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The destruction of the Egyptian economy

August 30, 2017 at 3:20 pm

Egyptian notes [Kokillennium/Flickr]

At a time when they are calling for the encouragement of investments, to the point where the Egyptian investment minister met with a Saudi businessman on his yacht while he was in shorts, in order to present him with investment projects that she begged him to choose from, the government issued a decision to close down over 15 successful companies. Some of these companies are foreign franchises, such as the American company, Radio Shack, Mobile Shop, and other companies under the pretext that these companies are funding the “terrorist organisation” the Muslim Brotherhood. This accusation is always ready to be used in order for them to carry out all of their plans and projects to eliminate any opposition or competition, even in the economic sector.

After the military institution took control of the government and eliminated political life, it infiltrated civilian life in the country, and the ministries and government institutions were filled with retired generals working as consultants and advisors to the ministries. They ultimately had the final say in these ministries. They are also heading several institutions and committees, such as the roads and bridges committee, which is tasked with the construction of bridges. However, not a month passes by without a newly built bridge collapsing. The same can be said about the railroad, which is constantly witnessing crashes and accidents. The railroad is in a dire state. It was the second railroad built in the world, but since being under military rule in 1952, it has been in a poor state.

The military institution has also infiltrated economic life in the country in every aspect, including contracting, hospitals, gas stations and food. The military has even gone as far as producing pickles, jams, biscuits and drinks. Its military projects have expanded, controlling over 60 per cent of the Egyptian economy. This has caused great discomfiture for Egyptian businessmen, forcing some to close their factories and companies after they were left unable to compete against this monster that devours everything around it. Some were forced to work through the monster, i.e. work for it, but they complained that they haven’t received the money they spent on those projects.

Read: How many bags of money would it take to sell Egypt?

After the military took full control of economic life, it is now seeking to take complete control of the media. It isn’t enough that it manages the media in terms of its material and that whatever version it issues is distributed to all the satellite channels. After the intelligence agency established a group of new channels, it recently established the Falcon Group International and purchased all of the private satellite channels, putting all the media under its thumb.

In order to control all aspects of life in Egypt, the military’s recent closure of these companies is an effort to control the import of electronics in the country, making the military the only party controlling this. This policy repels local and foreign investments. What foreigner would risk their money and invest in Egyptian projects when it sees that after some time, the state seizes control of these companies, loots their money and nationalises it? This is a systematic plan to eliminate the Egyptian economy and even destroy it forever!

The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of Middle East Monitor.