Editing Economy of Egypt (section)

=== Services sector ===
==== Banking ====
{{See also|List of banks in Egypt}}
The [[Central Bank of Egypt]] is the [[National Reserve Bank|national reserve bank]], regulating the [[financial market]] and the [[Egyptian pound]]. Egypt’s banking sector has undergone major reforms since the 1990s, resulting in a liberalized and modernized system aligned with international standards. By late 2024, total bank assets reached approximately 21 trillion Egyptian pounds (USD 420 billion), a significant rise from EGP 633 billion (USD 101 billion) in 2004.<ref>{{cite web | url=https://www.ceicdata.com/en/egypt/balance-sheet-aggregate-all-banks/all-banks-assets-aggregate | title=All Banks Assets Aggregate – Egypt | publisher=CEIC Data | access-date=28 February 2025 }}</ref>

Egypt’s banking system dates back to 1856, evolving through privatization, mergers, and foreign bank exits, such as [[Société Générale]]'s 2012 sale of [[National Société Générale Bank]] to [[QNB Al Ahli]].<ref>{{Cite news|first1=Lionel|last1=Laurent|first2=Dinesh|last2=Nair|date=2012-12-12|title=SocGen sells Egypt arm to QNB for $2 billion|language=en|work=Reuters|url=https://www.reuters.com/article/us-socgen-egypt-idUSBRE8BB1JQ20121212|access-date=2020-11-26}}</ref> Despite private sector growth, state-owned commercial banks remain dominant.<ref>{{Cite book |last=Nasr |first=Sarah |title=Access to Finance and Economic Growth in Egypt |publisher=The World Bank}}</ref>

Financial inclusion has expanded, with 74.8% of Egyptians aged 15 and above using financial accounts, reaching 52 million users by 2024.<ref name=fin-inclusion>{{cite news | url=https://www.egypt-business.com/web/details/2509-74-of-eligible-egyptians-actively-using-bank-accounts/435737 | title=74% of Eligible Egyptians Actively Using Bank Accounts | date=27 February 2025 | access-date=27 February 2025 }}</ref> Usage spans banks, [[Egypt Post]], mobile wallets like Vodafone Cash and MobiCash, and prepaid cards like [[Meeza]]. Women’s financial inclusion grew 295% since 2016 thanks to policies and initiatives aimed at empowering women financially, reaching 68.8%, while youth participation rose 65% from 2020 to 2024, hitting 53.1%.<ref name="fintech" />

The fintech sector has expanded 5.5-fold since 2020, with 177 startups ranking Egypt 10th among emerging markets. Growth, driven by digital payments, lending platforms, and B2B marketplaces, is bolstered by financial inclusion policies.<ref name=fintech>{{cite news | url=https://english.ahram.org.eg/News/541157.aspx | title=Egypt’s Fintech Sector Expands Fivefold in Five Years | date=27 February 2025 | access-date=27 February 2025 }}</ref> With over 60% of the population under 30, youth adoption is high, though cybersecurity risks, regulatory gaps, and digital literacy disparities remain challenges.<ref name="fintech" />

==== Finance ====
{{Main|Egyptian Exchange}}
The origins of Egypt's stock exchange date back to 1883 with the establishment of the first futures market in [[Alexandria]]. In 1902, the Brokers' Syndicate was formed, introducing the first set of regulations governing stock market activities.<ref name="history">{{cite web |title=EGX History |url=https://www.egx.com.eg/en/History.aspx |access-date=19 June 2024}}</ref>

Today, the [[Egyptian Exchange]] (EGX) comprises the Cairo and Alexandria stock exchanges, operating under a unified trading, clearing, and settlement system. It serves as the primary platform for equities, bonds, and financial instruments in Egypt. The exchange has undergone multiple phases of reform, including privatization initiatives, regulatory adjustments, and structural enhancements to improve market liquidity and attract foreign investment.<ref name=finance>{{cite web | url=https://www.amcham.org.eg/publications/industry-insight/issue/45/privatization-proceeds | title=Privatization Proceeds | publisher=American Chamber of Commerce in Egypt | access-date=28 February 2025 }}</ref>

Egypt’s stock market has experienced fluctuations due to global economic conditions, foreign capital flows, and domestic policy changes. Periods of IPO activity and privatization efforts have contributed to market expansion, while external shocks, such as global financial downturns and geopolitical events, have periodically impacted performance. Government-led reforms have included revisions to listing rules, the introduction of sectoral indices, and measures to increase market depth, such as the establishment of a [[Government bond|treasury bonds]] [[Stock market index|index]] and approval for [[Special-purpose acquisition company|special purpose acquisition companies]]. Plans for further market development include the launch of EGYCOMEX, the [[Egyptian Commodities Exchange]], and the introduction of [[derivatives trading]], both aimed at diversifying financial instruments and strengthening Egypt’s position as a regional financial hub.<ref name=finance/>

==== ICT and communications ====
{{Main|Telecommunications in Egypt}}
[[File:Telecom Egypt Smart Village building 2.jpg|thumb|300px|The headquarter of [[Telecom Egypt]]]] 

The liberalization of Egypt’s telecommunications sector began in 1998, gradually expanding private sector involvement in mobile telephony and internet services. In 2004, the Information Technology Industry Development Agency (ITIDA) was established under Law 15 to drive Egypt’s digital transformation, implement e-signature legislation, and promote an export-oriented IT sector.<ref>{{Cite web |title=ITIDA to boost Egypt's digital transformation through new e-signature licenses |url=https://www.businesstodayegypt.com/Article/4/338/ITIDA-to-boost-Egypt%E2%80%99s-digital-transformation-through-new-e-signature |access-date=2024-06-09 |website=Business Today}}</ref> Deregulation followed in 2006 after Egypt joined the [[World Trade Organization]]'s Information Technology Agreement in 2003, opening the market to competition and foreign investment.<ref>{{Cite web |title=WTO {{!}} News - 2003 News items - China, Egypt join WTO's Information Technology Agreement |url=https://www.wto.org/english/news_e/news03_e/news_china_egypt_25apr03_e.htm |access-date=2022-06-29 |website=www.wto.org}}</ref> By 2007, Egypt had 10 million fixed lines, 31 million mobile subscribers, and 8.1 million internet users.<ref>{{Cite web |title=Egypt: number of internet users 2024 {{!}} Statista |url=https://www.statista.com/statistics/462957/internet-users-egypt/ |archive-url=https://web.archive.org/web/20241224190459/https://www.statista.com/statistics/462957/internet-users-egypt/ |archive-date=24 December 2024 |access-date=2025-02-08 |website=Statista |language=en |url-status=live }}</ref>

The ICT sector has since become a major driver of economic growth, expanding by 15.2% in FY 2022/2023 and contributing 5.1% to Egypt’s GDP, up from 4.4% in 2019/2020. Investments in the sector reached $4.2 billion in 2022/2023, a 20% increase from the previous year.<ref>{{cite web | url=https://www.trade.gov/country-commercial-guides/egypt-digital-economy | title=Egypt - Digital Economy | publisher=U.S. Department of Commerce | access-date=28 February 2025 }}</ref> The telecommunications market operates under a unified license system, with key players including [[Telecom Egypt]], [[Vodafone Egypt|Vodafone]], [[Orange Egypt|Orange]], [[Etisalat Egypt]], and [[Ericsson]].<ref>{{cite web | url=https://www.budde.com.au/Research/Egypt-Telecoms-Mobile-and-Broadband-Statistics-and-Analyses | title=Egypt - Telecoms, Mobile, and Broadband Statistics and Analyses | publisher=BuddeComm | access-date=28 February 2025 }}</ref>

Looking ahead, Egypt’s ICT market is projected to grow from $23.6 billion in 2025 to $53.1 billion by 2030, at a compound annual growth rate of 17.61%.<ref>{{cite web | url=https://www.mordorintelligence.com/industry-reports/egypt-ict-market | title=Egypt ICT Market Report | publisher=Mordor Intelligence | access-date=28 February 2025 }}</ref> The government’s Digital Egypt initiative aims to transform the country into a digitally-driven society by expanding infrastructure, fostering innovation, and modernizing public services. As part of this strategy, and the broader [[Egypt Vision 2030]], the government has integrated 33,000 institutions into a secured digital network and enhanced online services, improving transparency and efficiency.<ref>{{cite web | url=https://mcit.gov.eg/en/digital_Egypt | title=Digital Egypt Initiative | publisher=Ministry of Communications and Information Technology (MCIT) | access-date=28 February 2025 }}</ref>

Between 2019 and 2022, mobile internet subscriptions surged by 77.9%, from 39 million to 69.4 million, with total mobile subscriptions reaching 106.2 million by December 2023.<ref>{{cite news | url=https://english.ahram.org.eg/News/519378.aspx | title=Mobile and internet subscriptions in Egypt increased by 6 million in 2023| publisher=Ahram Online| date=13 March 2024 | access-date=28 February 2025 }}</ref> Internet penetration reached 72.2% in early 2024, with 82 million users.<ref>{{cite web | url=https://www.statista.com/statistics/462957/internet-users-egypt/ | title=Number of Internet Users in Egypt | publisher=Statista | access-date=28 February 2025 }}</ref> The country also leads Africa in internet speed rankings and is set to generate $3.5 billion in smartphone revenue by 2025, growing at an annual rate of 6.11% until 2029.<ref>{{cite web | url=https://www.statista.com/outlook/cmo/consumer-electronics/telephony/smartphones/egypt | title=Smartphone Market in Egypt | publisher=Statista | access-date=28 February 2025 }}</ref><ref name=digitalegy>{{cite web | url=https://we.hse.ru/en/irs/cas/passeg | title=Egypt's Digital Transformation and ICT Growth | publisher=Higher School of Economics | access-date=28 February 2025 }}</ref>

==== Transport ====
{{Main|Transport in Egypt}}
[[File:Metro-1-l.jpg|right|thumb|The [[Cairo Metro]].]]

Transport in Egypt centers on [[Cairo]] and follows settlement along the Nile. The Nile River ({{convert|1600|km|mi|abbr=on}}) and major canals of equal length serve local transport.<ref>{{cite web |title=Nile River |url=https://education.nationalgeographic.org/resource/nile-river/ |website=National Geographic Education |publisher=National Geographic Society |access-date=14 April 2025}}</ref>

Since 2014, the [[National Roads Project]] has driven major upgrades to Egypt’s road network, adding 6,300 km of new roads and upgrading 8,400 km at a combined cost of 265 billion Egyptian pounds. This expanded main roads by 29.8% to 30,500 km and improved Egypt’s ranking in the Road Quality Index from 118th globally in 2015 to 18th in 2024.<ref>{{cite web |url=https://lca.logcluster.org/23-egypt-road-network |title=Egypt Road Network |publisher=Logistics Capacity Assessment |access-date=3 March 2025}}</ref>

Egypt’s {{convert|4800|km|mi}} railway network is operated by [[Egyptian National Railways]]. In 2021, the National Authority for Tunnels signed a $4.5 billion contract with [[Siemens Mobility]], [[Orascom Construction]], and [[Arab Contractors]] to build a {{cvt|660|km}} electrified high-speed rail line linking [[Ain Sokhna]], [[Mersa Matruh]], and [[Alexandria]]. Dubbed the "Green Line" or "Suez Canal on rails,"<ref>{{Cite web |title=High-speed train El Ain El Sokhna - Marsa Matrouh |url=http://www.nat.gov.eg/LocationActivity.aspx?id=2082 |access-date=2022-08-18 |website=National Authority for Tunnels}}</ref><ref name="2022-05-29-dw" /> it will carry both freight and passengers using [[Siemens Velaro|Velaro]] high-speed trains, [[Siemens Desiro|Desiro]] regional sets, and [[Vectron (locomotive)|Vectron]] freight locomotives. Two more lines were announced in 2022, connecting [[Greater Cairo]] to [[Aswan]] and [[Luxor]] to [[Hurghada]] and [[Safaga]].<ref name="2022-05-30-rt">{{cite news |title=Siemens Mobility secures high-speed rail contract in Egypt |url=https://www.railway-technology.com/news/siemens-mobility-rail-contract/ |access-date=30 May 2022 |work=Railway Technology |date=30 May 2022}}</ref><ref name="2022-05-29-dw">{{cite news |title=Egypt signs €8 billion deal with Siemens for high-speed rail system {{!}} DW {{!}} 29.05.2022 |url=https://www.dw.com/en/egypt-signs-8-billion-deal-with-siemens-for-high-speed-rail-system/a-61967258 |access-date=30 May 2022 |work=DW.COM |date=29 May 2022}}</ref><ref name="2022-05-29-zawya">{{cite news |title=Siemens seals $8.5bln deal to build mega hi-speed rail in Egypt |url=https://www.zawya.com/en/projects/construction/siemens-seals-85bln-deal-to-build-mega-hi-speed-rail-in-egypt-ug14b4f0 |access-date=30 May 2022 |work=Zawya |date=29 May 2022}}</ref>

[[Egypt Air]] and private carriers such as [[Nile Air]] and [[Air Cairo]] operate frequent domestic flights from [[Cairo International Airport]] to major tourist destinations.

The [[Suez Canal]], managed by the [[Suez Canal Authority]], is a vital global shipping route linking the Mediterranean and Red Seas. Egypt’s main ports include [[Alexandria]], [[Port Said]], and [[Damietta]] on the Mediterranean, and [[Suez]], [[Ain Sokhna]], and [[Safaga]] on the Red Sea.<ref>{{Cite web|date=2019-05-27|title=The Return of Geopolitics|url=https://www.thecairoreview.com/essays/the-return-of-geopolitics/|access-date=2021-02-08|website=The Cairo Review of Global Affairs|language=en-US}}</ref><ref>{{Cite web|last=Plumer|first=Brad|date=2016-04-25|title=This is an incredible visualization of the world's shipping routes|url=https://www.vox.com/2016/4/25/11503152/shipping-routes-map|access-date=2021-02-08|website=Vox|language=en}}</ref>

==== Tourism ====
{{Main|Tourism in Egypt}}
[[File:رمسيس الثاني 04.jpg|thumb|160px|[[Grand Egyptian Museum]]]]
Tourism in Egypt grew significantly after 1975 when the government eased visa restrictions and focused on tourism infrastructure. By 1981, tourist arrivals had risen to 1.8 million, reaching 14.7 million in 2010. However, the COVID-19 pandemic caused a sharp decline, with revenues dropping to $4 billion in 2020 and arrivals falling to 3.5 million. In February 2022, the [[International Monetary Fund]] (IMF) noted that Egypt's tourism sector was the biggest loser from the pandemic.<ref name=Ragab2014>{{cite conference|url=http://cf.cdn.unwto.org/sites/all/files/pdf/14th_meeting_egypt.pdf|title=Recent development of TSA in Egypt|date=January 14–15, 2014|conference=Fourteenth Meeting of the Committee of Statistics and Tourism Satellite Account (TSA)|author=Adla Ragab|access-date=9 October 2014|archive-date=6 January 2017|archive-url=https://web.archive.org/web/20170106174139/http://cf.cdn.unwto.org/sites/all/files/pdf/14th_meeting_egypt.pdf|url-status=dead}}</ref><ref name="Egypt - international tourism">{{cite web|title=Egypt – international tourism|url=http://www.indexmundi.com/facts/egypt/international-tourism|access-date=11 October 2014}}</ref><ref>{{cite news|url=https://www.reuters.com/article/egypt-tourism-int-idUSKBN2991E6|title=Egypt eyes slow return for tourism after revenues dive in 2020|date=4 January 2021 |access-date=4 January 2021|work=Reuters}}</ref><ref>{{cite web|url= https://egyptindependent.com/tourism-in-egypt-is-the-biggest-loser-of-covid-19-imf-official/|title=Tourism in Egypt is the biggest loser of COVID-19: IMF official|date=14 February 2021|access-date=14 February 2021|publisher=Egypt Independent}}</ref>

Egypt's government has initiated several projects in the tourism sector, including the [[Grand Egyptian Museum]]. Once completed, it will be the largest museum in the world. This museum aims to showcase Egypt's rich archaeological heritage, strengthening the country's position as a global tourist destination.<ref>{{Cite web|last=Show|first=BBC's The Travel|title=In Egypt, the world's largest archaeology museum|url=https://www.bbc.com/travel/story/20181101-in-egypt-the-worlds-largest-archaeology-museum|access-date=2021-03-19|website=www.bbc.com|language=en}}</ref><ref>{{Cite web|last=Sattin|first=Anthony|title=Everything We Know About Cairo's New Grand Egyptian Museum|url=https://www.cntraveler.com/story/grand-egyptian-museum-cairo-everything-we-know|access-date=2021-03-19|website=Condé Nast Traveler|date=30 July 2019|language=en-us}}</ref>

In 2024, Egypt achieved a record 15.7 million tourists, surpassing the previous year’s 14.9 million. This achievement, attributed to government efforts to enhance security and tourism support, marks a strong recovery from the pandemic's impact. After the drastic decline in 2020, tourism has rebounded, with revenues reaching $14.1 billion, up from previous years.<ref name=tourism>{{cite web |url=https://sis.gov.eg/Story/204112/A-record-15.7-million-tourists-visited-Egypt-in-2024?lang=en-us |title=A record 15.7 million tourists visited Egypt in 2024 |publisher=State Information Service |date=2024 |access-date=2025-02-27}}</ref>

The country's tourism strategy includes plans to attract 30 million tourists by 2028, with continued improvements to infrastructure and the tourist experience. Egypt's top markets in 2024 included Germany, Russia, and Saudi Arabia.<ref name=tourism/>