It’s difficult to overstate the importance of the Canal to the international shipping trade, but it’s importance to Egypt economy is even greater still.
Climbing unemployment is a major specter for Egypt.
The April 20 Netanyahu-Gantz agreement legitimized the possibility of an Israeli law that will act as a unilateral annexation of parts of the West Bank to start as early as July 1, based on the controversial Trump Middle East plan. Articles 28 and 29 of the deal condition such annexation on the “consent of the Trump administration” and note that such a move would only be possible if the annexation preserves “the security and strategic interests of the state of Israel including the need to keep regional stability, keep existing peace agreements, and pursue future peace agreements.”
The amendments have been designed to provide relief on both the individual and corporate levels.
This is not the time to hang out the “Mission Accomplished” banner for the MFO. At a nominal cost to the U.S. in money and manpower, for nearly 40 years, the mission has been a phenomenal success. At a time when the U.S. commitment to the region is being viewed with increasing skepticism, the MFO is a prime example of U.S. capacity to organize and lead a multinational effort to support regional security and stability.
Egypt’s three top sources of foreign revenue — tourism, remittances, and the Suez Canal — are likely to be hard hit by the crisis.
The Middle East is facing an unexpected turning point. The region will not look the same after COVID-19 as it did before it. The geoeconomics and geopolitics of the world are in free fall because of COVID-19, the oil price war, and a severe economic shutdown. For the Middle East and the Gulf monarchies in particular, the oil price war against Russia and U.S. shale and the shutdown of economies around the world have increased the pressure on the Gulf’s already-depleted financial resources, which usually act as a safety valve for the turbulent region.
The Sinai-based Multinational Force & Observers (MFO) will soon celebrate its 41st anniversary. Like most of what the MFO does, recognition will be low key and understated. The MFO has always operated under the radar, but this may soon be changing.
COVID-19 has disrupted both supply and demand around the world. Egypt is not immune to the recessionary trends caused by the sudden halt in supply chains and the sharp decline in demand, domestically and globally, resulting from the rapid spread of the virus.
No part of the world will emerge unscathed from the fallout of the coronavirus pandemic of 2020. Just because China and Italy were the first to be severely hit, does not imply, that when all is said and done, that they will have sustained the brunt of the damage. North Africa is a region dependent on global commodities prices, tourism, and political and monetary support from Europe and the Gulf, where regime brittleness, youth unemployment, and Islamic radicalism all intersect.
11 scholars and experts from across MEI weigh in with the latest on how the coronavirus pandemic is affecting the Middle East.
From Morocco to Afghanistan, the scholars and experts at MEI take a closer look at how the COVID-19 coronavirus pandemic is affecting the Middle East.
The most populous country in the Arab world, with 100 million people straining its seams, Egypt has weaknesses that make it susceptible to a serious outbreak of COVID-19.
There has been a largely overlooked yet significant trend in entrepreneurship in Egypt, the Arab world’s most populous country. Much of this has been concentrated in the country’s two main economic centers, Cairo and Alexandria, but there are also signs of a broader and more inclusive trend. Despite this boom, few start-ups seem to have left much of a mark beyond the early development stages. A lack of access to finance has long been recognized as a key obstacle, yet the approaches taken by the government and international development lenders have proven largely ineffective. If this, along with other obstacles, can be addressed, the country’s nascent start-up scene could become a catalyst for economic development.
Egypt’s burgeoning population is one of the biggest threats to its future.