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Hilbroy Advisory: Egypt's uprising takes toll on economy
Hilbroy Advisory: Egypt's uprising takes toll on economy
Although the revolution has lifted the hopes of many Egyptians eager for a more prosperous, democratic future, the turmoil has walloped the nation's economy, in no small part because of the drop in tourism.
Montreal,
Quebec,
Canada
(prbd.net)
25/04/2011
Montreal, Quebec, April 22, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: Saad Ahmed has a lot of time on his hands these days. Usually at this time of year, hordes of tourists swarm the Egyptian merchant's souvenir shop and many others like it at the foot of Egypt's mightiest pyramid, snapping up postcards, ornamental papyrus and enough statuettes of King Tut to create a kitschy necropolis back home.
But Egypt's revolution has scared away millions of foreign tourists, the lifeblood of the nation's economy, and now this ancient kingdom of tombs resembles a ghost town.
A lot of people have been losing money after the uprising that forced President Hosni Mubarak from office more than two months ago.
Although the revolution has lifted the hopes of many Egyptians eager for a more prosperous, democratic future, the turmoil has walloped the nation's economy, in no small part because of the drop in tourism. Merchants who cater to tourists say the post-revolutionary drop in business has been much more severe than the slowdown after gunmen killed a group of tourists in Luxor in 1997.
The revolution has also slowed other sectors. Jobs have been lost, foreign investment has dried up and inflation has increased. The stock exchange opened only late last month after a two-month shutdown.
The government reported last week that food prices have skyrocketed 48 percent in a nation that is already the world's largest importer of wheat. Lines form in neighborhoods when trucks arrive with scarce canisters of cooking fuel.
All of this has added stress to an economy where 22 percent of people live below the poverty line, according to World Bank figures.
Finance Minister Samir Radwan said this month that Egypt's economic growth had slowed to an estimated 2.5 percent this year, compared with 5.3 percent in 2010.
The revolution's impact on the economy has made some Egyptians impatient about the continuing calls for change during regular protests in Tahrir Square.
Mohamed Al-Masry, a businessman and former president of the Federation of Egyptian Chambers of Commerce, said most Egyptians in the business community have been supportive of the revolution. But some also long for the return of stability.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
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All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
About
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
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