On 1st February, Macro Market Egypt, a subsidiary of Metro Cash and Carry (a global company specialized in retail stores) announced the liquidation of its business in Egypt and sale of its assets to Saudi investors.
Makro Market Egypt
The Macro group started its operations in Egypt in 2009 with the aim of opening 20 branches across the country, with investments exceeding 400 million Euros. However, security conditions cost the company huge losses, according to a finance official’s statement in “Stock Market News” magazine, which led to its decision to end its businesses in Egypt.
On 2nd January, the Egyptian billionaire Nassef Sawiris, founder of Orascom Construction Industries (one of the largest construction and fertilizers companies in the world) announced the end of his company’s legal existence in Egypt.
The move came in parallel with Sawiris family’s transferring of most of their investments outside Egypt, either by selling them to other companies, or having other subsidiaries acquire them, such as what happened with Orascom, which was seized by a Dutch company founded by Sawiris himself.
On 3rd October, 2013, Yahoo closed its Egypt office within the framework of the company’s plan to limit the number of its offices abroad. The Yahoo office started off with 200 employees two years ago. By the time of its closure, the number of employees had reached 120, most of them now laid-off or moved to the company’s two branches in Dubai and Amman.
On 4th October, 2013, Thomas Cook, the leading international travel agency, announced the sale of 100% of its shares in Egypt and Lebanon to the Bahraini group Youssef Bin Ahmed Kanu.
At that time, the governments of Germany, Russia, France, Sweden, and Italy, among others, warned travel agencies against tours to Egypt due to the security conditions in the country, which led to a sharp decline (by 80%) in tourism rates in Egypt, according to the Minister of Tourism Hisham Zaazoo.
El Al Airlines
On 5th August, 2013, the Israeli airline El Al shut down its office in Egypt and handed it over to the Cairo Airport Authorities after the deterioration of tourism and transportation between Tel Aviv and Egypt. El Al had been the main provider of flights for transit passengers, Arab Israelis, or Coptic Roman Orthodox Egyptians who visit Christian sites in Jerusalem and Bethlehem.
El Al Airlines was established in 1948. The number of its vehicles is approximately half that of EgyptAir.