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Egypt wants an Apple hub despite ongoing fight over iPhone prices



Egypt has seen significant macroeconomic improvement since the Arab Spring revolution and successive coups and terrorist attacks that rocked the country from 2011 onward. Structural reforms and subsidies recommended by the International Monetary Fund brought the Middle East's most populous country's highest economic growth in a decade, and it's now targeting 5.8 percent growth for 2019, up from 5.3 percent last year.

But the cost of these austerity measures has been steep. Private sector engagement will be crucial to support Egypt's burgeoning population, currently facing unemployment of around 10 percent. Some investors remain wary of a silent political situation, a fragile banking sector, regional insecurity and insufficient infrastructure.

Egypt nonetheless remains the top recipient of foreign direct investment (FDI) in Africa, with its FDI stock between 201

6 and 2017 increasing from 102 to 109 billion dollars, according to Santander Trade. Egypt's 2017 Investment Law is expected to help FDI inflows by adding investor incentives, facilitating registration procedures, improving infrastructure and reducing the heavy red tape for which the country has long been known.

Nasr described as a strategic location and a "gateway to Africa, "adding that thanks to the free trade agreements Egypt has signed with other African blocs, investors are seeing the country as a portal not simply to its domestic market of 100 million, but to a broader market of 500 million.


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