Back to the complete issue
Sunday, 30 September 2018

Sawiris criticizes crowding out of the private sector + gov’t is now biggest importer of live cattle and frozen beef

Sawiris criticizes crowding-out of the private sector: Naguib Sawiris criticized the involvement of state- and military-owned firms in a number of key economic projects. Sawiris reportedly made the remarks in an interview with DPA picked up by Gulf Times. “We need to reduce the government’s interference in business and we need to encourage the private sector. We still have a lot of problems,” Sawiris said. He was particularly critical of the involvement of state firms in construction and housing, saying that “there are private construction companies for [these projects].”

Private livestock importers have also been pushed out of the market since the EGP float, making the ministries of supply, agriculture and defense now “Egypt’s largest importers of live cattle and frozen beef,” according to a report from the US Agriculture Department’s foreign service (pdf). The report expects local beef production to rise moderately next year as the expanding population generates increased demand.

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.