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Egypt said to be most deserving of Gulf investment

February 16, 2014 at 2:45 pm

The Professor of Theology and Doctrine at King Saud University in Riyadh has urged investors from the Gulf countries to look at Egypt as “the most deserving” of their financial support. In the Friday sermon at Amr Ibn Al-Aas Mosque in Cairo, Dr. Mohammad Al-Arifi, suggested that the money currently invested in Europe and Swiss banks would be better used to boost the Egyptian economy.

His message has been welcomed by ordinary Egyptians and economists alike.


Dr. Yomen El-Hamaki, Professor of Economics at Ain Shams University, said that she was pleased to hear Al-Arifi’s message and expressed her hope that investors would act on it. “The message sent to the people of Egypt is that we can all feel a great love for the country.” This, she added, needs to be translated into economic and industrial “mega-projects” funded by businesses from the Gulf States. She noted the “untapped mineral wealth” in Egypt as possible investment opportunities. “Egypt has a good climate for investors at the moment,” Dr. El-Hamaki pointed out.

Describing the sermon as “good”, economics expert Dr. Mohsen Khudairi stressed that the Egyptian economy is strong with multiple opportunities for further progress. He said that the national economy needs active economic management related to viable employment.

Al-Arifi appealed to all investors and wealthy individuals in the Arab countries to invest in Egypt, saying that its people deserve their money more than the banks of Switzerland, Britain and America. “Egypt has a skilled labour pool,” he added, “plus fertile land and creative minds.” He wondered aloud how many billions of dollars have been taken out of Arab countries to support Western banks. “Why do we invest in those who use it against us?” he asked. “Have we forgotten the recommendation of our Prophet, peace be upon him, when he said, ‘Be good and kind enough with the people of Egypt’?”