Back to the complete issue
Sunday, 18 June 2017

USD 575 mn GE agreement, death sentences in Hisham Barakat case top coverage

Leading coverage of Egypt in the foreign press this morning is (at long last) aneconomic story: GE’s USD 575 mn agreement to supply Egypt with locomotives. By far the most interesting coverage is coming from Bloomberg’s Deena Kamel, which places the agreement in the wider context of GE’s expansion in the region, including in Turkey and Algeria, and across a wide array of sectors. GE “is interested in railway opportunities in Turkey and Algeria as well as the next phase of Egypt’s transport expansion,” GE’s Vice Chairman John Rice told Bloomberg. “Demand for infrastructure continues unabated, the region is shifting to renewables, which is becoming more and more important, and health care is significant.”

Tying for first place are wire pickups of the sentencing to death of 31 Islamists for the assassination of Prosecutor General Hisham Barakat, with many, including the BBC, stressing Hamas’ continued denial of its involvement and accusations that the suspects confessions were coerced.

Repression of basic freedoms in Egypt is intensifying, Human Rights Watch says. It claims that “authorities in recent weeks have arrested at least 50 peaceful political activists, blocked at least 62 websites, and opened a criminal prosecution against a former presidential candidate … The actions are further closing any remaining space for free expression.”

Claims that President Abdel Fattah El Sisi reportedly suggested expanding the blockadeof Qatar to include Turkey are being widely picked up in the Turkish press. Newspapers including Yeni Safak and A News are citing as their sources the New Arab, which Egypt has banned.

The AFP ran a facile piece on gated communities in the Greater Cairo area as a focal point for class warfare and inequality. Upward mobile Cairenes are increasingly looking to buy into exclusive gated communities that shield them from social pressure just as the percentage of Egyptians unable to provide for themselves or their family’s basic needs rose to 27.8% in 2015, from 16.7% in 2000. Egypt faces significant challenges on the inequality front, but the story unfortunately does little to advance debate.

The Arab world’s intellectual leaders would, in a perfect world, “think collectively and the nations act in concert to ease the situation,” Nabeel Khoury writes for the Atlantic Council, commenting on the schism with Qatar. “Unfortunately, this is an age of intellectual decline in the Arab world. There are no literary giants or political philosophers to offer guidance, no benevolent rulers to persuade rather than coerce, and no solidarity among the big powers to help ease the pain—conditions which are likely to endure and fester for years to come.”

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.