Madbouly meets private sector leaders to address challenges, propose economic initiatives
Updated 12/26/2024 7:48:00 AM
Arab Finance: Prime Minister Moustafa Madbouly held a meeting with prominent figures from the local private sector to discuss pressing challenges and explore avenues for greater collaboration between the state and private enterprises in the coming years, as per a statement.
The meeting brought together key leaders across various industries, including Sherif El Kholy, partner and head of Middle East and Africa at Actis; Yassin Mansour, Chairman of Palm Hills; Ahmed Ezz of Ezz Steel; Ahmed Elsewedy, CEO of Elsewedy Electric; Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa; Bassel Sami Saad, Chairman of AlDau; Mirna Arif, General Manager of Microsoft Egypt; and Hassan Heikal, founder of Kazyon and former CEO of EFG Hermes.
During the discussions, attendees raised several critical issues affecting the private sector.
Ahmed Ezz highlighted the strain caused by high interest rates, warning that the sector cannot endure the current 32% rates for long.
He also stressed the importance of collaboration in the construction sector, noting that joint efforts between the state and private companies could stimulate growth across industries such as iron, cement, furniture, and appliances.
The aviation sector also featured prominently in the discussions.
Bassel Sami Saad proposed separating the Civil Aviation Ministry from state-owned airlines to create a more competitive environment, boost tourist numbers, and increase the sector's contribution to foreign exchange revenues.
Madbouly outlined plans to enhance tourism, announcing two major projects aimed at doubling hotel capacity around the Giza Pyramids, the Grand Egyptian Museum, and downtown Cairo.
Hisham Talaat Moustafa proposed involving the private sector in managing Egypt’s archaeological sites to help meet tourism goals and address the foreign currency shortage.
Meanwhile, Sherif El Kholy advocated for the localization of wind turbine manufacturing to support renewable energy initiatives and domestic industry development.
Madbouly agreed to establish specialized sectoral groups to work in tandem with the cabinet.
These groups will focus initially on high-priority sectors such as tourism, signaling the government’s commitment to strengthening collaboration with private industry.
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