{"id":657790,"date":"2024-12-26T00:00:00","date_gmt":"2024-12-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/26\/madbouly-private-sector-heavyweights-discuss-challenges-propose-solutions\/"},"modified":"2024-12-26T00:00:00","modified_gmt":"2024-12-26T00:00:00","slug":"madbouly-private-sector-heavyweights-discuss-challenges-propose-solutions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/26\/madbouly-private-sector-heavyweights-discuss-challenges-propose-solutions\/","title":{"rendered":"Madbouly, private sector heavyweights discuss challenges, propose solutions"},"content":{"rendered":"

Private sector players, assemble: <\/strong>Prime Minister Moustafa Madbouly held a meeting<\/a> with a number of prominent players in the local private sector yesterday (watch, runtime: 2:21:47<\/a>). The two sides discussed the challenges facing the private sector and the measures private sector players want from the state in the years to come. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

In attendance: <\/strong>The meeting brought together big names in the private sector including: Sherif El Kholy, partner and head of Middle East and Africa at Actis, Palm Hills Chairman Yassin Mansour, Ezz Steel\u2019s Ahmed Ezz, Elsewedy Electric CEO Ahmed Elsewedy, Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa, AlDau Chairman, Bassel Sami Saad, Microsoft Egypt General Manager Mirna Arif, and Hassan Heikal, founder of Kazyon and the former EFG Hermes CEO.<\/p>\n

The challenges: <\/strong>\u201cThe private sector cannot bear the 32% interest rates for long,\u201d Moustafa said. Ezz, meanwhile, touched on the topic of construction \u2014 \u201cThe state cannot build apartments and buildings on its own. This will flourish not only iron and cement factories, but furniture and appliances industries as well,\u201d he said.<\/p>\n

A push for more private sector involvement:<\/strong> Moustafa put forward a proposal to have the private sector manage every archaeological site in the country \u201cin order to achieve the state\u2019s tourism targets and in turn solve the FX crunch and see the Egyptian economy thriving.\u201d Meanwhile, El Kholy proposed localizing the manufacturing of wind turbines used in wind farms. <\/p>\n

What can we expect moving forward: <\/strong>Madbouly agreed with a proposal to form specialized sectoral groups to work alongside the cabinet, adding that the cabinet can start with forming groups for sectors at the top of its list of priorities ie. tourism. <\/p>\n

Two mega tourism projects in the pipeline: <\/strong>\u201cWe are currently putting the final touches on two very large tourism projects with the aim of doubling hotel capacity in the area surrounding the Giza Pyramids, the Grand Egyptian Museum, and downtown,\u201d Madbouly said.<\/p>\n

And on the aviation front: <\/strong>Saad emphasized the need for a separation between the Civil Aviation Ministry and state-owned airlines to level the playing field in the sector, increase the number of tourists, and maximize the state\u2019s FX revenues from the sector.<\/p>\n

Remember: <\/strong>The government aims to attract some 25 mn tourists annually<\/a> by 2030. To that end, it plans to add some 240-250k rooms to existing hotel room capacity. The finance and tourism ministries launched the EGP 50 bn subsidized loan program for hospitality players<\/a> last month.<\/p>\n

Also put forward: <\/strong> Heikal said that Egypt needs to ask its many lenders to forgive some of its debts and work towards improving its relationship with multilateral lenders. Meanwhile, Ezz said that the state needs to reopen the door for employment in the government sector and start appointing young people in the government sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cThe private sector cannot bear high interest rates for long,\u201d TMG\u2019s Hisham Talaat Moustafa said<\/p>\n","protected":false},"author":1,"featured_media":657791,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7206],"tags":[104,72,281],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-moustafa-madbouly","wpautop","entry"],"acf":{"mongo_id":"1eeb01ee-8ac8-44d4-bf2d-48d26da8b751","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2306.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Madbouly, private sector heavyweights discuss challenges, propose solutions","related_issue":[657785],"teaser":"\u201cThe private sector cannot bear high interest rates for long,\u201d TMG\u2019s Hisham Talaat Moustafa said","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.31d817ac-aad5-4619-873b-6f36d97cc33e.mp3"},"yoast_head":"\nMadbouly, private sector heavyweights discuss challenges, propose solutions - 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The government is preparing a strategy to enhance the role of the private sector in development, Prime Minister Moustafa Madbouly said last week, according to a cabinet statement.Expect the details \u201csoon\u201d: The statement says little about what the\u2026","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/92.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560437,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/28\/egypts-private-sector-will-lead-growth-in-five-years\/","url_meta":{"origin":657790,"position":1},"title":"Egypt\u2019s private sector will lead growth in five years","author":"enterpriseam admin","date":"28 February 2021","format":false,"excerpt":"Private sector investments will take the lead in Egypt\u2019s economy within five years, by which time public investments will be gradually tapered off, Prime Minister Moustafa Madbouly said at a webinar hosted by AmCham and the Egypt-US Business Council on Thursday. Over the next 3-5 years, the government will continue\u2026","rel":"","context":"In "Policy"","block_context":{"text":"Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/388.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546426,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/madbouly-presser-on-economy-dominates-the-talk-shows\/","url_meta":{"origin":657790,"position":2},"title":"Madbouly presser on economy dominates the talk shows","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"Prime Minister Moustafa Madbouly\u2019s epic presser yesterday was all over the airwaves last night: Business leaders gave their reactions to the state\u2019s strategy to raise private investment and sell-off state assets (covered in depth in this morning\u2019s news well, above), while Planning Minister Hala El Said appeared to answer questions\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542788,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/last-nights-talk-shows-madbouly-talks-gerd-the-military-economy-egyptian-us-relations-in-rare-bbc-interview\/","url_meta":{"origin":657790,"position":3},"title":"Last Night\u2019s Talk Shows: Madbouly talks GERD, the military economy + Egyptian-US relations in rare BBC interview","author":"enterpriseam admin","date":"17 January 2022","format":false,"excerpt":"Madbouly talks GERD, the military economy + Egyptian-US relations in rare BBC interview: In a wide-ranging interview, Prime Minister Moustafa Madbouly sat down with BBC Arabic\u2019s Nouran Sallam to discuss the ongoing dispute with Ethiopia over the Grand Ethiopian Renaissance Dam (GERD), the military\u2019s role in the economy, and his\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549629,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/govt-finalizes-state-ownership-policy-document\/","url_meta":{"origin":657790,"position":4},"title":"Gov\u2019t finalizes state ownership policy document","author":"enterpriseam admin","date":"25 September 2022","format":false,"excerpt":"The gov\u2019t has dotted the i\u2019s and crossed the t\u2019s on its state ownership policy: The Madbouly government has finalized its state ownership policy ahead of the economic conference that\u2019s being planned for the end of this month, Prime Minister Moustafa Madbouly said Thursday. The document is the product of\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/366.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547229,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/penny-for-the-private-sectors-thoughts-on-privatization\/","url_meta":{"origin":657790,"position":5},"title":"Penny for the private sector\u2019s thoughts on privatization","author":"enterpriseam admin","date":"14 June 2022","format":false,"excerpt":"Gov\u2019t gets the ball rolling on its privatization plans: Prime Minister Moustafa Madbouly launched the start of consultations with experts over its ambitious state ownership policy document as the state pushes with privatization efforts (watch, runtime: 1:40:59). Madbouly described the document during a meeting with economic experts as a \u201cnew\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/privatization-plans-1600x.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657790","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=657790"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657790\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/657785"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/657791"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=657790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=657790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=657790"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=657790"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=657790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}