FOREWORD A message from Ian Gray, OBE, Chairman

Over the recent 36 months, The Egyptian British Chamber of Commerce has seen a discontinuity in business and economic patterns with some businesses struggling to survive or failing during the European lockdowns whilst others, in an opportunistic manner, shifted their focus and activities into supplying personal protective equipment or expanding their capabilities to profit greatly from the pandemic.

The comparison was often made of similar patterns only usually seen during times of war.

As much of the World came out of the economic challenges from managing the pandemic, the war in Ukraine brought new challenges impacting differently in different countries. The disruption of the supply of grain to many African countries created the same effect as the disruption of the supply of energy to many western European countries.

For both the UK and Egypt a rise in inflation and a squeeze on living standards has created great uncertainty in the business outlook. But insightful investing or expansion when others avoid the risks offers high rewards. The successful operators will be those bravely making the best choices from informed decisions.

“For both the UK and Egypt a rise in inflation and a squeeze on living standards has created great uncertainty in the business outlook. But insightful investing or expansion when others avoid the risks offers high rewards. The successful operators will be those bravely making the best choices from informed decisions.”

The Chamber took around 20 UK companies to COP27 in Sharm el Sheikh in November with almost all developing new contacts and some even using the event as the catalyst to sign agreements. Most of these companies see real opportunities in the near and medium term with their focus on sustainable operations. One of the learnings from

COP27, contrary to current politically correct rhetoric, was that innovation to eliminate the impact of fossil fuels will deliver benefits to the planet sooner than an exclusive focus on eliminating fossil fuels.

This issue provides an understanding from Logic Consulting both on the fundamentals behind the devaluation in the Egyptian pound and a view of the likely shape and pace of the energy market. As ever we include an overview of global trends and UK export performance.

Ian Gray OBE, Chairman

We hope to keep you informed and inspired.

Ian Gray OBE Chairman