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Download Full Issue (PDF Own your Standalone office building starting 270 SQM. Innovated by Mountain View 16201 Advertorial AHLI UNITED BANK launches its Premium Banking Proposition he bank has released its Premium Banking Segment end-to-end processes. Toffering clients a wide range of exclusive Privileges, $ ZLGH UDQJH RI ORDQV FDUGV DQG OLDELOLW\ SURGXFWV Competitive Products, Services, and Global reach. DUH LQWURGXFHG WR SURYLGH FXVWRPHUV ZLWK ÀQDQFLDO 8QLTXHEHQHÀWVDQGVHUYLFHVRIIHUHGWRKLJKO\VDODULHG solutions that accommodate their planned investments, customers, depositors, and corporate executives, purchases, spending, and investments. In addition, including Exclusive Les Concierges Services, preferential wealth management solutions will help customers rates on deposits and CDs, discount on loan fees, Free DFKLHYHD\LHOGRQWKHLULQYHVWPHQWVEDVHGRQPXOWLSOH 3ODWLQXP'HELWDQG&UHGLWFDUGV3ULRULW\WR6DIHER[HV vehicles. 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In addition, omnichannel experience with the right mix between WKH EDQN VWUDWHJ\ DLPV WR HQDEOH EURDGHU FOLHQW SK\VLFDO LQWHUDFWLRQ DQG DGYDQFHG WHFKQRORJ\ 7KH &RYHUDJH DFURVV (J\SWLDQ JRYHUQRUDWHV DQG KLJKHU EDQN DLPV WR UHGHÀQH WKH UROH RI WKH EUDQFK LQ WKH penetration into different segments and geographies. digital age where customer experience is paramount. $PRUHVDWLVIDFWRU\FXVWRPHUH[SHULHQFHLVDFRUHSLOODU $SSO\LQJWKLVYDOXHDGGHGGLJLWDOEDQNLQJWHFKQRORJ\ of planned initiatives leveraging digital technologies, AUB will create authenticated, seamless customer partnerships, and offering door-step banking, and MRXUQH\V DQG JUDGXDOO\ WXUQ WUDGLWLRQDO EUDQFKHV LQWR ÀQDOO\WUDQVIRUPLQJVHUYLFHGHOLYHU\WKURXJKDXWRPDWHG WHFKQRORJLFDOO\HTXLSSHGSODWIRUPV July 2021 VOLUME 38 | ISSUE 7 06 Editor’s Note Regional Focus 08 Viewpoint 12 View from the top Mahmoud Mohieldin shares Cover Design: his forecasts for economic In Depth Nessim N. Hanna recovery in MENA. 12 Vaccinated: Now Cover Story what? 16 New era for The state hopes the money vaccination rollout Bitcoin and other would return lifestyles cryptocurrencies are and businesses to taking the digital world pre-pandemic normal. by storm, and now central banks are In Brief developing their own 10 A special round up of the versions. latest local news. At a Glance American Impact 30 Egypt’s Advanced Cargo Information 26 Paying for the System recovery The U.S. is leading the G7 in trying to impose a The Chamber global minimum income tax rate. 38 Events 46 Member News Market Watch Changing world 32 New secret Media Lite 34 Rethinking nuclear power formula Environmentalists are reconsidering nuclear 48 An irreverent power to ensure governments meet their glance at the press 2030 decarburization targets. 4 Advertorial CCIFE-TAMEER VIP RECEPTION Under the Patronage of His Excellency Stéphane Romatet, Ambassador of France to Egypt, TAMEER and the French Chamber of Commerce and Industry in Egypt (CCIFE) hosted a VIP Reception on June 22 in the gardens of the French embassy in Cairo. The private event, attended by 100 senior executives from French companies in Egypt, and large Egyptian and multinational corporations, celebrated the appointment of the reputable French DUFKLWHFWXUH ÀUP ´$UFKLWHFWXUH 6WXGLRµ WR FUHDWH WKH FRQFHSW design of an enterprise district called Urban Business Lane (UBL). TAMEER would develop it in New Cairo. This appointment follows several major agreements signed during the recent weeks between France and Egypt, with public and private sector companies. It demonstrates the solidity and consistency of the relations between French and Egyptian business players, founded on good bilateral cooperation between the two countries at all levels and in all areas, and highlights the added value of the French know-how and talents in supporting the growth of the Egyptian society. It also rewards the work done on the ground by the French Embassy in Egypt and the different bilateral organizations, including the CCIFE, in developing and strengthening the relations between the French and the Egyptian business communities. Over the last few years, Egypt’s unprecedented growth results from long-term development vision and leadership, coupled with a unique geographic position and political stability. The Egyptian real estate sector, in particular, is one of the most active property markets in the world and is driven by modern DQGKLJKO\TXDOLÀHGORFDOFRPSDQLHV$VDUHVXOWWKLVVHFWRURIIHUV unmatched business and investment opportunities for international players in the next few years. TAMEER’s managing director, Antoine El Koury, disclosed that the design work of the architecture studio on The Arab World Institute in Paris stands behind their selection for Urban Business Lane. Designed to be a bridge between Western culture and the Arab world, the Arab World Institute promotes the cultural values of the Middle East with its traditional patterns of Arab geometry. As a result, the design was awarded the Aga Khan Award for Architectural Excellence, WKHSUHVWLJLRXV´3UL[G·$UFKLWHFWXUHGHO·(TXHUUHG·$UJHQWµDQGWKH Cultural Personality of the Year from the Sheikh Zayed Book Award. El Khoury stressed the importance of bridges between people and FXOWXUHV WR IDFLOLWDWH GLDORJXH DQG FRRSHUDWLRQ ´:H PDQGDWHG architecture studio, he said, to build a bridge in New Cairo that connects Europe and Egypt. During the event, Martin Robain, architect and co-founder of architecture studio, and Roueida Ayach, a partner, revealed Urban Business Lane’s concept design and the story behind its architecture. The project combined Egypt’s cultural traditions yet inspired by contemporary urban destinations worldwide. He explained that this enterprise district would offer an environment where talents can connect, interact, and create and where companies can strategize, plan, and grow. Walking the pedestrian alleys of Urban Business Lane is like visiting an actual city, with diversity and unity, richness and simplicity, convenience and esthetics. The treatment of the facades is driven by sustainability, light and views. Arabesque- like frames, inspired by middle-eastern language and lifestyle, allow comfort, privacy, and transparency, while glazed panels offer the opportunity of open views on elegant and vibrant landscapes. In addition, the innovative hologram facades of The Gate buildings project Urban Business Lane into the future and stand as a strong signal of modernity on the AUC avenue. Editor’s Note Director of Publications & Research Khaled F. Sewelam NEW RULES, Acting Managing Editor Tamer Hafez NEW GAME Contributing Editor Kate Durham If one thing has characterized Egypt's economic performance since the Consulting Editor global financial crisis in 2008, it is that GDP always grows. Even if there is a Bertil G. Peterson quarter when it shrinks (Q2 in 2011 and Q2 in 2020), the end-of-year perform- ance is always positive. A rebound is seemingly inevitable the next quarter, Senior Writer Ola Noureldin and it lasts until the next crisis. That is the premise of the forecasts going into the fiscal year 2021/2022. Check out Regional Focus for more on that. Writers Those recoveries were attributed to Egypt's huge underserved population Adam Skaria across all sectors. Further support comes from informal jobs, with some Nada Naguib using it to supplement their incomes and others relying on it entirely. Creative Manager Throughout past crises and recoveries, the global economy grew, Nessim N. Hanna thereby ensuring foreign currency inflows to Egypt remained intact. They mostly come from FDI, exports, remittances and tourism. Senior Graphic Designer Emy Emile Those inflows are vital, as Egypt's GDP relies heavily on other countries’ growth. We import almost all our needs, from basic staples such as wheat Graphic Designer to cars, smartphones and furniture, paying for them with hard currency. Verina Maher Worryingly, the world in 2021 and beyond looks very different. The pan- Ahmed Mostafa demic has affected every nation, and global recovery is now almost entirely Advertising & Business Development Director contingent on COVID-19 vaccinations. If those nations experience an infec- Amany Kassem tion surge amid vaccinations, they impose a hard lockdown to reverse it, hurting their economic growth prospects. Additionally, they have been issu- Business Development Coordinators Farah Abdelkader, Farah Diab ing warnings against travel to and from countries lagging in inoculating Mona Hassan, Menna Mohie ElDin their populations. Egypt is lagging. See our In Depth story for more on that. Sarah El Ayoubi, Ali Youssef Meanwhile, global logistics bottlenecks causes shortages of goods, such as the ongoing microchip shortage crisis, which are changing the outlooks Photographers and forecasts of multinationals. Those companies will likely want to build Karim
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