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Syrian businessmen suspend investment in Egypt

February 13, 2014 at 1:06 am

The head of the Coalition of Syrian Businessmen in Egypt, Khaldoun Almauke, has revealed that the group’s investors have decided to suspend their support for the Egyptian market until the local media stops its campaign against Syrian refugees. The investments are valued at $700 million.

In a media statement, Almauke emphasised that he has appealed to interim Prime Minister Hazem El-Beblawi and the Minister of Trade and Industry, Mounir Fakhri Abdel-Nour, to put an end to the “unprovoked” attacks by the media. He pointed out that new investors from Syria are being put off by the campaign.

Most Syrian investments in Egypt are focused on textiles and clothing, marble, building materials and leather.

The coalition was formed in succession to the Syrian-Egyptian Business Council, which was disbanded along with all other business councils by Syria’s Ministry of Economy.