Emerging from the wings

After decades of playing second fiddle to the government and public sector, the private sector, together with foreign and local investors, is taking the lead in the execution and operation of development renaissance underway in Egypt.
Over the past eight years, unprecedented economic, agricultural and industrial projects have been taking shape in rural areas across the country.
During the inauguration of the livestock and dairy production complex in Sadat City, el-Menoufia Governorate, President Abdel Fattah El Sisi pledged to double state support for the private sector.
“The next stage will witness the state doubling its support for the private sector and enable it to fulfill its role in developing the economy.
Two months ago during the annual Egyptian Family Iftar, President Sisi revealed several initiatives to boost private sector participation in state-owned assets.
For decades, the private sector has been working in the shadow of the state-owned companies, notorious for huge losses.
Conversely, competition from the more profitable and better managed private sector, was smothered by crippling legislation and regulation incompatible with the needs of prosperous economies. Local and foreign investors fared little better. Their interest waned due to outdated rules and the abundance of red tape.
Under the leadership of President Sisi, the private sector has established itself as the driving force behind economic development in Egypt’s New Republic.