NewsNorth AfricaEgypt: Investors, businesses to support Al-Sisi's presidency bid

Fri,22Feb2019

Posted on Thursday, 20 March 2014 15:43

Egypt: Investors, businesses to support Al-Sisi's presidency bid

By Konye Obaji Ori

Egyptian army chief Field Marshal Abdel Fattah al-Sisi. Photo©ReutersForeign investors and local businesses have moved to support Egyptian army chief Field Marshal Abdel Fattah al-Sisi's presidential bid.


According to analysts, stability is crucial to investment opportunities in Egypt where a massive debt, a weak currency and political ambiguity has scared away foreign direct investment.

Yes, Egypt needs a strongman but it needs a lot more than just a strongman

Egypt has been unstable since the revolution that ousted autocrat Hosni Mubarak, the election and army-led ousting of elected President Mohammed Morsi, and the subsequent riots and crackdowns by security forces on supporters of

Morsi and the Muslim Brotherhood.

Despite al-Sisi's role in the unstable post-Mubarak Egypt, investors and local businesses believe he is the man to lead Egypt to an economic boom.

"I think most investors would say it doesn't appear all that democratic, but it's more stable, so my investment will be safer," Exotix spokesperson, Gabriel Sterne told reporters.

Al-Sisi has grown in popularity and is widely expected to run and win.

Exotix, the London-based frontier market bank said al-Sisi would need to deliver on the economy, which he has acknowledged presents huge challenges.

"He does seem to have support that has been absent from any single politician.

"Whatever it is, it's a sign of stability," Sterne added.

The faith in al-Sisi is based on his ability to make bold and decisive decisions. Analysts say these qualities would help the field marshall to provide economic and political calm.

"Yes, Egypt needs a strongman but it needs a lot more than just a strongman, it needs to correct its investment policy," Moheb Malak, Cairo-based economist at Prime Securities told reporters.

Egyptians agree that law and order is essential for investment and to stabilise the economy.

Industry and investment minister Mounir Fakhry Abdel Nour told reporters that investors will be thankful because al-Sisi is a strongman that can pull the Egypt economy together.

The prospect of an al-Sisi presidency has seen billions of dollars in aid from the military-backed government's allies in the Gulf.

Prospects for infrastructure growth are in place in Egypt.

A draft investment law, which aims to prevent third parties from challenging contracts made between the government and an investor, is expected to attract investment.



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