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Egypt Continues to Impress
This week saw yet more announcements that make Egypt an even more favourable spot for property and other investments. Firstly, the announcement that long-awaited fourth route for the 2.6 billion dollar Cairo metro line has been charted.
Work on the line -- which will run from the north western suburb of Sixth of October, passing the site of a new Egyptian museum near the pyramids of Giza, to the El Malek El Saleh district a kilometre south of the city centre -- will commence in September next year.
The fourth metro line in Cairo is yet another sign of the government's continued commitment to improving the country's, which is something investors are watching for.
Another sign of Egypt's continued investment worthiness came in the form of HSBC announcing that they would be releasing their new contactless Paywave visa debit card to their advance and premier customers.
The cards, which have higher spending limits than most credit cards, and include benefits like extended warranty insurance and free purchase protection, will be part of the new Paywave system, the first Visa contactless card in the market.
"This advanced payment feature offers even greater convenience, while still providing the same secure, flexible, globally-accepted benefits cardholders have come to rely on in Egypt and around the world," said Tarek Elhousseiny, Visa's general manager for North and West Africa.
"HSBC is a global Visa account and a great partner to launch the HSBC Visa PayWave contactless debit card in Egypt and across the region," added Nevine Taher, HSBC's head of PFS and Branches.