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Tuesday, 6 February 2018

Qalaa founder optimistic about the future, says Egypt is on the path to economic recovery

The Egyptian economy is on the right track and economic conditions will eventually improve, Qalaa Holdings founder and Chairman Ahmed Heikal told talk show host Mahmoud Saad during an appearance on Akher Al Nahar. “It will take time, but things will get better,” he said, explaining that despite the pressure created by the various economic reform measures adopted in the last two years, decisions such as the EGP float and the gradual phase-out of subsidies had been necessary to ease the strain on the state budget and allow the government to pursue legislative reform and work on improving the overall economic climate. Looking ahead, the government should continue to focus on attracting new investments, according to Heikal, who emphasized that encouraging healthy competition is necessary to allowing the rules of supply and demand to naturally regulate the market. He stressed as well that educational reform is key to economic advancement (watch here, runtime 44:12).

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