IMF approves $1.5m loan to Bangladesh    China in advanced talks to join Digital Economy Partnership Agreement    Contact Financial completes first securitization issuance of 2024 valued at EGP 1.04bn    Egypt's annual inflation declines to 31.8% in April – CAPMAS    Chimps learn and improve tool-using skills even as adults    13 Million Egyptians receive screenings for chronic, kidney diseases    Al-Mashat invites Dutch firms to Egypt-EU investment conference in June    Asian shares steady on solid China trade data    Trade Minister, Building Materials Chamber forge development path for Shaq El-Thu'ban region    Cairo mediation inches closer to Gaza ceasefire amidst tensions in Rafah    Taiwan's exports rise 4.3% in April Y-Y    Microsoft closes down Nigeria's Africa Development Centre    Global mobile banking malware surges 32% in 2023: Kaspersky    Mystery Group Claims Murder of Businessman With Alleged Israeli Ties    Egypt, World Bank evaluate 'Managing Air Pollution, Climate Change in Greater Cairo' project    US Embassy in Cairo announces Egyptian-American musical fusion tour    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Tuk-tuk prices increase in black market due to import suspension
Published in Daily News Egypt on 26 - 01 - 2015

A young man in his twenties enjoys a well-off lifestyle due to his job as a supervisor in one of the famous hotels in Sharm El-Sheikh in 2010. A few months later in January, the revolution erupted and panic spread among Egyptians before foreigners due lack of security.
The streets of Sharm El-Sheikh were freed of tourists and hotel rooms became ghost dwellings.
Salim packed his bag and went back to his village to stay at his father's house for more than eight months, in the hope that tourism would improve.
Instead, things got worse. Egypt suffered from severe security disorder, leading to his losing hope in tourism returning. His only way out of unemployment was to begin driving a tuk-tuk.
Salim worked on an old tuk-tuk before he decided to buy a new one after he married in order to be able to cover the family costs. However, he was surprised by the rise of tuk-tuk prices.
Salim saved EGP 8,000, thinking this amount was enough, only to find that the price for a tuk-tuk reached between EGP 26,000 and 28,000.
Tuk-tuk prices increased due to the decision to ban importing tuk-tuks to provide $800m and reduce theft and looting crimes carried out by some tuk-tuk drivers.
The Supreme Administrative Court's decision on rejecting the appeal to stop the import of tuk-tuks, and their components led to the high prices of tuk-tuks, whether used or new, and the sale of new ones on the black market.
The Board of State Commissioners of the Egyptian State Council issued a judicial report recommending the issuance of a court ruling from the Supreme Administrative Court to compel the state to stop tuk-tuk importation and to prevent entry to Egypt.
Vice President of the general division for motorcycles Gharib Ahmed said the decision to stop the importation of tuk-tuks is irreversible, as evidenced by the Administrative Court's refusal of an appeal by a tuk-tuk importer to halt the decision to import tuk-tuks.
Ahmed added that decision to suspend the importation of tuk-tuks will not lead to an increase in prices because the government has banned importing. The remaining new tuk-tuks are sold on the black market, and quantities are very limited.
"Tuk-tuks have become a nuisance for everyone in Egypt; we had a million tuk-tuks on the national level 6 or 7 years ago, [which increased] at a rate of 150,000 to 200,000 tuk-tuks every year," said Ahmed. "The life span of a tuk-tuk is just 5 years, which is mean in less than 5 years tuk-tuks will be turned into scrap metal".
Ahmed revealed that the general division for motorcycles will submit ideas to the Ministry of Industry. the first idea is to put forth cheap seven-passenger cars such as Suzuki, Datsun, and Chevrolet vehicles to be used in the same capacity as tuk-tuks.
The division could also pose the idea to replace tuk-tuks with small seven-passenger vehicles, with the driver paying the difference, as with the White Taxi project, according to Ahmed.
He pointed out that drivers of new small vehicles can put their money into something secured, and get a vehicle license. The prices of these vehicles are double the price of tuk-tuks, and can be estimated at EGP 50,000. The driver benefits from the insurance on his car.
He added that the aim of the suspension is not to save import money, but rather that it was for security goals, eliminating slums and traffic incidents, and protecting the roads.


Clic here to read the story from its source.