","url_meta":{"origin":576844,"position":4},"title":"Comparing Egypt and Lebanon\u2019s reliance on their central banks","author":"enterpriseam admin","date":"7 November 2019","format":false,"excerpt":"This morning in the foreign press: Egypt\u2019s reliance on the central bank to finance government spending is a rare point of similarity with Lebanon \u2014 an economy that, in most other respects, it differs from wildly, writes Justin Keay in Global Finance magazine.Growing water crisis: Reuters is out a piece\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592682,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/04\/world-bank-sees-egypts-gdp-growth-outpacing-mena-average-this-year\/","url_meta":{"origin":576844,"position":5},"title":"World Bank sees Egypt\u2019s GDP growth outpacing MENA average this year","author":"enterpriseam admin","date":"4 November 2019","format":false,"excerpt":"The World Bank sees Egypt\u2019s economy growing 5.5% this year, outpacing the MENA average of 1.5%, according to the World Bank\u2019s annual report (pdf). The report singles out Egypt\u2019s \u201cstrong reforms on the fiscal and energy fronts\u201d as a key driver of higher growth than its regional peers. Egypt\u2019s GDP\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/2426.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=576844"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576844\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/wealth\/576839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576845"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576844"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576844"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}