EGYPT AND TUNISIA HOLD LONG-TERM PROMISE FOR PAINT AND COATING SECTOR
March 23rd, 2023
Egypt was one of the fastest growing paint markets in the Middle East and North Africa (MENA) in 2021 and early 2022, but the depreciation of its currency on foreign exchange markets, surging inflation and an economic downturn over the past year is now depressing the sector.
“The Egyptian market has been excellent in terms of growth opportunity but challenged by currency devaluations and new importation procedures,” said Christopher Sharkey, director, infrastructure sales Middle East, at Danish paint major Hempel.
Like many paint companies, Norway’s Jotun ...
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