Egypt: back on track?
Last year’s political turmoil in Egypt led to volatility in domestic cement volumes, but the market has since stabilised. This year cement demand has been steady although operating challenges present a mixed picture for existing producers and those looking to invest in the sector.
After staging a strong recovery from the global financial crisis in 2010, Egypt has grappled with uncertainty following the political turmoil which began early last year and put it at a crossroads once again. The revolution gave the country its first freely-elected president, Mohamed Mursian, in June of this year and the country is now witnessing some stability and macroeconomic figures are improving. However, while economic fundamentals are generally sound – thanks in large part to a large population, steady GDP growth and a diversified economy – the country’s new presidential administration still has to address high rates of unemployment and poverty to maximise Egypt’s long-term potential.