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History: Egypt

History: Egypt

Although one of the main obstacles still facing the Egyptian economy is the trickle down of the wealth to the average population, many Egyptians criticize their Government for higher prices of basic goods while their standards of living or purchasing power remains relatively stagnant. Corruption is often cited by Egyptians as the main impediment to further economic growth. The Government promises major reconstruction of the country's infrastructure, using money paid for the newly acquired third mobile license ($3 billion) by Etisalat.
Egypt's most prominent multinational companies are the Orascom Group and Raya Contact Center. The IT sector has expanded rapidly in the past few years, with many start-ups selling outsourcing services to North America and Europe, operating with companies such as Microsoft, Oracle and other major corporations, as well as many small and medium enterprises. Some of these companies are the Xceed Contact Center, Raya, E Group Connections and C3. The sector has been stimulated by new Egyptian entrepreneurs with Government encouragement.
An estimated 2.7 million Egyptians abroad contribute actively to the development of their country through remittances (US$ 7.8 billion in 2009), as well as circulation of human and social capital and investment.

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