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About Us

HLB Egypt-Makary Consulting is a financial, economic and market consulting firm with large experience in the Egyptian market and with regional experience in Africa and Arab Countries. The firm was established in 1999 and founders were involved in the consultation business since 1980.

In August 2012, HLB Egypt-Makary Consulting joined HLB International, a world-wide network of independent professional accounting firms and business advisers, formed in 1969, comprising member firms in 150 countries, and ranked among the 12 largest international networks of accounting firms and business advisers world-wide. Over its 40-year history, HLB International member firms have developed a comprehensive range of services and expertise, servicing multi-national clients across all industry sectors, combining local expertise with a powerful international capability.

The firm deals basically with international donor organizations, multinationals, government agencies and ministries, as well as local, regional and international medium to large investors and corporate companies.

It conducts studies in almost all sectors and sub-sectors in Egypt including public utilities (Water/Wastewater Sector), construction, housing, tourism, textile, processed food, engineering, chemical, petrochemical & oil, pharmaceutical, and irrigation and agriculture.

It is a registered consultant with World Bank, IFC, KFW, UN and other institutions.

The main tasks undertaken by the firm are listed below:

  • Financial and market advisors for international institutions for existing and potential projects;

  • Financial feasibility studies to indicate the return to private investors;

  • Financial analysis and evaluation studies for existing clients;

  • Financial valuations of existing companies or projects (key experts involved intensively in the privatization scheme in Egypt);

  • Assessment of the financial and market feasibility and viability of start- up projects;

  • Cost accounting exercises and studies to enable informative decision to be taken concerning appropriate marketing strategy;

  • Intensive market studies for varieties of products or services;

  • Thorough demand and supply analysis to identify key market parameters and potential market gap;

  • Sectoral market studies to be used as reference for institutions;

  • Suggesting, designing and helping in implementing appropriate marketing strategy tailored for current and potential clients;

  • Economic development/assessment studies for social, infrastructural and environmental projects;

  • Economic feasibility studies (cost-benefit analysis) to indicate the return to the society;

  • Economic country reports as well as assessment of economic implications of mega projects conducted by the international organizations and the Egyptian government;

  • Strategic sustainable plans;

  • Expert quantum reports for legal arbitration cases.

HLB Egypt-Makary Consulting possesses large experience in the Egyptian Market, as well in specific countries in the Middle East and Africa through being involved in a large number of market, financial and economic studies for almost all sectors.

Specific Experience in the Region:


Date from - Date to


2000 - Present

Sultanate of Oman

2011/ 2016-Present






2005/ 2016-Present




2005 - 2007


2004 - 2007




1999 - 2004

Our Mission

Provide independent professional service to meet client’s objectives, while ensuring integrity and careful investigation.

Our Vision

Develop and sustain the image and reputation of providing trustable, independent, and timely advice through developing our skills, enhancing our procedures, and ensuring commitment and dedication. 

Our Core Values

HLB Egypt-Makary Consulting acts for the benefit of its clients and places its clients' interests before its own. It strives to propose recommendations that fit with clients’ objectives, mandates, constraints and strategy.


Our Latest News
  • HLB Egypt Makary Consulting team went to Egyptian Food Bank to pack as many food cartons as possible to be distributed in poor villages at Upper Egypt.

    After three hours of working hard, supporting less fortunate people, and having fun, we are proud to announce that Makary Team was able to prepare 1450 food cartons. WELL DONE!!!

    A job worth doing is worth doing together. Thanks for the team who joined and again wish HLBI a HAPPY 50th ANNIVERSARY.

  • About the Company: HLB Egypt-Makary Consulting is a financial, economic and market consulting firm with large experience in the Egyptian market and with regional experience in Africa and Arab Countries. The company deals basically with international organizations such as CIDA, the World Bank, IFC, UNDP, UNIDO, USAID, GTZ/ GIZ, KFW, DANIDA, multinationals, government agencies and ministries as well as local, regional and international medium to large investors and corporate companies.

    The Company’s main tasks are market research/ analysis, financial feasibility and valuation studies, and economic viability (cost-benefit analysis) and impact studies.


    Title:  Analyst


    Department: Research Department


    Job Summary: Responsible for all matters concerning study(ies)/report(s) on hand including data research, typing, filing (hard copies and software), record keeping, etc


    Key Duties:

    1. Follow the study/project structure, plan and objectives to ensure smooth implementation to meet deadlines;
    2. Handle and follow up on data collection within the specified time frame, design data collection tools/ questionnaires/ discussion guides and data entry sheets for approval;
    3. Handle data entry and processing and report the quality of data collected;
    4. Conduct/ report data interpretation/ analysis on regular basis, and amend data according to corrective measures;
    5. Take detailed notes in meetings attended and report minutes of meeting within 2 working days maximum;
    6. Follow pre-set models and format procedures for data entry, process and analysis and report writing;
    7. Assist co-workers, whenever required, and ensure effective team work and report process;
    8. Provide acceptable quality output at the pre-set deadlines while following the company’s procedures and instructions from direct supervisor;


    Working Conditions:

    §  Work 5 days a week;

    §  Social insurance and transportation allowance.


    Job Qualifications:

    §  Years of Experience: At least 2 years of experience in related financial, market or economic research;

    §  Sex: Male/ Female;

    §  Nationality: Egyptian;

    §  Military Status (Males): Exempted/ Completed;

    §  City: Cairo;

    §  University: Economics or Business Administration major. Post graduate studies are a plus;

    §  Languages: Fluent English and Arabic (writing/typing, speaking, reading, and occasional translation);

    §  Computer Skills:

    o   MS Office (Excel, Word, PowerPoint, Access);

    o   SPSS or any statistical software is an asset.


    §  Skills and Qualifications:

    o   Research skills

    o   Logical thinking

    o   Analytical skills

    o   Writing skills

    o   Flexible

    o   Ability to work under pressure



    If interested, please send CV (preferably accompanied with a picture) to

  • Proud with the work progress in the selection of potential clusters in Sohag and Qena for the Cluster Competitive Initiative (CCI) for Upper Egypt Local Development Program (UELDP).


    The CCI program is a three-year program under the Ministry of Local Development funded by the World Bank. The program main objective is improving the business environment and competitiveness of economic clusters in Sohag and Qena aiming at encouraging investments and private sector participation.


  • Ramadan is the ninth month of the Islamic calendar. Fasting Ramadan is one of the five pillars of Islam. Muslims fast from eating, drinking and smoking from dawn until dusk. The main objective behind fasting is to get closer to God, feel the life of the less fortunate and encourage healthy lifestyle. Hours of fasting differs from one country to another, depending on the latitude of country’s location. Generally, people break their fast at sunset, “Iftar” meal, and wake up at dawn before sun rise to have their second meal, “Suhoor”, in preparation to fast on the following day.


    Ramadan is a religious ritual yet has significant social and economic impact. It follows a different pattern for office hours and is recognized by “less productivity” and more social gathering on “Iftar” and “Suhoor” meals. Productivity decreases from 35% to 50% due to shorten working hours, and inability to focus with no access to food or beverage till sunset and fewer hours of sleep. It is, as all religious festivities around the World such as Christmas, highly commercialized; hence, it is a golden opportunity for marketing the products.


    Ironically, Ramadan is all about food! Food retailers stock up products at least a month ahead in preparation of excess demand. Supermarkets and hypermarkets extend hours to midnight and tend to have Ramadan specific promotions and offers. It is no coincidence that advertisement on food and beverage are massive during the month of Ramadan. Despite the fact that Ramadan is a fasting month, food consumption during the time of “Iftar” to “Suhoor” exceeds normal consumption pattern. Not only food bills increase by 50-100% during Ramadan, but it is reported that 83% of families change their food consumption habits during Ramadan. It is estimated that food consumption in Ramadan account for 15% of annual expenditure on food.


    Amongst the highest consumed goods in Ramadan are dates, nuts and dried nuts, and dairy products. Consumption of bread, chicken and dried fruits increases by 63%, 66.5% and 25%, respectively during Ramadan, as compared to other months of the year. Last year, Egypt consumed a total of 9 million dried fruits which accounts for 35% of annual trade only during the holy month. Dairy products, like yogurt and labna, come among the highest sales. Dairy companies usually be prepared for Ramadan with different offers and especial products only for this month. Muslims eat dairy products after their Suhoor for better digest and to avoid feeling thirsty the next day. 


    It is unfortunate that people tend to exaggerate their food consumption levels during Ramadan. In this respect, it is reported that 60% of food goes to waste in Egypt during Ramadan which completely contradicts with Ramadan’s ethics and morals.


    Retail and hospitality businesses also experience a sharp increase in sales. In countries like UAE and Egypt, majority of restaurants and cafes remain open with extended late hours to midnight for Suhoor. Traditionally, people go out especially after Iftar to socialize, eat out and enjoy the Suhoor with friends and family. For instance, in UAE, it was reported that 46 % prefer to have Iftar out at least once a week, 26% order delivery especially at the second half of the holy month, and 78 % planned to have Suhoor in cafes.


    Businesspeople cooperating with the Middle East would see Ramadan as a time of caution and less productivity but also as a time of opportunity, especially for food, retail and hospitality related industries. Like in all businesses, how you use the opportunity is what matters!

  • Leaning on more than 20 years of intensive experience, profound culture and a clear vision for the future, we are proud to reveal the logo of our new brand identity, following the launch of the HLB International rebrand.

    The new brand features the Company’s focus on growth and progress to provide professional, independent and personalized service at international standards through working closer with our esteemed partners and clients.

    We plan to be fully rebranded by July 2019 to maintain unified and consistent brand image of the HLB network operating in 745 offices in 153 countries round the globe. 

  • In an attempt to lessen the burden on SMEs and creat incentive to join the formal economy, the minimum revenue requirement to pay VAT is intended to increase in the current version of the VAT Act to EGP 1 million instead of EGP 500,000.

  •  We are looking for qualified candidates for the following two positions:

    Middle and Senior Economic Development Analysts

    Duties as follows:

    1. Immediate hiring is required;

    2. Work as full time in IFI program;

    3. Training /coaching will be provided.

    Job Requirements:

    1. Good command of English and Arabic ( written and spoken);

    2. Capacity to interact with the community Strong Analytical skills;

    3. Ability to work in teams;

    4. Proven Prior experience in Economic Development is a must (at least 2 years).

    Interested candidates could send their CVs and inquiries for more details to the following e-mails:, &

  • HLB Egypt- Makary Consulting proud to contribute to the Integrated Depollution Project for the Kitchener Drain Pre-Feasibility Study, with COWI, Atkins International and Chemonics Egypt.

    The Kitchener Drain area is one of the most polluted areas in the Nile Delta region in Egypt with a population of 6 million inhabitants. The main objective of the study is to assess the technical, financial and economic pre-feasibility of the project to reduce the negative pollution impacts in the project area. The project includes wastewater, solid waste and other components. We are glad to contribute to the well-needed welfare of households in the project area (the governorates of Gharbia, Dakahlia and Kafr el Sheikh). The project will be financed by EC, EIB and EBRD.

  • We are hiring! We are looking for qualified candidates for the following position:

    Title: Analyst in Research Department

    Working Conditions:

    • Report to Supervisor
    • Work 5 days a week;

    Job Qualifications:

    • Years of Experience: 2-5 years of experience in related financial market or economic research or consultation;
    • Sex: Male/ Female;
    • Nationality: Egyptian;
    •  Military Status (Males): Exempted/ Completed;
    • City: Cairo;
    • University: Economics or Business Administration major (preferable English or French). Post graduate studies are a plus;
    • Languages: Fluent English and Arabic, (writing/typing, speaking, reading, and occasional translation); French is a Plus
    • Computer Skills: Excellent proficiency in MS Office (Excel, Word, PowerPoint, Access); SPSS or any statistical software is an asset.

    Interested candidates could send their CVs and inquiries for more details to the following e-mails:, &

  • Industry Talk: Furniture Development and Export Strategy presented by Lamy Riad Makary, CFA, Executive Partner at HLB Egypt-Makary Consulting at Furnex & the Home 2018, the annual international trade fair for furniture in Egypt.

    The study was conducted by The Company in cooperation with the chamber of woodworking furniture industry (CWWFI), the Egyptian Furniture Export Council (EFEC) and the Industrial Modernisation Centre (IMC) and was officially launched in the exhibition in presence of senior manufacturers and stakeholders. The study’s key objectives, approach and key findings were emphasized. Mr Lamy Makary stressed that the strategy aims at capitalizing on the competitive advantages of the sector to enable more localization, as well as generation of value added, productive job opportunities and foreign currency. The strategy is complemented by a detailed action plan and specification of indicative investment opportunities in the sector. It is to be implemented by CWWFI, EFEC and IMC.

  • The annual Middle East and Africa conference of the global network HLB, scheduled to take place in Cairo from the 11th to the 14th of November under the slogan “Big enough to compete, small enough to care”. The conference this year has over 18 country participating from the Middle East and Africa region to the executive office of the network in Britain and America. In addition to Egypt, the conference’s host country. 

    The conference aims to enhance the integration of African countries by strengthening the relations and the cooperation among the members of the African countries and the global network HLB in order to better communicate, integrate and exchange international experiences to increase the presence on the local and regional level. In addition to raising awareness on the accounting, advisory services and emphasize the strong relations among African countries on both levels, governmental and business communities. 

    The hosting of the HLB Group Egypt in Cairo this year is in line with the efforts of the Egyptian State for cooperation and integration with African countries. Which culminated the Egyptian presidency of the African Union for 2019, and the efforts exerted in signing and activating trade agreements with African countries, the ambitious steps of the Ministry of Industry and Trade on the African level to implement the 2030 Egyptian strategy and Egypt hosting the Africa 2018 Forum from 7 to 9 of December In the presence of a number of heads of state, government and ministers from various African countries, in order to stimulate investment in the African continent within the framework of the joint cooperation of African countries in implementing the 2063’s vision. 

    The conference's agenda is carefully prepared and planned to meet the conference’s objectives. A group of distinguished speakers representing the Egyptian government and the Ministries of Planning, Industry, Trade and the private sector institutions such as chambers of commerce, industry and the professional community with the aim of negotiating the subject of “Integrating Africa” from different perspectives, as well as preparing dedicated meetings for the HLB meetings to plan and consolidate business in the region.

    The conference is held with mixed feelings of gratitude, pride and sorrow over the loss of Dr. Samir Makary, who passed away in mid-last month. Dr. Makary is the founder and president of HLB Egypt-Makary Consulting Company, which was founded in 1999, laying the cornerstone of a strong and transparent system based on a set of principles. The philosophy he has established in creating his team for more than 20 years so that they can complete the march to the future with a fixed foot and a clear vision, under the slogan of “Senior enough to compete, and young enough to care about the details of our work," which was the push that contributed to the team continuing to prepare for the conference In spite of the sadness of his loss, to achieve an exceptional outcome that is the conference as a mirror to his devotion in his work and the honor to his spirit.

    The global network, founded in 1969, ranks 12th in the world according to the International Accounting Bulletin IAB (2017 Global Survey) and includes a group of specialized companies around the world in accounting and consulting expertise. Represented by HLB Group Egypt, which consists of HLB Egypt - Makary for specialized consultancy expertise in financial, market and economic consultancy, and HLB Egypt - Amjad Fathi Kamel and Safwat Obaid & Co. specialized in accounting and auditing.

  • It is always a pleasure to see our clients in action and to witness the successful launch and continuous success of one of our dear clients-McCLEAN. McClean continues to penetrate the market with a diversified range of innovative and reliable plastic waste bins. The company's strategic view is to support the Government of Egypt in its long-term plan to manage solid waste. HLB Egypt Makary Consulting's relation with the company began through formulating market research and financial feasibility study for the project. Witnessing customer satisfaction of the products' quality and the spread of the products in Cairo's streets leaves us with a feeling of pride that we contributed to such success. In fact, we consider our clients as partners of success!

  • HLB Egypt-Makary Consulting witnessed its greatest loss with the passing away of Dr. Samir Makary, our Founder and President, and professor of Economics at AUC, ESLSCA Egypt and Helwan University.

    The funeral will take place on Wednesday October 17th, 2018, at 12:00 PM in St. Mark Church, Cleopatra Street, Heliopolis, Cairo and condolences will be extended from 6-10 PM on the same day at the hall of the same Church new building in Ashmoun Street, behind the Church.

    May God rest his soul in peace and grant all his family and loved ones serenity and patience.

  • On October 8, 2018, Dr. Samir Makary & Mr. Lamy Makary, presented the Furniture Sector Development & Export Strategy to HE Eng. Amr Nassar, the Egyptian Minister of Trade and Industry, in presence of the study's key stakeholders: The Industrial Modernization Centre (IMC) sponsor of the study, the Egyptian Furniture Export Council (EFEC), and the Egyptian Chamber of Furniture and Woodworking (CWWFI).

    The study was implemented on the basis of a sequential methodology, over a period of 2 years, to propose an integrated strategy to promote furniture locally and internationally, including an action plan indicating responsible entities, implementation period & relevant KPIs.

    In this respect, this strategy serves as a roadmap for the development of the sector, which is considered the third largest industrial sector in terms of value added. It comprises 8 main objectives including increasing exports to USD 800 million, facilitating procedures so at least 30% of informal small enterprises would join the formal sector, increasing SMEs’ contribution to production to more than 75%, enhancing sector’s value added to reach 60%, and increasing job creation to 1,120,000 jobs. In addition, the strategy targets new export markets in Africa, Asia, and North America.

  • On Monday 1 October 2018, HLB International launched its new corporate brand, including a new logo, tagline, website and overall look and feel, to support the network's transformation to a modern, full service advisory and accounting mid-tier network.

    The new brand reflects HLB's commitment to its member firms and the international clients the network serves.

    Check out HLB International's press release regarding its new brand, and the link to its new website below!

  • According to International Accounting Bulletin (IAB) 2017 World Survey, HLB International climbs to number 12 in the networks' ranking with fee income of $2.37 Billion with 25,000 member firm partners and staff in 700 offices and 150 countries. An increase of 14% from last year - one of the top performers.

  • Mr. Lamy Riad Makary, Executive Partner/ Senior Project Director, represented HLB Egypt-Makary Consulting at HLB International's Middle East regional planning conference in Jordan, where members of 15 countries were present to discuss regional HLB network cooperation and cross-border business in advisory and accounting.

  • The International Food Policy Research Institute (IFPRI) in collaboration with the Egyptian Center for Economic Studies (ECES) organized a stakeholder workshop on "Unleashing Untapped Potential of Industrial Clusters in Egypt".

    HLB Egypt-Makary Consulting participated in this workshop on behalf of the Micro, Small and Medium Enterprise Development Agency (MSMEDA) through presenting the findings of the "Mapping of Organic Clusters in Egypt" study.

  • The Chamber of Building Materials Industry of the Federation of Egyptian Industries organized a workshop to discuss the potential of the Egyptian Clay Bricks industry, as well as the latest technologies used abroad. Stakeholders and producers of clay bricks attended the event.

    As part of this workshop, HLB Egypt-Makary Consulting presented the findings of the Clay Bricks Development Strategy which it is conducting for the Chamber with the support of the Industrial Modernisation Centre.

  • The GIZ and Holding Company for Water and Wastewater (HCWW) recognized HLB Egypt-Makary Consulting's Team for their efforts and contribution to the GIZ-funded Knowledge-based Wastewater Decision Support System (WWDSS) study, under the Water and Wastewater Management Programme.

    This study was conducted by a consortium led by Atkins International, and including Chemonics Egypt Consultants, HCL Consultants, and HLB Egypt-Makary Consulting which was the market, financial, and economic consultant. This project extended for more than 3 years, and involved several modules as well as providing capacity building to the staff of 21 water and wastewater affiliate companies.

    The consortium is now conducting a similar study for the Water Decision Support System.

  • The European Bank for Reconstruction and Development (EBRD), in collaboration with the Egyptian Furniture Export Coucil (EFEC), organized a forum on the local and internaitonal best practices for the development of the Egyptian furniture production and exports.

    HLB Egypt-Makary Consulting participated this event through a presentation on the Egyptian furniture sector potential, as it is the consultant in charge of setting the sector development and export strategy to the EFEC and Chamber of Woodworking and Furniture Industries, and sponsored by the Industrial Modernisation Centre.


    Dr. Samir Makary and Mr. Lamy Riad Makary represented HLB Egypt-Makary Consulting at HLB International's MENA conference which was held during the period 13-15 November 2016 in Arusha, Tanzania.

  • HLB Egypt-Makary Consulting conducted and organized the “Knowledge Sharing Conference for Cluster Development Stakeholders in Egypt” on May 10th, 2016 at the Nile Ritz-Carlton Hotel Cairo. The conference was organised to present the findings of three studies under the “Support to Micro, Small and Medium Enterprises in Organic Clusters Project” implemented by the Social Fund for Development (SFD), with support from the African Development Bank (AfDB) and financing from the MENA Transition Fund.

    The main study “To Conduct Mapping of Organic Clusters in Egypt” was conducted and presented by HLB Egypt-Makary Consulting, in cooperation with PlaNet Finance Egypt and Cluster House of Serbia. This entailed defining Organic Clusters and identifying them in all governorates in Egypt; mapping the identified clusters on an updatable interactive IT map; developing the criteria to rank them and shortlisting 10 clusters; conducting needs assessment reports to select six potential clusters for future development, and providing capacity building to a team from SFD.

    The other two studies were related to international best practices in cluster mapping and development, and diagnosis of carpet clusters in Egypt. These were respectively conducted and presented by Mr. Mukesh Gulati – the Executive Director of Foundation for MSME Clusters in India and Mrs. Akila Rifaat – Management and Development Consultant.

    The conference was attended by AfDB and SFD top management, as well as more than 160 participants from different key active stakeholders related to the cluster development field in Egypt. These included representatives from international organisations such as the United Nations Industrial Development Organization (UNIDO), the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women), the United Nations Development Programme (UNDP), International Labor Organization (ILO), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the United States Agency for International Development (USAID), as well as active Egyptian institutions such as the Federation of Egyptian Industries (FEI), the Egyptian Banking Institute (EBI), the Industrial Modernisation Centre (IMC), and the Egyptian Export Council for Handicrafts (EECH), the Central Agency for Public Mobilization and Statistics (CAPMAS), and several business associations and product-specific technology centers and development associations. This is in addition to prominent officials and individuals in the field, and media representatives. 

    The conference’s success and importance of its outcome were acknowledged by all participants who considered the conference as the first step towards cluster development in Egypt.

  • Mr. Lamy Riad Makary, Executive Partner/ Senior Project Director, represented HLB Egypt-Makary Consulting at HLB International's annual international conference in Barcelona, Spain, from 23 to 25 October 2014, which was attended by 150 professionals from member firms in 40 countries.

Market Studies

Market studies aim at assessing the market potentiality of a project (i.e. product or service) through the following:

  1. Market Overview, to investigate the product’s current market situation and estimate its market size through supply and demand methods;

  2. Market Outlook, to project future supply and demand, and estimate market gap/ surplus, in order to estimate the project’s future sales volume and value, and hence its market share.

In this respect, the market overview typically investigates issues such as market structure and competition analysis, demand analysis in terms of target groups and their demand variables, pricing analysis, SWOT analysis, and distribution and marketing channels.

Market studies could also be concerned with sectors as a whole (i.e. sectorial studies) to investigate the potentiality of a sector and its attractiveness for investment. This also includes sector strategies and action plans.

It should be noted that a proper understanding of any sector/ market depends on the accuracy and reliability of the relevant information, where one of the major problems facing consultants, researchers and decision-makers is the lack of accurate information. In this respect, the Consultant relies on secondary (i.e. desk research) and primary (i.e. market surveys, interviews, workshops and focus groups) data in order to overcome this challenge, crosscheck data collected, and ensure high degree of data accuracy.

In this respect, HLB Egypt-Makary Consulting possesses the capacity to conduct and manage projects based out of home (Cairo) in governorates all over Egypt to include Giza, Damietta, Kafr El-Sheikh, Alexandria, Port Said, Sharkia, Gharbia, Beheira, Minya, Sohag, Assiut, Qena, and Aswan.

Financial Studies

Financial studies mainly include three types of studies:

  • Financial Feasibility Studies;

  • Financial Valuation Studies;

  • Quantum Expert Reports for Legal Arbitration.


1.      Financial Feasibility Studies:

Financial feasibility studies aim at assessing the viability and sustainability of investing in a project. In this respect, the financial feasibility study aims at testing the financial viability, indicating the financial bottlenecks and proposing the appropriate financial structure of the project on the basis of market and technical data.

This is accomplished through formulation of relevant financial statements, i.e. proforma income statement and cash flow statement, for a number of years in the future, and identification and analysis of the appropriate indicators, mainly;

  • Internal Rate of Return (IRR);

  • Net Present Value (NPV);

  • Pay Back Period (PBP).

Both the profitability and liquidity position of the project are carefully analysed and the expected risk to be incurred by the project is assessed through estimation of discount rate (i.e. Weighted Average Cost of Capital, WACC), incorporating political, economic, business and specific risk.

Sensitivity analysis is also conducted to test the degree of risk that the project may take, in that different scenarios are undertaken to test the extent of the project’s sensitivity to changes perceived in the future.


2.      Financial Valuation Studies:

Financial valuation studies aim at arriving at the fair market value of companies as going concern. It implies conducting a financial valuation study on the basis of the widely-used valuation method: the Discounted Cash Flow (DCF). Hence, it relies on future cash flows and the residual value of the firm (i.e. value of firm at the end of the projection period to reflect the infinite life of the project).

Future cash flows and residual value required are discounted at the appropriate return required for such project (on the basis of prevailing capital structure), i.e. Weighted Average Cost of Capital (WACC), to arrive at the fair value of the company. This is in fact the present value of the company, i.e. the value of business as going concern.


3.       Quantum Expert Reports for Legal Arbitration:

HLB Egypt-Makary Consulting possesses extensive experience in conducting expert reports for the purpose of legal arbitration where these reports aim at assisting legal firms in their arbitrage cases through the following:

  • Reviewing the validity of the financial relief sought and estimating compensation resulting from the breach and termination of agreements;

  • Arriving at the fair value for specific fees in order to indicate their relevance in light of applied norms in similar contracts in order to provide an informative decision before negotiations with the opponent;

  • Assisting the legal firm in its confrontation in front of international court through providing financial estimates and judgments to the task at hand in order to arrive at the fair value for compensation. 

Economic Studies

Investment decisions, with special reference to social and developmental projects, should be justified by economic analysis in order to test the projects' real contribution to the welfare of the society. Accordingly, two types of economic studies could be conducted:

  • Economic Viability Studies (Cost-Benefit Analysis);

  • Economic Impact Studies.

 1.      Economic Viability Studies (Cost-Benefit Analysis):

It aims at identifying and quantifying the economic benefits (direct and indirect) of the underlying project, to be weighed against the economic costs for such project (including the mitigation cost to prevent the negative environmental impacts). In this respect, the economic viability (national profitability) is concerned with the contribution of the underlying project to the national economy, in order to justify the investment decisions taken on behalf of the society.    

All inputs and outputs are valued at their economic prices (i.e. shadow prices) in order to compensate for any price distortion. Both benefit and cost items, as well as foreign exchange rate and social discount rate, are based on constant prices of the base year.

All future values are discounted at the social opportunity cost of capital, which is expressed as the Social Discount Rate (SDR). The interest rate on long term loans at which the country can actually borrow capital from the relevant international market is taken as an appropriate basis for estimation of the social discount rate. The interest rate is then adjusted to take into account the prevailing economic and political conditions of the country. 

In this respect, basic economic indicators are adopted to test the economic viability of the underlying project:

  • Economic Rate of Return (ERR), which reflects the discount rate that reduces the present value of the future stream of net benefits from a project to zero. The project is economically viable if ERR is greater than the Social Opportunity Cost of Capital.

  • Present Value of Net Benefits, where the net benefits generated by the project over its expected life is discounted at the social discount rate to arrive at a present value, which can be compared with the present value of the investment cost to test the economic viability of the project. Economic viability implies that present value exceeds investment cost, i.e. positive net present value.  

 2.      Economic Impact Studies:

Economic impact is carefully investigated to test the impact of the project on the society, through measuring the direct and indirect (including induced) effects of three basic macro parameters:

  • National Value Added (NVA) Effect, i.e. contribution to the national income;

      -This includes estimating Relative Efficiency Test (RET), i.e. impact of investing 1 LE or USD in the project on value added.

  • Employment Effect, i.e. job creation, as well as cost of creating one job;

  • Foreign Exchange Effect, either through foreign direct investment, export generation, savings or import substitution.

Contact Us

25 El-Obour Buildings, Salah Salem St., 10th Floor - Apt. 4, & 14th Floor - Apt. 4, Cairo, Egypt

+20 2 2403 4363
+20 2 2404 5789
+20100 349 6671
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