With Europe and the USA facing huge economic challenges and barely registering any meaningful growth, investors around the world are looking more and more at alternative markets in which to place their capital. There are many good reasons for choosing Egypt, which has weathered the economic downturn better than many Western countries.
Although Egypt’s GDP fell at the beginning of the downturn, a scenario repeated in many other countries, total output quickly recovered within a year and now the economy is expected to grow by an impressive 6.5% by 2015.
Investors, wary in recent years because of political turmoil in the country, are beginning to look afresh at Egypt where growing sectors include the construction industry, communication and information technology, tourism, manufacturing and transport.
According to news agency Reuters, the Egyptian government is putting its full weight behind a string of infrastructure projects totalling some $8 billion.
The projects, a mix of government and public-private partnerships include the building of a new tunnel under the Suez Canal, and a major Mediterranean port to spread Egypt’s population more evenly away from the crowded Nile Valley and Delta region, where the vast majority of the nation’s 83 million people live.
Deputy Finance Minister Hany Kadry Dimian said that half of the 14 projects were ready for investment while the other seven would be launched in the next 18 to 24 months.
He said the projects covered solid waste management, drinking water, health, telecommunications and roads.
This latest news follows an announcement by Qatar that it will make critical investments in a $3.7 billion oil refinery project in Egypt. The exact amount of the investment is not known although some observers think it will probably be in the region of $400 million.
Governments and major institutions are usually at the centre of such large-scale investment projects. But for the rest of us wanting a little piece of the action, and who are simply looking to grow hard-earned savings with minimal risk, the banks in Egypt are probably where we should be heading. And you won’t need to know much about the intricacies of modern-day finance either because when it comes to managing personal wealth, banking services these days tend to have it all covered.
Banks like HSBC Bank Egypt, for example, offer customers access to in-depth financial planning and wealth management which is backed by sound, objective, and professional advice. Whether you are a cautious investor or a more adventurous one, they’ll help you decide what’s best for you with a wide range of investments to choose from.
In fact the biggest problem you’ll likely face is not how to grow your money but which bank to go for. There are so many good banks in Egypt, many of them major multinationals with names that are instantly recognizable.
Major reforms from the 1990s onwards mean today’s consumers enjoy a liberalized and modernized system which is supervised and regulated according to internationally accepted standards. The banking sector has certainly come a long way in a very short time which is why it is now highly regarded across the world.