Hopes To Lure More Investment and Report on Egyptian Economy
CAIRO – The Egyptian economy may be facing challenges including widespread poverty, escalating inflation and the impact the proposed $4.8 billion International Monetary Fund could have. Now, however, business professionals and others can better track that fragile economy's fluctuations with the American University in Cairo's (AUC) publication of the "AUC Business Review.”
If the quarterly publication produced by AUC's School of Business looks familiar to some business professionals it could be because it was "based on mimicking the Harvard Business Review," Dr. Tarek Selim, an AUC economics professor, told The Media Line. It features articles by Egyptian business leaders, academics and the magazine's staff.
Although most people around the world see Egypt only through news clips of street violence, the country also has an active business world. So it was natural that both local and foreign CEOs and entrepreneurs participating in a wide array of projects attended the review's recent official launch. The magazine's goal, according to the university, is "blending theory and practice" with an emphasis on "relevancy and good readability to business experts."
The presence of business leaders at the launch only reflected a sign of potential and successful business opportunities in Egypt, even with the political and economic situations there in flux. Egypt is certainly the real thing to Coca Cola, which is planning to invest $1 billion there over the next five years.
The review is meant to mix theoretical ideas with practical ones.
"Most business journals are very academic in nature and far too complex for members of the business community," explained Ahmed Tolba, co-editor in chief of the magazine and associate professor of marketing and director of the El-Khazindar Business Research and Case Center (KCC). "We wanted to introduce a publication that addresses the needs of the community and makes a profound impact on the commercial environment in Egypt.”
He said its goal was to convey KCC's mission to the public which is to become the primary link between academic research and practical applications.
"With four pillars – entrepreneurship, leadership, innovation and responsible businesses – the magazine covers a wide array of vital business topics through abridged features, editorials and case studies. These themes exemplify the School of Business's key pillars and mission statement," Sylva Hagop, the business development manager for the IBA Group, the publishing partner for the new review, told The Media Line.
Flipping through the first issue, there are articles of interest to both local and international readers regarding Egypt's economic challenges, including the $4.8 billion IMF loan and rising inflation. Economic experts delve deeply into whether the contentious IMF loan represents the kiss of life or will suffocate Egypt's fragile economy.
"Egypt can manage for a while without the $4.8 billion loan, but now Standard & Poor's stock market index has given Egypt a C- credit rating, and that scares away any investor trying to invest in Egypt,” AUC business professor Selim said. “The loan is needed to bring back credibility to the Egyptian economy that it can pay back its investors.”
The magazine also examines the surge in Internet users in the Arab world and the resulting proliferation of online business opportunities. According to recent studies more than one-third of Egypt’s population of 85.3 million are Internet users. China and the US have the highest internet penetration, while Egypt ranks 21st worldwide.
Co-editor in chief Tolba said the review has a specific style, and is intended to give its reader a summary of the local economic events. "None of the articles exceed two pages in length and the features are industry-related, simple and thought-provoking. Some articles are conceptual, while others are more practical, zooming in on a specific business theory and studying working applications of this belief in the business world."
Average readers should not be put off by the business-oriented nature of the publication, he said. "Everyone is interested in business. While the magazine primarily targets professionals, the language is not technical and can be easily grasped by readers who are vaguely familiar with business concepts," he told The Media Line
"The magazine should initially have around 36,000 readers locally and internationally. The magazine's first edition will be sent to AUC business alumni in more than 120 countries, free of charge," Hagop said. "Subsequent editions will be available for purchase by the general public for a subsidized price of six dollars. In later stages, the publication will expand its presence through online marketing and sales."
The American University in Cairo tries to educate its students according to American standards. Its diverse range of activities includes producing political, social and economic case studies for companies to meet the needs of the Middle East and Africa. It is also famous for its workshops to train locals to improve their management and business skills to Western standards.
Now that it's finally out there, School of Business Dean Sherif Kamet sees the new business review going a long way to stimulating both local and international trade in Egypt and around the world.
In a press release about the launch of the review he said, "I believe that this new publication will provide a channel for examining innovative ideas, sharing business insight and showcasing prominent business practices. The review is party of a series of activities and services the school has been introducing as part of a platform for knowledge dissemination that addresses management education and the role of business schools in society."