Former EFA official explains Mohamed Salah-EFA crisis

Flag of Egypt.svg

Mazen Marzouk, former head of the competition committee of the Egyptian Football Association, commented on Mohamed Salah’s crisis with the Association related to sponsors.

There has been news recently about a major crisis between Salah and the Association because of the image that was placed on the airplane which will transfer the national team to the World Cup in Russia, where Salah appears at the front of the plane, while the rest of the players are in the background.

The logo of the sponsor company of the national team, which is a rival to the sponsor of Salah, appears in the middle between Salah’s image and the rest of the players.

“We are facing a serious problem with the football federation,” Rami Abbas, Salah’s business manager, said through his Twitter account.

Salah re-published the tweet, confirming the magnitude of the crisis.

The sponsor of the team has the right to use the collective image of the players of the national team, but not the personal picture of a single player. Only collective pictures of the team can be used by the team sponsor, Marzouk commented.

Marzouk said Salah’s image was placed alone on the front of the plane and the rest of players at the back, which is not permissible.

Edited translation from Al-Masry Al-Youm

 

Source :  Egypt Independent

Uber launches food delivery app UberEats in Egypt

Flag of Egypt.svg

Ride-hailing service Uber will on Monday launch the application UberEats in Egypt, which will allow users to order food and get it delivered to them.

Uber said that restaurants and cafes can send requests for the home delivery service through the application, which uses a similar interface as Uber’s ride-hailing car app.

Uber clients can easily browse the application as it depends on the same technology as the ride-hailing app.

UberEats aims to change the style of food delivery, raising it to a new and developed level of service, the company said.

In March, Egypt’s Administrative Court issued a verdict ordering the government to shut down Uber and Careem and close their mobile applications for allegedly violating Egyptian law.

Cairo court of urgent matters decided on April 8 that Uber and Careem can resume their work in Egypt.

Edited translation from Al-Masry Al-Youm

 

Source : egyptindependent.com

International organisations forecast positive expectations for Egypt’s economy

Flag of Egypt.svg

IMF increases growth in Egypt to projected 5.2% this year

The International Monetary Fund (IMF) raised its forecast for the growth of the Egyptian economy during the current fiscal year to 5.2%, up from 4.8%.

The IMF, in its world economic outlook report, maintained a 5.5% growth projected for Egypt in the coming fiscal year.

The IMF’s projections are consistent with government targets for the current fiscal year at 5.2%, but are less optimistic about the next fiscal year, for which the government targets 5.8% growth.

The report showed that the average inflation expectations could slightly increase in the current fiscal year to 20.1%, and 13% next year, compared to the 21% and 13.7% respectively stated in the second review forecast published in January.

The IMF also raised its expectations for the current account deficit to 4.4% this year and 3.9% next year, replacing its previous estimates at 4.5% and 4%.

Meanwhile, the report predicted an improvement in the unemployment rate this year, projecting 11.1% on average this year and 9.7% next year, compared to 11.2% and 9.9% in the previous report during the second review for the economic reform programme.

According to the financial statement for the next fiscal year budget, issued days ago by the Ministry of Finance, the government expects the average unemployment rate to reach 10.8% in the current fiscal year and 10-11% in the coming year.

Over the last 15 months, Egypt has been implementing an economic reform programme in cooperation with the IMF. This programme included the floatation of the national currency, slashing energy subsidies, reforming the taxation system, and, in return, lending Egypt $12bn over three years. Egypt has since obtained half the loan.

The IMF mission is due to visit Cairo next month for the third review of the economic reform programme, under which Egypt will receive a tranche of about $2bn.

The World Bank (WB), in a Monday statement, expected that the budget deficit will narrow to 9.8% of GDP in FY 2017/18, adding, “this is slightly higher than initially-budgeted, due to larger interest payments, higher international oil prices, and larger-than-budgeted exchange rates.”

The WB said that the fiscal consolidation programme is expected to rely on revenue mobilisation, in particular on the increase in VAT receipts, in addition to energy subsidy reforms.

“The current account deficit is expected to narrow to 4.9% of GDP in FY 2017/18, from 6.6% of GDP in FY 2016/17,” the statement added.

The WB noted that improvements in oil-importing countries is also expected to be driven by a sharp rebound in Egypt. Stabilisation policies, reforms, and a surge in foreign receipts are expected to lower fiscal and external imbalances in 2018 and beyond.

“In the short term, the outlook for MENA remains positive, and the growth rebound is expected to hold firm over the next two years, reaching 3.3% in 2019 and 3.2% in 2020,” said the WB.

Egypt is number one in terms of GDP growth in the Middle East compared to the GCC countries, as the growth rate of the Egyptian pound ranges between 1% and 2%, according to Oumnia Boualam, country director at Oxford Business Group.

Boualam said that Egypt is the centre of growth as the country is more competitive and attractive for more investments.

The year 2017 was the best year for many companies in the sectors of infrastructure, real estate, and banking, Boualam said, explaining that the year witnessed an infrastructure boom in building materials and suppliers as well as other sectors.

“I expect more growth in GDP, as Egypt, at the beginning of 2017, was expected to achieve 4.5% GDP growth but by the end of the year, the country had achieved over 5% GDP growth, which clearly shows that the foreign direct investments (FDIs) have increased. Furthermore, if you look at particular sectors you will see a lot of FDIs in the industry sector, especially multinational companies looking for investment in Egypt,” Boualam.

Boualam noted that in the first quarter of 2017, the Egyptian people were still absorbing the shock of liberalising the exchange rate. However, people became more confident and companies made more investments in the last six months of 2017.

 

Source : Daily News Egypt

Sameh Shoukry heads to Burundi to discuss Nile water

Flag of Egypt.svg

Egypt’s Minister of Foreign Affairs Sameh Shoukry headed to the Burundian capital Bujumbura on Tuesday to discuss bilateral relations with officials and ways to strengthen them, as well as to discuss a number of issues of common concern. The visit comes within the framework of Egypt’s special interest in supporting and strengthening its relations with …

Egypt’s Minister of Foreign Affairs Sameh Shoukry headed to the Burundian capital Bujumbura on Tuesday to discuss bilateral relations with officials and ways to strengthen them, as well as to discuss a number of issues of common concern.

The visit comes within the framework of Egypt’s special interest in supporting and strengthening its relations with Nile Basin countries and the African continent in general, as well as its keenness to give more impetus to the distinguished bilateral relations, the topic of Nile water, and the situation of the African continent.

Shoukry will meet with senior officials of the state, headed by President Pierre Nkurunziza. 

He will also hold talks with the foreign minister and the heads of the two chambers of parliament. In addition, he will take part in launching a number of development projects provided by Egypt to Burundi that will be supported by the Egyptian Agency of Partnership for Development, affiliated with the Egyptian Foreign Ministry.

Egypt was the first Arab country to establish diplomatic relations with Burundi, following the latter’s independence in 1962, and has provided aid and training for development projects for the Burundian people. It also supported Burundi’s security and stability during Egypt’s membership in the United Nations Security Council in 2016 and 2017.

Source :  Daily News Egypt