Unemployment in Egypt Drops to 2011 levels

Workers remove leather from a machine in the factory at El Robbiki Leather City in Badr City, east of Cairo, Egypt, August 14, 2017. REUTERS/Amr Abdallah Dalsh
Workers remove leather from a machine in the factory at El Robbiki Leather City in Badr City, east of Cairo, Egypt, August 14, 2017. REUTERS/Amr Abdallah Dalsh
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Unemployment in Egypt Drops to 2011 levels

Workers remove leather from a machine in the factory at El Robbiki Leather City in Badr City, east of Cairo, Egypt, August 14, 2017. REUTERS/Amr Abdallah Dalsh
Workers remove leather from a machine in the factory at El Robbiki Leather City in Badr City, east of Cairo, Egypt, August 14, 2017. REUTERS/Amr Abdallah Dalsh

Unemployment rates in Egypt fell during the third quarter of 2017 registering the lowest rate since 2011’s first quarter, as national economic growth.

Egypt's unemployment rate had worsened with a popular uprising to oust former President Hosni Mubarak in January 2011, rising from 8.9 % in the fourth quarter of 2010 to 11.9 in the first quarter of the following year.

However, unemployment fell to 12 % in the first three months of this year, its lowest level in more than five years, and then fell in the following months to 11.9 percent in the third quarter.

The economic growth in the country has been negatively affected by prolonged political instability after the former president stepped down, coupled with the mixed ripple effect of energy crises and global economic slowdown.

However, the International Monetary Fund’s forecasts reflect a relative recovery of the country's economy.

First, growth is expected to rise to 4.5% in the current fiscal year, from 4.1% in 2016 to 2017, and the fiscal year will begin on July 1 and end in June.

According to a statement issued by the Central Agency for Public Mobilization and Statistics (CAPMAS), the largest percentage of workers during the third quarter of 2017 was operating in the agriculture and fishing sector, which accounted for 21.4% of total employment.

The wholesale and retail trade sector accounted for 13.5% and the construction sector by 13.3%.

The manufacturing sector registered 12.5 % and the transport and storage sector by 8 %.

According to the latest data available on the Central Bank of Egypt website, economic growth in the period from 2016 to April 2017, the agriculture sector grew by 3.1%, the wholesale and retail sector by 4.7%, while the construction index grew by 8.5%. Manufacturing industries recorded the lowest growth rate among these sectors at 2.7 %.

But despite the fact that youth call for greater opportunities in the economy was one of the most demands at the January 2011 demonstrations, unemployment data for the third quarter of this year reflect the inability of economic growth to respond to these requests.

Statistics indicate that 79.5% of the total unemployed belong to the age group between 15 and 29 years old.

Recent data on the labor market in Egypt show that the majority of those unemployed are holders of intermediate and university degrees, amounting to 92.9%.

According to the Statistics Service, 40.6 % of the unemployed have university qualifications and above, and 52.3 % of those with intermediate qualifications.



Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.