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 To be sure, Sisi is still firmly in control, with security forces
cracking down on dissent, and Western and Gulf Arab powers on his
side, pumping billions of dollars into the economy each year to
support a strategic ally.
But with frustration growing on the streets, the man who could once
do no wrong in the eyes of many Egyptians is becoming more cautious
in his approach to ruling the Arab world's most populous nation,
evidenced by a recalibration of some policies.
"I can't work. I can't feed my kids. I'm fed up with this entire
country," complained a 35-year-old food cart owner at a crowded
market in Alexandria.
Egypt's leaders, he said, were out of touch. They didn't understand
how expensive everyday needs were and they didn't come down to
markets like this one to find out.
As army chief, Sisi toppled Islamist President Mohamed Mursi in 2013
after mass protests against his rule, quickly earning praise from
many Egyptians who longed for stability after the fall of autocrat
Hosni Mubarak in 2011 sparked years of turmoil.
The big question yet to be answered is will Sisi deliver on his
promises to create jobs and improve the standard of living for all
Egyptians.
 On paper, Sisi has already succeeded in economic terms where past
Egyptian leaders failed. He has won praise from foreign investors
for example for implementing reforms such as cutting fuel and food
subsidies and tackling bureaucracy.
By cutting these benefits, Sisi has tackled head on issues Mubarak
avoided for fear of angering a population reliant on subsidized food
and fuel. Sisi has also raised some taxes.
These moves have not triggered the kind of mass protests that
toppled two Egyptian leaders in three years. But there are growing
signs of discontent.
Moreover, some analysts say the government's economic program may
not deliver more social equality for the country of about 90
million, many of whom live in poverty.
For much of the population, food prices and unemployment are high.
Public healthcare, in a country with a high rate of Hepatitis C, is
dire. Tourism, one of the main foreign currency earners, is hurting.
Egyptians, who nearly a year ago rushed to the banks to help finance
the creation of a second Suez Canal - one of Sisi's mega-projects -
are starting to wonder if they will ever see benefits.
NO SOLUTIONS
Some headline figures seem promising. The economy is projected to
grow to 5 percent in 2015/2016, roughly the same as 2009/2010 when
Mubarak was still in power. There's a marginal fall in unemployment,
though it still stands at 12.8 percent, and ratings agencies have
been generally positive about Egypt.
Foreign firms are signing deals. BP finalised a $12 billion energy
deal with Egypt in March and Germany's Siemens sealed a $9 billion
energy deal during Sisi's recent visit to Germany.
But inflation is still high - annual urban consumer inflation rose
to 13.1 percent in May, versus 8.2 percent a year ago.
And Egyptians are wondering if they will see any of the money
flowing into the economy.
One significant problem is that the majority of laborers in Egypt
are stuck in low-paid, low-skilled, low-productivity jobs which
means "they don't contribute in the generation of growth and they
don't enjoy its return", said Amr Adly, a nonresident scholar at the
Carnegie Middle East Center.
"You usually have mounting dissatisfaction when the economy's
growing. This is when people notice there's inequality, it's a
matter of perception," said Adly.
Fuel subsidy cuts led to price increases of up to 78 percent last
July. Taxes on cigarettes and alcohol have also risen.
"As typical as other neo-liberal reforms, this may actually deepen
the trend of impoverishment more than under Mubarak," Adly said.
Tourism, which is a big foreign currency earner for Egypt, has yet
to reach a peak level of 2010 revenue levels of $12.5 billion.
Tourism minister Khaled Ramy said he had a target of $26 billion in
tourism revenues by 2020, but a recent attack on the ancient Karnak
temple in Luxor hurt morale in an industry that was once a major
employer for Egyptians.
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"Where is the tourism? I've had to close my bazaar because there are
no tourists," said Yousef al-Qamouli, a 68-year-old shop owner, who
spends his days idle, nostalgic for the days when foreigners flocked
to Egypt's ancient splendors.
"Every year (since 2011) tourism has been getting worse and worse,"
added Qamouli, who was eventually forced to sell a piece of land he
had inherited from his father to pay off his debts.
Sisi supporters argue it is unrealistic to expect him to wave a
magic wand in a country where state domination and corruption
stifled the economy for decades.
"The government's performance isn't 100 percent, but about 70-80
percent. Their performance is good and I'm optimistic," said Amr
Abdullah, a 31-year-old accountant in a Cairo bank.
EASING TENSIONS
Sisi appears to be in a conciliatory mood on some fronts.
Egypt indefinitely postponed the roll-out of a smart card system for
subsidized fuel that was due to start days before the beginning of
the Muslim fasting month of Ramadan.
Last month Sisi also pardoned 165 people, many of whom had been
jailed for violating a protest law that has been roundly criticized
by rights groups.
It was a small step but one that would have been unthinkable early
on in the crackdown launched after he appeared on national
television and announced the army takeover.
"It is very clear that there are attempts to ease the tension. But
the more important question is to what extent will these attempts be
enough?" said Ayman Al Sayyad, a prominent columnist who was once a
senior advisor to Mursi.
"The steps that were taken on the issues concerning standard of
living. Will it have a long-term effect? The answer is clearly and
conclusively no," said Sayyad, who resigned a few months into
Mursi's rule in protest over his policies.
Government spokesman Hossam Qawish denied the government was taking
any exceptional measures and said money for all social programs had
been allocated in the current or next budget.
The government's 2015/2016 draft budget envisions a 12 percent
increase in spending on social programs at 431 billion Egyptian
pounds, or nearly half of total public expenditure.
It envisions a deficit of 9.9 percent.
Ziad Bahaa El-Din, Egypt's former deputy prime minister, said that
target was ambitious. Writing in al-Shorouk newspaper after the
cabinet released its draft budget, he said the government must
better target spending to benefit the poor.
"The idea isn't just about raising social spending, but expanding
subsidies that target the poor, otherwise the result will be more
bleeding of resources and entrenching the social gap," he wrote.
Like many Egyptians, Abdulaziz Shurbas, a 47-year-old Arabic
language school teacher, pays little attention to government
finances or praise from foreign investors.
"It's impossible for anything to change because the regime is the
same. Those who rule Egypt are men with interests," he said.
"Enough monopoly of power. Enough of the closed-room deals."
(Additional reporting by Mahmoud Mourad, Ali Abdelaty and Reuters
Television; Writing by Yara Bayoumy; Editing by Michael Georgy and
Janet McBride)
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