ESLSCA Business School
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MBA
Group # 50A
MASTER OF INTERNATIONAL BUSINESS
ADMINISTRATION
(MIBA)
The Effect of Foreign Direct investment on economic Growth of
Egypt
BY
Samer Sohry Saad
Supervised by
Dr.Ashraf Elsafty
This paper was submitted in partial fulfillment of the requirements for the degree of
MAY 2017
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TABLE OF CONTENT
Contents
LIST OF FIGURES .................................................................................................................................... 4
LIST OF ABBREVIATIONS .................................................................................................................... 5
ACKNOWLEDGEMENTS ....................................................................................................................... 6
ABSTRACT ................................................................................................................................................. 7
CHAPTER 1: INTRODUCTION .............................................................................................................. 8
Historical Data about Egypt................................................................................................................... 9
Problem Definition ................................................................................................................................ 11
Significance of the study ....................................................................................................................... 15
Research Conceptual model and variables ......................................................................................... 16
Secondary data analysis ....................................................................................................................... 16
Research Variables ............................................................................................................................... 17
- Dependent variable: ............................................................................................................... 17
- Independent Variables: ........................................................................................................... 17
- Moderating Variables: ............................................................................................................ 18
RESEARCH LIMITATIONS.................................................................................................. 18
RESEARCH OBJECTIVES .................................................................................................... 18
RESEARCH QUESTIONS .................................................................................................................. 18

Major Question ................................................................................................................ 18

Minor Questions .............................................................................................................. 19
CHAPTER 2: LITERATURE REVIEW ................................................................................................ 20
2.1 Foreign Direct Investment and Economic Growth in Some MENA Countries ........................ 20
2.2 Foreign Direct Investment (FDI) Really Matter in Developing Countries ................................ 20
2.3 FDI flows and host country economic development .................................................................... 21
2.4 The effects of foreign direct investment on the host country's economic growth ..................... 22
2.5 The Effect of Foreign Direct Investment on Economic Growth ................................................. 23
2.6 The Effects of Foreign Direct Investments for Host Country’s Economy ................................. 24
2.7 Impact of FDI on Economic Development A Causality Analysis for Singapore ....................... 25
2.8 Foreign direct investment and growth: theory, evidence and lessons for Egypt ....................... 26
2.9 Foreign direct investment and economic growth: empirical analysis ........................................ 27
2.10 Foreign Direct Investment, Exports and Economic Growth: Some African Evidence ......... 28
2.11 Impact of FDI and Trade Openness on Economic Growth....................................................... 28
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2.12 Foreign Direct Investment, Country Capabilities and Economic Growth .............................. 29
2.13 Foreign Direct Investment, Financial Development, and Economic Growth: Evidence from
the Arab Countries ............................................................................................................................... 30
2.14 Does foreign direct investment cause economic growth ............................................................ 31
2.15 Foreign direct investment and growth: theory, evidence and lessons for Egypt..................... 32
2.16 Conclusion ..................................................................................................................................... 32
Chapter3: Theoretical Framework ......................................................................................................... 34
3.1 Introduction ..................................................................................................................................... 34
3.2 Problem Definition .......................................................................................................................... 34
3.3 Research objective .......................................................................................................................... 34
3.4 Theoretical Frame Work ................................................................................................................ 34
3.5 Research Variables ......................................................................................................................... 35
3.6 Research limitations........................................................................................................................ 36
3.7 Research Assumption ..................................................................................................................... 36
3.8 Research Questions ......................................................................................................................... 37
3.9 Research Hypothesis ....................................................................................................................... 37
3.10 Research Methodology ................................................................................................................. 38
3.11 Data collection ............................................................................................................................... 38
3.12 Finding ........................................................................................................................................... 39
References .................................................................................................................................................. 40
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LIST OF FIGURES
Figure 1.1 table for Egypt Finical and Economic Figures (2006-2016)
Figure 1.2 Plotting Egypt FDI Inflow from 20016 -2016
Figure 1.3 Plotting Egypt Growth rate from 2006-2016
Figure 1.4 Plotting Egypt Exporting Balance from 2006-2016
Figure 1.5 Plotting Egypt importing Balance from 2006-2016
Figure 1.6 Conceptual Model variables
Figure 2.7 different models and variable that was used at the literature
Figure 3.1: Proposed Theoretical Framework
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LIST OF ABBREVIATIONS
FDI
Foreign Direct Investment
GR
Growth Rate
BOP
Balance of Payment
TB
Trade Balance
GDP
gross Domestic Product
CBE
Central Bank Of EGYPT
ICT
Information and Communication Technology
FPI
foreign portfolio investment
MENA
Middle East and North Africa region
UAE
United Arab Emirates
SADC
Southern African Development Community
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ACKNOWLEDGEMENTS
I would like to take this part of my research to introduce my warm thanks to all professors
teachers and assistants whom encored me and guide me in addition to their support during the
past 2 years , they provide me with a great knowledge regarding different topics .
I would specially thank Dr. Ahmed Mabrouk for his assistant during MBA track and subjects
Also my deep and great thanks for Dr.Ashraf Elsafty for guiding me through the research topic,
Helping me through his simplified professional way across the difficult areas of the thesis
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ABSTRACT
Growth rate are considered one of the major scales and factors that measure the increase of the
economy health and the ability of the internal market to accept and migrate with new forces form
the global, although it’s a very essential and important figure for any country specially a
developing country like Egypt, it’s a must to understand the factors that is affecting growth rate
ratio and how to improve it and enhance all the variable that might lead to increase of that figure.
Knowing that the growth rate is mainly calculated from the balance of payment we claimed
during our research that some factors at the BOP is more important that others and some factors
will lead to a booming effect at the growth rate like the FDI,
This fact lead us to introduce the FDI as one of the biggest major factors that will influence the
growth rate through different axes that almost all the researches accept it as a factors influence
the FDI inflow and the growth rate
Market openness , investment laws will encourage the foreign investor to start a new business at
Egypt and with our knowledge about the best type of FDI that suite our economy we can push
this type of investors to invest at the most labor intensive mega project at Egypt
All that factor will directly affect the growth rate of Egypt to a higher level
The main expected outcome form the research is to confirm the relation between the FDI, growth
rate and through the support of some other important variables like the trade of balance, market
openness and investment law
Keywords: FDI, Economic Growth, balance of trade, Economy openness, investment law’s,
determines of the FDI
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CHAPTER 1: INTRODUCTION
Foreign direct investment (FDI) has proved to be mandatory during financial crises for every
development country with a direct impact to the people living and to the economy growth rate of
the nation through the production and the industrial spillover, controlling the importing of goods
and encouraging the goods exporting to create a balance of trade lead to a fast recovery from
most of the financial crisis,
Egypt faced an economic crises during and after the revelation and for more than 6 years the
government try to improve the factors with a healthy regime during this period , In addition to
the instability of the Egyptian growth rate starting 2011 after and during the Egyptian revolution,
the exporting of goods increase while importing decrease dramatically
Unstable economy with a high rate of fluctuation regarding the growth rate & government
spending in addition to high inflation rate with a very high unemployment percentage all this
factor lead to a hard time regarding the Egyptian economy that was considered to be a
developing country with a very high potential during the last era , through 2007 and 2008 a
growth rate was almost equal to 7.2% to currently during 2015/2016 it reached 3.3 with
expecting to be 4 present during 2017 , (economics, 2017), huge infrastructure mega project in
addition to the tourism and the new Suez canal all that’s lead the Speculators to predict a high
percentage of fluctuation during the coming years specially that according to the World Bank
last release forecasted that Egypt’s GDP growth rate expected to fall in 2017 , therefore
attracting FDI has become mandatory option to the Egyptian Economy (worldbank, 2016),
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Historical Data about Egypt.
Egypt considered as one of the oldest nation worldwide, it’s a presidential republic since and
after the revaluation of 1952 with a greater capital Cairo in addition to a 27 governorates runs
through a mixed legal system based on Napoleonic civil and penal law, Islamic religious law, the
judicial review of the constitutionality of laws by the Supreme Constitutional Court supervision.
The head of state is President Abdel Fattah al-Sese, who was approved through the national
election by referendum. The implementation of the state’s policy is formulated and supervised by
the Egyptian president himself. He is also the preeminent Head of the military armed forces. The
main executive branch of the state is the local government, which is composed of the cabinet,
and is directly chosen through the president. It is headed by the Prime Minister and supervises
the work of the Government .The highest administrative body in the Egyptian Republic is the
council of ministers. They are all responsible for the general policy of the state before the
People's Assembly, and each minister is responsible for the performance of his ministry.
(wikipedia, 2016)
The Egyptian ministry of finance is the main responsible of planning leading , controlling in
addition to budgeting the government of Egypt’s and the main responsible to handle the public
debt. This is carried out by preparing legislation, planning revenues and expenditures, managing
and supervising the government budget spending process and preparing a framework for
economic policy and development. (Finance, 2010)
The Central Bank of Egypt is the main monetary authority in Egypt. The bank's paid-up capital is
1000 million Egyptian pounds. According to the CBE records Its main duty to regulates all the
banks and its system to formulate and implement the Egyptian banking policy system , manages
gold and foreign exchange reserve , the CBE regulate and inforce the interest rate among all the
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banks , control and manage the Egyptian presence in the world foreign exchange market
supervise and approve the government spending and national payment system in addition to
managing the external and the internal government dept. banks and the banking system of Egypt
(CBE, www.cbe.org.eg/en/AboutCBE/Pages, 2016)
Unemployment rate reaches 12.7 percent by 2016 with increase equal to 5 percent during 2010
with higher rates among the youth and women in addition to massive increases in the population
growth rate almost 100M that lead to additional pressure at the internal infrastructure and
services demand , that directly slow down the economic growth (tradingeconomics., 2017) ,
during the last era Egypt witnessed a huge growth in terms of telecommunication, infrastructure
development and service with the encouragement of the Egyptian government that was trying to
encourage the small and medium organization to improve the mentioned sector at Egypt , The
government has made big improvement in the last couple of decades towards establishing the
country image as a potential hub in the region. Through a major infrastructure development and
huge projectors (worldbank, 2016)
Egyptian market considered to be a very big market with high rate of consumption regarding the
goods and the service specially the petroleum and the new innovated product, foods and clothes
also remains with a very high consumption rate among the Egyptian consumers , Tourism
considered as an important economic pillar of Egypt income , but during and after the revolution
it was severely hit by political instability . The total number of visitors in 2016 plummeted to 5.3
million from 9.3 million in 2015. (Encyclopedia., 2007) , (worldbank, 2016)
From other side the Suez Canal, which connects the Mediterranean Sea with the Red Sea
considered to be a big factor that influence the forging currency inflow , during 2015 the
government lunched a huge project to increase the capability of the canal by increasing its width
and depth to be able to increase the canal’s daily capacity from 49 vessels in 2014 to 97 in 2023,
and to push Egypt to be an international trading and logistics hub, The new canal is expected to
increase the traffic revenue of the canal from US$ 5.3 billion in 2015 to US$15 billion in 2023,
(Earth.esa, 2016), (economics, 2017)
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The government since the 2011 revolution, the industrial sector has been put at the forefront of
plans for economic growth. Creating new industrial zones, substantive training programs and
development plans along the Suez Canal corridor have all been committed as part of a strategy
to boost the manufacturing sector’s contribution to economic output over the next coming years .
It will know that the Egyptian industry sectors were developed and diversified during early
times. From agriculture sector that was the primary source of employment. Majority of the
population inhabited the Nile basin and were involved in agricultural production to industrial
nations with huge manufacturing ability through the new industrial zones that was created at 6 of
October and obor city the major Egypt industrial sector currently is the agriculture, automobile,
consumer electronics, still and consternation sector
The Egyptian graphical location in the north-eastern corner of Africa and south-western Asia.
Egypt is bordered by the Mediterranean Sea to the north, the Gaza Strip and Israel to the
northeast, the Red Sea to the east, Sudan to the south and Libya to the west with almost about 1
million km² , Egypt mainly divided to four major parts , the nile and delta and its extended from
north of the valley to the Mediterranean see an this parts divided to upper Egypt and lower Egypt
, the second part is the western desert it extend from the nile valley to Libyan border in the west ,
the there’d part is the eastern desert its extend from the nile valley to the red sea Suez gulf and
Suez canal , the last part is the red sea peninsula that part of Egypt very famous with the tourism
activity and its great nature regarding the desert and sea in addition to a huge amount of luxury
resort that attract the foreign visitors around the world (Fact-Book, 2016),
Problem Definition
Egypt before 2011 there was a great potential and expectations for the Egyptian economy to
grow, there has been a strong political transition following the Egyptian Revolution and the
removal of President Mubarak’s in 2011. After the Revolution period growth rate of the
economy has been slightly picking up, because of different reasons like real state and
manufacturing with increase in the foreign direct investment, although at the same time the
Egyptian tourism and the Suzie canal was not preforming good because of the internal instability
of the police department specially at Sinai , The instability caused by the revolution has almost
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seized FDI if not repelling already existing FDI stock. Large budget deficit, fast drain for the
foreign reserves, lack of tourism and huge losses in the Egyptian stock market continue to hinder
recovery. (CBE, BOP-Annual report , 2006-2016)
An alarming notifications is taking place among the public regarding large businesses especially
multinationals working in Egypt that stems from the marriage of politics and business during the
rule of the last regime.
As a result of the reduced activity , after the second revolution the Egyptian authority faced the
same continuing policy pressure in addition to more shortage of the foreign investment duo to
some Acts of terror , and huge investment with a very short time that lead to huge increase the
project expenses like Suez canal extension and the mega project for the internal roads
infrastructure , at the same time the there was a very contradicting policy between the fiscal and
the minatory systems in side Egypt , without a clear road map to the economic gross , and by the
end of 2016 the Central bank of Egypt decided to free floating the currency hoping that this
action will attract the foreign investor to Egypt although all the Economists predict a coming
decrease at the Egyptian growth rate during 2017 and 2018
Egypt need to keep an eye toward achieving sustainable environment to attract the foreign direct
investment that will lead to a direct impact at the Egyptian economy
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YEAR
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
Egypt Trade Balance Egypt FDI Egypt BOP Growth Rate
-16290.6
11053.2
5282.3
7.1
-23415.4
13236.5
5420.4
7.2
-25173.3
8113.4
-3377.6
4.7
-25120.0
6758.2
3355.7
5.1
-27103.0
2188.6
-9753.9
1.9
-34139.0
3982.2
-11278.4
2.2
-30694.7
3753.3
237.0
2.1
-34159.3
4178.2
1478.6
2.2
-39060.4
6379.8
3724.9
3.3
-38683.1
6932.6
-2813.0
4.5
GDP
132 165
164 844
187 978
214 630
231 100
260 153
255 199
282 242
296 123
Figuer 1.1 Egypt Finical and Economic Figures (2006-2016)
Central Bank of Egypt /Annual Report
All figures in (US.$m.)
(CBE, BOP-Annual report , 2006-2016)
Egypt FDI
14000,0
12000,0
10000,0
8000,0
6000,0
4000,0
2000,0
0,0
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
Figure 1.2 Plotting Egypt FDI Inflow from 2006 -2016
Data source Central Bank of Egypt (CBE, BOP-Annual report , 2006-2016)
All figures in (US.$m.)
The above figure indicate the inflow for the foreign direct investment during 2006 and up to
2016 showing fluctuation during period specially during and after the Egyptian revolution
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Growth Rate
8,0
7,0
6,0
5,0
4,0
3,0
2,0
1,0
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
Figure 1.3 Plotting Egypt Egypt Growth rate from 2006 -2016
Data source Central Bank of Egypt (CBE, BOP-Annual report , 2006-2016)
All figures in (US.$m.)
The above figure indicate historical figures for growth rate of Egypt during 2006 and up to 2016
showing fluctuation during period specially during and after the Egyptian revolution
Export
35 000,00
30 000,00
25 000,00
20 000,00
15 000,00
10 000,00
5 000,00
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
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Figure 1.4 Plotting Egypt Exporting Balance from 2006 -2016
Data source Central Bank of Egypt (CBE, BOP-Annual report , 2006-2016)
All figures in (US.$m.)
The above figure indicate the historical figures for the Exporting balance of Egypt during 2006
and up to 2016 showing the declining of the Exporting of goods starting from 2013 after the
second revaluation duo to the scarceness of the foreign currency
Import
70 000,00
60 000,00
50 000,00
40 000,00
30 000,00
20 000,00
10 000,00
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
Figure 1.5 Plotting Egypt importing Balance from 2006 -2016
Data source Central Bank of Egypt (CBE, BOP-Annual report , 2006-2016)
All figures in (US.$m.)
The above figure indicate the historical figures for the importing balance of Egypt during 2006
and up to 2016 showing the increasing trend for the importing of goods starting from 2006
Significance of the study
Knowing the importance of the foreign direct investment to the Egyptian economy health and its
direct to the growth rate of the nations in addition to knowing the relation between the exporting
and importing of goods and services and its direct impact to the Egyptian balance of payment
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will help and support the government policy to take the correct decision to encourage the FDI in
flow and to limit the importing of elastic goods and to encourage the internal industrialization
and internal manufacturing to be able to export goods with quality and high demand to the global
market .
Research Conceptual model and variables
Figure 1.6 conceptual Model variables
Secondary data analysis
Through analysing the secondary data trying to determine the relation between the variables
Variables
Correlation coefficient Between Trade Balance /Growth Rate
Correlation coefficient Between Export /Growth Rate
Correlation coefficient Between Import /Growth Rate
Correlation coefficient Between FDI /Growth Rate
correlation coefficient
0.637145509
-0.13428616
-0.72935339
0.962565093
Figure 1.6 Research Model
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Research Variables
- Dependent variable:
Growth Rate: refer to the percentage of change of the growth rate variable within a specific time
period with the effect of the independent variable, growth rates indicate rate of growth of a
country according to its GDP and balance of payment
- Independent Variables:
1) foreign Direct Investment : foreign investment by a company or individual, in one country with
the purpose of business interest at another country its represented by different types such as
investment made by a company or individual in one country in business interests in another
country, in the form of either establishing business operations or acquiring business assets in the
other country, such as ownership or joint venture or strategic alliances , we will try to introduce
& to understanding the impact of the FDI to the growth rate of Egypt , through understanding the
behavior of change in the growth rate with the change of the FDI inflow to Egypt
-
A strong positive relation exist between the FDI and the dependent variable , when the FDI
increase the growth rate increase
2) Good and service export proceeds: the percentage and the value of the goods and services that
is produced at the local market with the intention to be exporting to the global market with the
aim of generating profit with a foreign currency, the variable is introduced with the benefit of
Understand the effect of balance of the exports and its impact to the growth rate behavior,
- A positive relation exist between the Good and service export proceeds and the dependent
variable , when the Good and service export proceeds increase the growth rate increase
3) Good and service import proceeds: the percentage and the value of the goods and service that
is produced outside the local market and importing to fulfill the shortage and the need of the
consumers locally , the variable is introduced with the benefit of Understand the effect of balance
of the imports and its impact to the growth rate behavior,
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- A negative relation exist between the Good and service Import proceeds and the dependent
variable, when the Good and service import proceeds increase the growth rate decrease
- Moderating Variables:
-
Economy openness : the internal market and economy openness , its directly impact both
positive and negative to both Exporting and Importing balance
-
Government intervention policy’s : the government and the central bank intervention at
the Egyptian market that that encourage or discourage the foreign direct investors to
directly invest at Egypt , the government intervention affect the inflow of the FDI
Research Assumptions
Assumption 1: Research is limited to Arab republic of Egypt during the period 2006-2016
Research Limitations
Limit 1: Limited to Egypt as applied research
Limit 2: The theoretical framework is limited to the variables included in the model.
Research Objectives
The research objective to explain the relation between the FDI at Egypt and its impact to the
growth rate taking in consideration the trade of balance of goods and services from both aspects
the importing and the exporting of goods trying to prove the direct relation between the 4
variables
Research Questions

Major Question
What are the variables that directly effect to Egyptian growth rate?
Claim: there are a 3 major variables that affect the growth rate of Egypt
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
Minor Questions
1. What is the impact of the foreign direct investment to Egyptian growth rate from?
Claim: there are a direct positive strong relation between the FDI inflow and the increase of
the Egyptian Growth rate
2. What are the impact of the exporting of goods to the Egyptian growth rate and the balance of
payment?
Claim: there are a direct positive relation exporting of goods and the increase of the
Egyptian Growth rate
3. What are the impact of importing goods to the Egyptian growth rate and the balance of
payment 2011and up to 2016?
Claim: there are a direct negative relation importing of goods and the increase of the
Egyptian Growth rate
4. Does the economics and market openness affect the FDI , Exporting and Importing of goods
to the Egypt?
Claim: the market openness directly affect the 3 dependent variable
5. Does the government intervention policy affect the FDI inflow to Egypt
Claim: the government intervention directly affect the FDI inflow to Egypt
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CHAPTER 2: LITERATURE REVIEW
2.1 Foreign Direct Investment and Economic Growth in Some MENA Countries: Theory
and Evidence
Keywords: foreign
direct investment, economic growth, market openness, technology
Thee researcher through his study tried to
examine and tested relationship between FDI
DV
IV1
and the growth rate of the developing nations
taking the some country’s from the MENA
area as a case study the country’s that was
IV2
FDI
Domestic
Investment
Growth Rate
selected for the paper study are Algeria,
Egypt, Jordan, Morocco, Tunisia, and Turkey
IV3
Trade Balance
for his paper , he studied the relation
theoretically through the finding of the
literature reviews and the previous research
Economy
openness
Mov. 1
Investment
Policy’s
Mov. 2
findings and empirically through the re
regression model of data analysis , the paper finding claimed that the FDI inflow lead directly to
economic growth although the effect is varies a cross the MENA region according to the market
openness for trade and the domestic investment , in addition to the current investment policy’s
and economic regime , (Bashir, 1999)
2.2 Foreign Direct Investment (FDI) Really Matter in Developing Countries
Keywords: foreign
direct investment, economic growth, determinants of FDI,
As it was defined by (Masry, 2015) and through his study and thorough evidence from some
developing countries like Egypt with the same economic conditions, he pointed the effect of the
foreign direct investment at the host countries, through his case study of Egypt and across the
period from 1961 up-to 2012 , the Egyptian economy faced 2 major changes through global
forces the Global financial crisis that began at 2008 in addition to the Arab spring that started at
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2011 and its direct effect to the
political instability that directly
affected the FDI inflow to Egypt , the
DV
IV1
FDI
researcher through his paper
highlighted that the determinates that
attract the FDI in Egypt are the
Growth Rate
economic openness that is driven by
the investment law , the government
expenditure and the labour force and
IV2
Trade Balance
employment , although highlighting
that this factors varies from country to
another , pointing that the countries
with large trading market with a
Determines of
FDI
Economy
openness
general
government
expenditure
Mov. 1
Mov. 2
Mov. 3
balanced trading balance are the most
likely to attract the FDI , The researcher through his data analysis listed a positive relation
between the FDI and the growth rate of the country, advising that not all the FDI had a direct
positive relation with the Egyptian GDP growth rate but the labour intensive industries, other
type of FDI like petroleum or Energy industry’s does not create jobs and doesn’t contribute in
solving problem of unemployment , that’s mean the government must give attention to the type
of the industry for the FDI and its quality to be useful and with an impact to improve the market
performance , Through the research finding he listed that the FDI affect the growth rate of Egypt
positively if the FDI dedicated to the labour intensive investment or else there are not direct
effect between the FDI and the growth rate (Masry, 2015)
2.3 FDI flows and host country economic development
Keywords:
economic growth; foreign direct investment inflows; absorptive capacity; host /
receiving country; home / source country. Technology spill over
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The researcher through his paper tried
to analyse the direct and impact of the
FDI attraction and the economic
Mov. 4
Mov. 3
Technology
Spillover
Investment
laws
DV
development of a country, his
assumption that the FDI should be
IV
with a positive impact at the growth
FDI
Growth Rate
rate and development of any country
although pointing to the degree of
openness of the trade laws and
Trading Laws
environment that encouraging the
inflow of the FDI to the country
Mov. 1
Economy
openness
Mov. 2
specially the developing Analysing
Diffident Empirical study for different researches with different type of data collection and
through his analysis for this type of research’s he came with a finding that the FDI is an
important source of economic growth for any country specially the developing one, through FDI
inflow the host country should enhance its growth rate through technology spill over and direct
inflow of foreign capital Through his conclusion at the research he confirmed that the growth
rate is directly affected with the FDI inflow through transferring the employment effect, balance
of payment effect listing that FDI is a very useful tool for technology transfer taking the
Romanian economy as a case study for the period of 2007 and up to 2011 and he came up with a
fact that the economic development of Romania, directly and positively affected with the FDI
inflow increase through the 3 years (Drigă, 2011)
2.4 The effects of foreign direct investment on the host country's economic growth: theory
and empirical evidence
Keywords: Foreign direct investment; economic growth
The researches though there data analysis for different developed and developing countries came
up with a finding and conclusion that Economic growth is not an automatically procedure, or
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only depending at the host country’s
Mov. 4
Mov. 3
Human Capital
determines of
FDI
internal conditions. Their studies
DV
tends to confirm the relationship
between FDI and economic growth
is totally driven by moderating
IV
FDI
Growth Rate
effects of the host country, such as
the level of employment condition in
addition to the level of
Openness or the internal financial
development of the market pointing
to a several authors that already
economic
openness
Mov. 1
Finical Sector
Development
Mov. 2
tested the same finding and
concluded that is directly and significantly positive, they confirmed through their imperial
analysis the positive and direct effects of FDI on host country’s economic growth. . Through
their research they came up with another conclusion that absorbed from their literature and
survey that the majority doesn’t take into consideration the determines of the FDI claiming that
the growth rate increase could be more related to FDI in a direct greenfield investment or labour
intensive industry’s thy tried also to reverse the relation and to determine the way that growth
rate influence the inflow of the FDI (FORTE & MOURA, 2013)
2.5 The Effect of Foreign Direct Investment on Economic Growth
Keywords:: FDI, Growth, Panel data, MENA Countries.
The researcher through his paper and through the data analysis for different data at the 11
selected MENA countries, Algeria, Bahrain, Iran, Libya, Iraq, Kuwait, Oman, Qatar, Saudi
Arabia, United Arab Emirates, and Yemen , and through his analysis and his literature review
the researcher find a major debate in the literature regarding the impact of FDI on economic
growth of the hosting counters. Confirming that most of the argument state that the FDI inflow to
the country improve the Growth rate and directly impact the balance of payment of the country,
in addition to the add value through the transferring of new technology , knowledge and improve
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competitiveness at the host country , FDI
can play a significant role in economic
DV
growth specially at developing countries
by generating more benefits to the host
country economies rather than filling the
IV
FDI
Growth Rate
short-term capital deficiency problems at
the BOP . they claimed that during the
past 20 years, the inflow of FDI has been
the main reason to increase the world
economy from 13 to 31% of GDP on
average most the developing economies
Competitiveness
Technology
spillover
Mov. 1
Mov. 2
of country that was studied during
research’s that’s why during the past decade FDI has gained importance over the past three
decades as a tool to accelerate growth and development of economies in transition periods , Their
research though panel data and regression analysis examined the effect of FDI on economic
growth in eleven MENA selected countries. The results showed that the effect of FDI on growth
rate is positive and significant. (Nahidi & Badri, 2014)
2.6 The Effects of Foreign Direct Investments for Host Country’s Economy
Keywords:: FDI, Growth rate , resource transfer effects, international trade, privatization
The researcher tried to point at the important of the FDI inflow for the Developing counties
especially with emerging economies or countries in transition period , taking in consideration a
very wide view to describe the impact of the inflow at the employment , technology , resources ,
management , and the Balance of payment and the growth rate stating that the successful stories
did a massive change at their FDI regime and followed best policies to attract the foreign direct
investment, claiming through his research that to maximum benefits of FDI for the host
Country will include technology, human capital in addition to balance of trade and improving
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the competitive business environment, further than that the economic benefits FDI can help the
improvement of environment and social
Mov. 4
condition all the previous variable
Technology
Spillover
contribute to improve the economic
Mov. 3
Competitiveness
DV
growth of the country, they also pointed
that the benefits of FDI inflow do not
increase automatically and equally
IV
FDI
Growth Rate
across all countries the benefits vary
from one country to another according
to the Market openness and the
investment laws inside the country.
Through their finding to gain the
Human capital
maximum benefits from FDI a healthy
Mov. 1
Trading
Balance
Mov. 2
environment for business is mandatory,
which encourages domestic as well as foreign investment, provides a space for innovation,
competitiveness and improvements of skills and contributes to the BOP of the host country The
net benefits from FDI do not accrue automatically, and their importance differs (KurtishiKastrati, 2013)
2.7 Impact of FDI on Economic Development A Causality Analysis for Singapore
Keywords: FDI, Economic Growth, Vector Auto Regression
The researcher take a case of one of the developing country that is Singapore during the period
from 1976 – 2002 at that time Singapore was an emergency country after getting out from a
different wars that lead to deficit at the BOP and global recession all around the company.
Through the paper he tried to shows the relationship between FDI and economic growth
Claiming through his analysis that both variables closely move together in the same direction
with a strong magnitude, his study examines the relationship between FDI and GDP in the using
some data analysis Granger causality and vector auto Regression proving through his analysis
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that the strong economic growth
Mov. 3
Mov. 4
in Singapore is caused by the
Technology
Spillover
Human Capital
DV
FDI this means that there is a
relation exist Between the FDI
and the GDP but without any
FDI
IV
Growth Rate
evidence that the link between
FDI and GDP going in both
direction in addition to a
magnificent relation between
Economic
Openness
Trading
Balance
growth rate and the trade
Mov. 2
Mov. 1
especially at the trading zones in
addition to a healthy trade
regime and a very strong taxation system plus some major variable that effect the relation like
infrastructure quality the human capital & transfer of technology, Insuring that any progress in
economic development will depend on the country’s performance for attracting the FDI of
capital that is mainly a labor intensive in addition to the trade and the finical restriction for
capital inflow and outflow as well (Feridun & Sissoko, 2011)
2.8 Foreign direct investment and growth: theory, evidence and lessons for Egypt
Keywords: FDI, Economic Growth, Vector Auto Regression
The researcher through his paper tried
Mov. 4
Finical sector
Development
to address the relationship between
Mov. 3
Political stability
DV
FDI and Economic growth. Taking
Egypt as a scope of the study he tried
IV
FDI
Growth Rate
to address the current BOP deficit
and its relation with the FDI inflow
corresponding with the Egyptian
Market Size
Infrastructure
revolution that took place on the 25th
of January 2011. He find and claimed
Mov. 1
Mov. 2
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that the FDI enhance the economic growth of Egyptian determining that the attracting factor for
the FDI inflow would be the market size, openness, human capital , Infrastructure, in addition to
the efficiency of the financial sectors, growth rates, good considering the political stability the
main engine for the FDI inflow that impact the growth rate , also through giving examples for
some countries around the words with the same economic situation like Albania, Belarus,
Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Moldova, Poland,
And Romania, His paper finding that FDI was positively linked to growth in developing nations
like Egypt (Rady T. , 2012)
2.9 Foreign direct investment and economic growth: empirical analysis
Key words: foreign direct investment, economic growth, panel regression analysis, trade
openness, human capital, technology
The researcher through his paper
Mov. 3
tried to presents an empirical model
Human Capital
DV
through analysing the 84 countries
that consider an developing with a
critical economic situations, during
IV
his literature review he find that there
FDI
Growth Rate
are a positive significant relationship
between FDI inflows and economic
growth rates, his result indicate that
the FDI influence and increase the
Trading
Balance
economic growth and his panel
Mov. 1
Investment
Law
Mov. 2
regression analysis approved the
positive relation adding that the FDI inflow is the key that determine and increase the economic
growth in addition to the Human capital , trade openness and government laws and intervention ,
in addition to his prove that the international trade lead more FDI inflow and affect as well the
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growth rate mentioning that the countries that are using the trading correctly are most likely to be
successful in attracting the FDI inflow (Stancheva-Gigov, 2016)
2.10 Foreign Direct Investment, Exports and Economic Growth: Some African Evidence
Keywords: Exports, Foreign direct investment, Economic Growth, Granger causality
The researcher through his study examines the relationships between FDI , balance of trade and
the growth rate in 12 selected African
DV
countries over the period 1970 to 2013. He
tried to perform some data analysis and
testing through applying multivariate test of
IV
FDI
Growth Rate
Johansen in addition to Granger causality
tests. His analysis showed evidence of a
direct positive relation between the selected
variables in ten countries with growth rate
Trading
Balance
directly affected n the short run period and
another 5 countries with directly affect but
Infrastructure
Mov. 1
Mov. 2
at the long run and at those countries there
are another relation strong and positive with the export balance Also some other countries like
Ghana and Angola shows a inverted relation with through the variables, his advice was to insure
and to gain sustainable economic growth, African countries should make the economic
environment that encourage the FDI inflow in addition to the trade through appropriate
regulatory, policy’s and laws this encouraging can be through increasing the cost of capital
improving the entire infrastructure in addition to the political stability. (Keho, 2015)
2.11 Impact of FDI and Trade Openness on Economic Growth
Keywords: trade openness; foreign direct investment; economic growth; co-integration; Granger
causality.
The researcher through his paper and for the specific period from 1980-2010 he tried to analyse
and examine the effect of the market openness and the FDI and its direct impact to the growth
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rate of the developing countries, taking
Pakistan and Malaysia as the main scope of
DV
the study claiming that the free trade is the
engine of economic growth and that will
impact the development process of any
IV
FDI
Growth Rate
nation Especially at the emerging and
developing nations, the trade policies have
been the most Debated issues for the last
three decade although that the trade
economic
openness
openness is considered as a major factor
trading
Openness
Mov. 2
Mov. 1
for economic growth. In addition to the
inflow of the foreign investment, his results confirm the long-run relationship and positive
between the variables (Kakar & Khilji, 2011)
2.12 Foreign Direct Investment, Country Capabilities and Economic Growth
Keywords: FDI, economic growth; Human capital, technology spill over
The paper study tried to analyse the relation
Mov. 3
between the FDI and the economic growth, the
DV
Human Capita
researcher through his literature review find that
there are strong theoretical reasons to believe that
there are a strong positive relation, the researcher
IV
FDI
Growth Rate
assumption in his paper been that FDI positively
lead to higher growth rates through different
moderating variables like technology spill over ,
human capita specially at the MENA region . He
tried to explain that there will be a different effect
Technology
spillover
Mov. 1
Infrastructure
Mov. 2
across country’s because of the ability of the
domestic economy To adopt with the foreign technology through his empirical analysis he
proved that any increase in FDI inflow to the country appears to be positively related to Growth
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rate and through a regression analysis results he claimed that the direct Effects of FDI are
stronger in countries with a higher level of developed institutions, that will be leaded by the
human capital and the infrastructure inside the institutions that will facilitate the business process
(Olofsdotter, 1998)
2.13 Foreign Direct Investment, Financial Development, and Economic Growth: Evidence
from the Arab Countries
Keywords: FDI; financial development; economic growth; TFP; Arab countries
The research through his paper tried
Mov. 3
to highlight the positive impact of
Investment law
Mov. 3
DV
Market Size
the FDI in the growth rate, taking
some Arabic country’s with
different grouping according to the
IV
FDI
Growth Rate
economic condition for every group
like Egypt , Jordan , Morocco and
Tunisia as an example of the
Reform countries and Bahrain ,
Kuwait , Oman , Qatar , Saudi
Political
stability
Mov. 1
Economic
openness
Mov. 2
Arabia and UAE from the gulf area , the research claims that the growth rate depends on 2 major
factors that are local conditions including the stability , economic conditions , investment laws
and the encouragement of the government for the foreign investor and the other factor are the
absorptive capacities that include the finical capacity and the market size including the labour
force that would be able to gain and absorb the new technology the researcher through his paper
tried to provides through his analysis for the data collected that the FDI has have an independent
positive effect on growth rate specially at the developing countries like Egypt ,his data analysis
finding results imply that countries should fix and reform their internal finical system before and
to be able to attract the FDI , he claimed that Countries that have some obstacles regarding the
two mentioned points can create a growth rate through the internal domestic investment that
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would be a more growth rated potential than FDI. Highlighting that through improving
investment laws and improving the economic and business institutional could lead to a better
FDI attraction to the host country’s specially the In countries with persistent economic reforms,
FDI itself could enhance will impact the financial development. (Omran & Bolbol, 2003)
2.14 Does foreign direct investment cause economic growth
Keywords: Emerging markets, foreign direct investment (FDI), Economic models, Economic
growth, emerging economies,
The researcher Purpose of his paper is to examine the relationship between inward FDI and
economic growth taking Southern African
Mov. 3
Development countries as a case study for the
DV
Human Capita
period over t 1980-2012. The research
divided the southern African countries to 2
tears according to the income level middle
IV
FDI
Growth Rate
income countries and low income countries
and through Granger causality & vector-error
correction Mechanism he claimed the
findings that for the middle-income countries
result show that there is a there a positive
Technology
spillover
Mov. 1
Determines of
FD
Mov. 2
relation in one direction but not with a viesversa effect more over at the low-income countries there was no evidence relation between both
variables as an conclusion of the study the FDI increase the growth rate only at the middle
income countries , FDI can have positive effect on economic growth through the following
conditions high level of technology diffusion acceptance high level of educated labour force in
addition to a favourable economic, political and social conditions (Mahembe & E.Odhiambo,
2016)
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2.15 Foreign direct investment and growth: theory, evidence and lessons for Egypt
Keywords: foreign direct investment (FDI), Economic models, Economic growth,
Mov. 3
The researcher through his paper tried to revisits the
Mov. 4
Economic
Openness
Human Capital
relationship between FDI and Economic growth of the
DV
host countries .trying to find through a recent data
collection the nature and the determinates of the realities
IV
FDI
Growth Rate
between variables specially at the developing nations like
Egypt, through his literature review he find that all the
economic growth theory pointed and highlighted the
importance of FDI on growth. Through his research he
Infrastructure
Market Size
claimed that the FDI was positively linked to growth in
developing nations taking Asian countries , Latin
Mov. 1
Mov. 2
America, and Africa as a case study , through his study
he confirmed that the market size, market openness and human capital, in addition to the
infrastructure is a major factor that attract the FDI inflow the host country advising the current
government of Egypt to learn from the case study how to encourage and attract the FDI inflow in
Egypt to increase the growth rate (Rady T. , 2012)
2.16 Conclusion
Through the literature and the papers that was reviewed we find a different models that was
applied through a different research’s , although all the papers confirmed the positive relation
between the FDI and the growth rate at any host country that was revised through the research’s
there are a lot of variables that was different through every and each paper , every researcher
claimed that some variables are more important than others but from other hand almost all the
researcher’s confirmed that a good economic environment and government laws that encourage
the investors to directly invest at the host country’s will directly attract the FDI inflow and
improve the growth rate
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To understand the variables through the papers we can conclude them as follow
Model
A
B
C
D
E
F
G
H
I
J
S
Researcher
PAPER Name
Foreign Direct Investment
2.1 Abdel-Hameed M. Bashir and Economic Growth in
Some MENA Countries
Does Foreign Direct
Investment (FDI) Really
2.2
Mohamed Masry
Matter in Developing
Countries?
FDI FLOWS AND HOST
2.3
IMOLA DRIGĂ
COUNTRY ECONOMIC
DEVELOPMENT
THE EFFECTS OF FOREIGN
DIRECT INVESTMENT ON
2.4
ROSA FORTE*
THE
HOST COUNTRY’S
ECONOMIC GROWTH
The Effect of Foreign Direct
Mohammadreza
2.5
Investment on Economic
Mohammadvand Nahidi
Growth
The Effects of Foreign
2.6 Selma KURTISHI-KASTRATI
Direct Investments for
Host Country’s Economy
Impact of FDI on Economic
2.7
Mete Feridun1 and Yaya Sissoko2
Development A Causality
Analysis for Singapore
Foreign direct investment
and growth: theory,
2.8
Tamer Rady
evidence and lessons for
Egypt
Foreign direct investment
2.9 ISKRA STANCHEVA-GIGOV1 and economic growth:
empirical analysis
Foreign Direct Investment,
Exports and Economic
2.1
Yaya Keho
Growth: Some African
Evidence
Impact of FDI and Trade
Openness
Zaheer Khan KAKAR &
2.11
on Economic Growth:
Bashir Ahmad KHILJI
A Comparative Study of
Pakistan and Malaysia
Research Year
Variable 1
Variable 2
Variable 3
Variable 4
Variable 5
Variable 6
1999, 2002
FDI
Growth rate
Domestic Investment
trading balance
economic openness
investment law
2015
FDI
Growth rate
economic openness
investment law
trading balance
determines of FDI
2011
FDI
Growth rate
economic openness
investment law
trading Laws
Technology spillover
2013
FDI
Growth rate
economic openness
Human capital
Finical Sector Development
determines of FDI
2014
FDI
Growth rate
Technology spillover
Competitiveness
2013
FDI
Growth rate
Technology spillover
Human capital
trading balance
Competitiveness
2011
FDI
Growth rate
trading balance
economic openness
Human capital
Technology spillover
2012
FDI
Growth rate
Market Size
Infrastructure
Finical Sector Development
Political stability
2016
FDI
Growth rate
Human capital
investment law
trading balance
2015
FDI
Growth rate
trading balance
Infrastructure
2011
FDI
Growth rate
economic openness
trading Openness
K
2.12
Karin Olofsdotter
Foreign Direct Investment,
Country Capabilities and
Economic Growth
1998
FDI
Growth rate
Technology spillover
Infrastructure
Human capital
L
2.13
Mohammed Omran
Foreign Direct Investment,
Financial Development,
and Economic Growth:
Evidence from the Arab
Countries
2003
FDI
Growth rate
Political stability
economic openness
investment law
M
2.14
Edmore E Mahembe &
Nicholas M Odhiambo,
2016
FDI
Growth rate
determines of FDI
Technology spillover
Human capital
N
2.15
Tamer Rady
2012
FDI
Growth rate
Human capital
Infrastructure
Market Size
Does foreign direct
investment cause
economic growth
Foreign direct investment
and growth: theory,
evidence and lessons for
egypt
Market Size
economic openness
Figure 2.7 different models and variable that was used at the literature
Although all the above variables is effecting the FDI and the growth rate relation in with a
different addition variable that changed according to the country and the economic situation and
stability of the host country ,
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CHAPTER3: THEORETICAL FRAMEWORK
3.1 Introduction
The relation between the growth rate and the FDI the positively related to each other according
to the previous study’s especially at the developing countries like Egypt, the selected model for
testing is model A of (Bashir, 1999) and it was tested through (Masry, 2015) ,
3.2 Problem Definition
The growth rate are one of the major indicator of the country economic health and tracking the
increase or decrease of that rate will lead to predict the economic trend of a country, although the
FDI is one of the major engines that drive the economic growth forward or backward according
to some variables that will be our concern to test and validate during the thesis
3.3 Research objective
The research objective to explain the relation between the FDI at Egypt and its impact to the
growth rate taking in consideration the trade of balance the economic openness and how it will
encourage the FDI inflow in addition to the human capital and the investment laws , we will try
to prove the relation of all the mentioned factors and its direct impact to the growth rate of any
Host country .
3.4 Theoretical Frame Work
The model that is used at the thesis is based at the research paper of (Masry, 2015) , his model
was mainly based at the effect of the FDI at the growth rate of the Developing country’s taking
Egypt as a case study in addition to some moderating variable that is directly affecting the FDI
affect to the Growth rate like Determines of FDI , investment laws , trading balance and market
Openness
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Figure 3.1: Proposed Theoretical Framework
3.5 Research Variables
Dependent variable (DV1) : Growth Rate
Refer to the percentage of change of the growth rate within a specific time period with the effect
of the independent variable, growth rates indicate rate of growth of a country according to its
GDP and balance of payment
Independent Variables (IV1): Foreign Direct Investment
Foreign investment by a company or individual, in one country with the purpose of business
interest at another foreign country in the form of either establishing business operations or
acquiring business assets in the other country, such as ownership or joint venture or strategic
alliances , we will try to introduce & to understanding the impact of the FDI to the growth rate of
Egypt , through understanding the behavior of change in the growth rate with the change of the
FDI inflow to Egypt
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Independent Variables (IV2 ): Trade Of balance
the total percentage and the value of the goods and services that is produced at the local market
with the intention to be exporting for the local Market or the total percentage of imported goods
to the local market to fulfill the shortage and the needs of the consumers locally and at both
direction the aim is to generating profit with a foreign or a local currency the variable is
introduced with the benefit of Understand the effect of balance of the trade its impact to the
growth rate behavior ,
- Moderating Variables (MV1) : Economy openness
The internal market and economy openness , its directly impact both positive and negative to
both Exporting and Importing balance
Moderating Variables (MV2) : Investment Laws
The government and the central bank intervention at the Egyptian market that that encourage or
discourage the foreign direct investors to directly invest at Egypt , the government intervention
affect the inflow of the FDI
Moderating Variables (MV3): Determines of FDI
The type of the of the local industry’s that the FDI will be inject money at , is it a labor intensive
industrial based , service based , construction , etc …. , we will try to evaluate the relation of the
FDI with the type of investment and its effect to the local Growth rate of the host country
3.6 Research limitations
Limitations 1: the research is limited to Egypt as an descriptive research
Limitations 2: the research is limited to the mentioned variable at thesis
3.7 Research Assumption
Assumption 1 : The FDI Inflow directly affect the growth rate of Egypt
Assumption 2 : the balance of trade affect the growth rate of Egypt
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3.8 Research Questions
Major Question
(MJRQ1) : Does the FDI inflow affect the growth rate of Egypt?
(MJRQ2) : Does the balance of trade affect the growth rate of Egypt?
Minor Questions:
(MIRQ1) : Does The Investment laws directly impact and have affect at the relation between
the FDI and growth rate of Egypt
(MIRQ2) : Does The Investment laws directly impact and have affect at the retaliation between
the trading balance and growth rate of Egypt
(MIRQ3) : Does the economy openness directly impact and have affect at the relational of the
FDI and the growth Rate
(MIRQ4) : Does the economy openness directly impact and have affect at the relational of the
trading balance and the growth Rate
(MIRQ5) : Does the determines of FDI directly impact and have affect at the relational of the
FDI and the growth Rate
3.9 Research Hypothesis
H1Ø : The foreign Direct Investment does influence the growth rate of Egypt
H1a : The foreign Direct Investment has a positive impact to the growth rate of Egypt
H2Ø : The Trade Of balance does influence the growth rate of Egypt
H2a : The Trade Of balance has a positive impact to the growth rate of Egypt growth rate of
Egypt
H3Ø : The Economy openness does influence the growth rate of Egypt
H3a : The Economy openness has a positive impact to the growth rate of Egypt
H4Ø : The Investment Laws does influence the growth rate of Egypt
H4a : The Investment Laws has a positive impact to the growth rate of Egypt
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H5Ø : The Determines of FDI does influence the growth rate of Egypt
H5a : The Determines of FDI has a positive impact to the growth rate of Egypt
3.10 Research Methodology
Research type: The research type is considered to be descriptive approach within deductive
method
Time Horizon: longitudinal study that is an observational research we cannot interfere or change the
characteristic of the variables that is used.
Researcher Control: Ex-post-facto design. No control over the variables. We tried to Report only
what has the effect of the Independent variables at the dependent variable
3.11 Data collection
Face -to -face interviews: directly communicates with the expertise in economic reforming at a
similar situation with the prepared questions. This will enables the research to acquire valued
information during the conversation with the respondent. This method will ensures the quality of the
obtained data and increases the response rate. In addition to another methods of the Qualitative data
collections like Observations and deep data analysis for the case form different country’s with the same
situation
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3.12 Finding
Through our research we tried the highlight the direct relation between the FDI and the growth
rate of the hosting country taking Egypt as a case study and example form other side we tried to
point that there are some major moderating variable that directly affect this mentioned relation
like the market openness and the investment law and how they attract the FDI to the host country
, that is directly reflect to the growth rate ratio , a healthy market with an encouraging investment
law will attract the suitable type of FDI inflow to Egypt although during the literature review the
previous researches confirmed the relation and we are claiming that the relation is strong ,
according to this finding the government should legislate laws to attract the foreign currency
inward to Egypt through a suitable FDI that is introduced through a labor intensive project or
investment to be able to spin the wheel of the economy and to post the economy to a better stage
, labor intensive projects like construction and infrastructure mega project will affect the working
man power that will lead to healthy market that from other side will increase the demand the will
encourage more FDI inflow , taking in consideration that the trading balance is a main player for
the relation of the FDI and the growth rate , as we mentioned encouraging the FDI will lead to
growth rate although engorging the exports of the FDI product will lead to an extra foreign cash
inflow Although if the FDI goods and services are meant to be for the local market that will lead
a weak effect at the topline of the growth rate ,
39
Samer s. saad Eslesca MIBA program, 2017.
ESLSCA Business School
Mohandeseen Campus
MBA
Group # 50A
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MBA
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Samer s. saad Eslesca MIBA program, 2017.