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Global Business in Egypt Free essay! Download now

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Global Business in Egypt

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Downloads to date: N/A | Words: 3136 | Submitted: 15-Apr-2012
Spelling accuracy: 97.5% | Number of pages: 10 | Filetype: Word .doc


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Global Business in Egypt essay previewGlobal Business in Egypt essay previewGlobal Business in Egypt essay preview

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essay is about Egyptian Crisis and its effect on global business

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The risks of doing business in a country is determined by a number of political, economic and legal factors. Political risk has been defined as the likelihood that political forces will cause drastic changes in a country’s business environment that will adversely affect the profit and other goals of the business environment. (Hill, 2011, pg 82). Egypt, the most populous country in the Arab world, erupted in mass protests in January 2011, as the revolution in Tunisia inflamed decades worth of smouldering grievances against the heavy-handed rule of President Hosni Mubarak. After 18 days of angry protests and after losing of the support of the military and the United States, Mr. Mubarak resigned on Feb. 11, ending 30 years of autocratic rule. The military stepped forward and took power. It quickly suspended unpopular provisions of the constitution, even while cracking down on continuing demonstrations. On March 19, a set of constitutional amendments that pave the way for elections was overwhelmingly approved in a referendum that drew record numbers of voters. But anger over what many demonstrators saw as the military's loyalty to the core of Mr. Mubarak's government and the slow pace of change led to new mass protests and violence in April. (New York Times, April 2011)
The economy of Egypt is one of the most diverse and developed in the Middle East. A wide range of sectors play equally important roles in the country's economy, these include tourism, energy, manufacturing, agriculture and the service sector. (Arabian Business, 2010)
The political protests had a major immediate impact on the Egyptian economy, resulting in a dramatic decline in high season tourist arrivals, uncertainty concerning long term investment decisions, and the temporary closure of the banking and financial systems as well as many private businesses. (Pulse Mena House View, 2011).
The tourism industry plays a major role in the Egyptian economy. Orascom Hotels and Resorts is a large Egyptian company in the Orascom family. It is among the 20 largest companies in Egypt.
News article from Zawya publications viewed 17 April 2010 noted that Egypt's tourism sector could decline as much as 25%, according to the Minister of Tourism. Media reports suggest 210,000 tourists left the country in the aftermath of the political crisis in Egypt, which led to a drop of $178 million in tourism spending. "Moreover, the cancellation of February reservations created losses of $825-milion. Tourism revenues were expected to fall 44% year-on-year to $1.5-billion in 1Q11," CI Capital notes. Tour operators estimated that summer bookings for Egyptian holidays were down 22%.The sector employs one in seven Egyptians and makes up 11.5% of the country's GDP. The tourism sector also helps in painting a very positive image of the country ...

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