A quiet morning for Egypt in the foreign press
It was a blessedly quiet morning for Egypt on the international news front, with the Intercept’s hatchet job on the Ride-hailing Apps Act topping coverage of Omm El Donia. Allison McManus writes that that “while the new law appears to be an acceptable compromise between Uber and the country’s embittered taxi drivers, it may have severe consequences for the privacy and safety of citizens.” Her outdated piece centers clause that force ride-hailing companies Uber and Careem to store user data in Egypt and make them available to the government. She makes no mention of the House of Representatives amending the articles to have the companies share data on a case by case basis. Expect to read the usual hyperboles on grandstanding on Egypt and human rights.
Also this morning: It’s looking like Egypt is poised to be the Middle East’s fastest growing economy this year, Global Finance Magazine says. The banking sector “is in a relatively robust and resilient position” to support the ongoing economic recovery, according Arab African International Bank CEO Hassan Abdallah. With the government taking serious steps towards reforming the economy — by reducing energy subsidies, floating the EGP, and introducing legislative amendments — and the discovery of new natural gas resources opening up new avenues, “Egypt’s economy will accelerate as inflation falls back, interest rates are cut, and the pace of fiscal consolidation slows,” Capital Economics’ Jason Tuvey said.