The pace of change in Egypt over the past few years has been remarkable. The political upheaval that grew from widespread popular protests and saw off two presidents captured a huge amount of outside attention. Today, however, the country is making global headlines for a different reason: the official opening of an extension to the Suez Canal, arguably the world’s most important shipping lane. President Abdel Fattah El Sisi has moved quickly to repair his country’s economy since his election in May last year. The Suez project was announced in September and it has been delivered in less than 12 months. As Egypt celebrates its gift to the world today, it must also recognise that there is still more to be done.
The canal extension involved shifting 242 million cubic metres of soil to deepen and widen 37 kilometres of the existing canal and create a 35km-long, 24 metre-deep parallel waterway. The work provided employment for 43,000 people and is expected to create a healthy financial return for the thousands of ordinary Egyptians who were offered a stake in the project for as little as 10 pounds (Dh4.7). The projected doubling in the volume of sea traffic using the canal will put billions into Egypt’s coffers through transit fees – estimated at $13bn annually by 2023 – but the country can’t afford to just sit back.
Mr El Sisi has already shown significant economic mettle. Within weeks of being elected, he imposed unpopular but necessary reforms, including reducing subsidies on petrol and electricity, and increasing taxes on cigarettes and alcohol. Other initiatives are underway. The Suez Canal Zone is a work in progress, with associated projects in the petrochemical, commercial and financial services areas expected to create up to one million jobs.
Egypt must also find ways to build on its existing strengths, including fully exploiting the tourism potential of its famed ancient wonders and beach resorts, and invest in updating its crumbling infrastructure. Removing red tape to improve the ease of starting and conducting small businesses would also go a long way to putting people into jobs. Egypt should also take a leaf from the UAE’s economic playbook and encourage more women into the workforce. In a country of more than 80 million people, there is vast untapped potential. The UAE and other Arab countries have already offered assistance and stand by to help create further sustainable change, because a strong Egypt is good for the entire region.
Company%20Profile
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COMPANY%20PROFILE%20
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Company%20profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Company%20profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20Profile
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Turning%20waste%20into%20fuel
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Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
'Nope'
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Bharatanatyam
A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The%20specs
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