Have your own prestigious office building starting 180 SQM with private signage and parking. A Project by Mountain View 16201 EXCLUSIVITY IS PRICELESS Discover true luxury with CIB Private; your gateway to an exclusive world, tailored for \RX'LVFRYHURXUQHZVHJPHQWRσHULQJ\RX the best banking and investment solutions DQGOLIHVW\OHEHQHðWVWKDWQRRQHHOVHFDQ access. To know more visit www.cibeg.com Advertorial Tatweer Misr Launches D-Bay, an EGP 7 Billion development on the North Coast As part of its strategy to increase its geographical Located near 165 km on Alexandria-Matrouh Road in footprint across the country, “Tatweer Misr,” the lead- the Al Dabaa area, the latest development in Tatweer ing Egyptian Real Estate company, announced its Misr’s portfolio features more than 1800 units ranging expansions in the North Coast, following its success from chalets, villas, and serviced apartments. The in the area. The company aims to develop a 200-acre company has also announced that it targets to devel- land in partnership with “Kayan for Real Estate op the project over six years. Development”, under the name of “D-Bay”, on the Mediterranean with initial investments exceeding Shalaby stated that D-Bay is the latest addition to EGP 7 Billon. Tatweer Misr’s journey and is considered an exten- sion of Fouka Bay that established itself as one of the D-Bay aims to increase Tatweer Misr’s overall land most remarkable destinations in the North Coast fol- bank by approximately 845,000 square meters lowing its operations in summer 2020. “Since our (sqm), adding up to more than 5.8 million sqm. The establishment, we were able to develop successful development will overlook the Mediterranean Sea and pioneering projects as a result of extensive with an 800-meter-long shoreline and a lagoon, expertise, teamwork, and a network of business part- where every home is a waterfront home as an exten- ners who enabled us to achieve this reputation,” he sion to Fouka Bay’s unique masterplan design. said. “Therefore, we will continue to work hard and progress, contributing to the economic growth.” “D-Bay brings us a step closer to achieving our ulti- mate vision of developing sustainable, smart, and “Leveraging on previous success, we will continue to happy communities while being geographically wide- collaborate with our partners of success, ensuring spread to ensure that we are offering our clients lux- that Tatweer Misr’s clients experience world-class ury-standard living in diversified locations” stated quality,” added Shalaby. Ahmed Shalaby, President & CEO of Tatweer Misr. He continued, “The new project comes in line with the governmental direction of transforming the Egyptian Tatweer Misr’s portfolio also features various projects North Coast from a summer destination to an all- in diverse locations, all featuring innovative design year-round destination according to the 2052 vision.” concepts and different personas. The projects are IL Monte Galala, located on the Galala mountains, Tatweer Misr also revealed its rebranding during the spanning over 545 acres, Fouka Bay, in Ras El press conference announcing its expansions on the Hikma, North Coast, on 220 acres Bloomfields in North Coast. The new branding marks the beginning Mostakbal City and adjacent to the New of a new era. “Tatweer Misr Creating Destinations” Administrative Capital. symbolizes the journey of Tatweer Misr, starting from being a newly incepted company and progressing The mixed-use project spans over 415 acres, split into a more mature and well-established company into 325 acres for the residential, commercial, and that acts as a significant contributor to the Real administrative area. Meanwhile, we will develop 90 Estate sector and the Egyptian economy as a whole. acres to be an educational zone. Stronger than gravity. THE NEW G500. #Strongerthantime 16362 8IBUJTJUUIBUESJWFTTPNFPOFUPHSFBUOFTT 5PUBLFPOUIFVOLOPXO WFOUVSFJOUP UIFVOTFFOBOEEBSFBMM 5IJTJTUIFTQJSJU UIBU HBWF CJSUI UP 56%03 BTQJSJUDBSSJFEGPSXBSECZFWFSZ XPNBO BOE NBO XIP XFBST UIJT XBUDI 8JUIPVU JU UIFSF JT OP TUPSZ OP MFHFOE BOE OPWJDUPSZ5IJTJTUIFTQJSJU UIBU ESJWFT -BEZ (BHB FWFSZ TJOHMF EBZ 5IJT JT UIF TQJSJU FNCPEJFE CZ FWFSZ 56%03 8BUDI 4PNFBSFCPSOUP GPMMPX 0UIFST BSF CPSOUPEBSF $*5:45"34."--)&-*010-*4̊5˧˩˭˥˧˧ˮˮ ˥˦˧˭˧ˬ˥˭˭ˮˮ +8."33*055 .*3"(&$*5:̊5˧˩˦˦˦˩˩˩ ˥˦˧ˬ˦˦˦ˮ˧ˬ˧ )&"%0''*$&&-/0;)"&-(&%*%"̊5˧˫˧˥˥˥˥˥ ˦˧˧ˬ˩˭ˮˮ˨˫ 888'&-01"5&&31"-"$&$0.̊'&-01"5&&3!'&-01"5&&31"-"$&$0. #-"$,#":'*'5:&*()5 March 2021 VOLUME 38 | ISSUE 3 Cover Story 8 Editor’s Note 10 Viewpoint 26 Turning a corner In Focus In-Depth Local and international 22 Pandemic firms are revisiting many Cover Design: imperils working 14 Financing leaves Nessim N. Hanna of their incumbent practices. mother’s careers developers in a fix A Q&A with Laila El Local developers aim to Refai, IFC’s MENA capitalize on Egypt’s real Gender Officer. estate boom. In Brief 18 Companies can’t ignore ‘she-cession’ 12 A special round up of How are Egypt’s working the latest local news mums balancing work about women. and taking care of their families. At a Glance American Impact 38 Women economic Protecting and finanial inclusion 34 America’s economy in Egypt The Chamber The new administration announced the “Buy American” plan to stimulate 46 Events the economy. Media Lite Market Watch Highlife 56 An irreverent 40 A good start glance at the press 42 Revisiting an old favorite Rekindling the love for Dahab. 6 ABOUT US The Egyptian Company for Electrical Industries (eei) is the leading Egyptian company that manufactures MV/LV switch- gear locally. We have 23 years of successful achievements in the electrical industry. 2XUFRPSDQ\LVFHUWLÀHG,62,62 DQG2+6$6E\7h95KHLQODQG*PE+ Our products comply with the latest IEC VWDQGDUGV DQG DUH DSSURYHG E\ WKH Egyptian Electricity Holding Company and The Egyptian Company for Electrical Industries (eei) 7HQWKRI5DPDGDQ&LW\,QGXVWULDO=RQH$SORWV 7HO)D[ 0RELOHZZZHHLFRPHJ Editor’s Note Reinventing Director of Publications & Research Khaled F. Sewelam Acting Managing Editor the wheel Tamer Hafez Contributing Editor In my line of work, staying on top of local and international news is vital to ensure Kate Durham Business Monthly’s content benefits readers. Since the start of the year, the underlying theme of almost everything I have come across has one common Consulting Editor Bertil G. Peterson thread: Companies want to leverage the power of technology. Last year, they scrambled to digitize operations so employees could work Writers from home and clients could access products and services from anywhere at Ola Noureldin Adam Skaria any time. The shift worked. Executives are talking about their success in main- taining business as usual despite the pandemic. In 2021, almost everyone seems Senior Art Director to have settled into a rhythm, secure in the knowledge that vaccinations will sig- Nessim N. Hanna nificantly reduce the likelihood of future lockdowns. Senior Graphic Designer I had believed that would be the future of business until technology and Emy Emile evolving customer demands require companies to further develop their prod- ucts and services. That changed when I heard about a Ramadan TV series called Graphic Designer Verina Maher “COVID-25.” My initial thought was dismissive: It was stupid, unimaginative entertainment. Then I began to think about what a second pandemic might Advertising & Business Development Director look like. What would be required to overcome it? Amany Kassem Before COVID-19, the notion of forcing all people to stay home, shutting down Business Development Coordinators all but essential businesses, and maintaining that setup for months without Farah Diab society voicing displeasure was unfathomable. Yet it happened. And today, Mariam Amin most governments say severe lockdowns could happen again in the face of Mona Hassan mutations of the virus and new waves of infection. Merely leveraging technology to keep businesses running may not work. Photographers Karim el Sharnouby Since the first wheel appeared about 5,500 years ago in Mesopotamia, it has Said Abdelmessih changed human life in countless ways. Now might be the time to start thinking about the next “reinvention of the wheel.” The significance of the “next wheel” Production Supervisor Hany Elias may not be universally apparent, but it could influence both businesses and day-to-day life in unimaginable ways. Market Watch Analyst In 2021, businesses in Egypt might have to revisit some aspects of their busi- Amr Hussein Elalfy ness models to survive the next pandemic, whatever it may bring. That would Chamber News Contacts apply to resilient companies that found success in 2020 as well as those that Nada Abdalla, Azza Sherif, barely survived the COVID-19 pandemic. Susanne Winkler TAMER HAFEZ Acting Managing Editor U.S. address: 2101 L Street, NW Suite 800 • Washington, D.C. 20037 Please forward your comments or suggestions to the Egypt editorial office: Business Monthly American Chamber of Commerce in Egypt 33 Soliman Abaza Street, Dokki 12311 • Cairo • Egypt Tel: (20-2) 3338-1050 • Fax: (20-2) 3338-0850 E-mail: [email protected] www.amcham.org.eg/bmonthly @BusinessMonthly Eg @BusinessMonthly @BusinessMonthly 8 VIEWPOINT An outlook of the Egypt-U.S. partnership in 2021 and beyond During the last week of February, the American The market in Egypt, home to more than 100 million Chamber of Commerce in Egypt organized two citizens, offers multiple prospects across a timely events. The first, on February 23, featured the diversified portfolio of economic sectors, industries U.S. Ambassador to Egypt Jonathan Cohen. The and businesses. Some of the most attractive areas second, on February 25, was co-organized with the include but are not limited to transportation, Egypt-U.S. Business Council, featuring and hosted information and communication technologies, by the Prime Minister of Egypt Dr. Mostafa agriculture, manufacturing, healthcare, oil and gas Madbouly. The overarching focus of both events was exploration and production, energy, financial the Egypt-U.S.