Egypt’s army expands economic power

Deutsche Welle ^ | 05/04/2014 | Markus Symnak

[Olog-hai]

While the people of Egypt suffer from growing poverty and unemployment rates, the country’s generals are well off. They have managed to strengthen their economic power in the aftermath of the revolution. […]

While privately owned companies struggle under the burden of overall chaos and political insecurity, the army appears to have been unaffected. According to some observers, the army is indeed profiting from the crisis.

Over the past months, the government in Cairo has commissioned construction companies operated by the military to carry out several large infrastructure projects. In November, Interim President Adly Mansour had issued a decree allowing the government to skip the tender process when placing an order—companies run by the army have largely profited from that move. But especially foreign investors have been doing business with army generals. In March, the army closed a $40 billion (€29 billion) housing project with Arabtec, a construction company from the United Arab Emirates. …

[Cicero]

Egypt’s economy was doing pretty well before the Muslim Brotherhood forced its way into power. Then everything went rapidly downhill, and they lost their major source of income—tourism.

Tourism is still down. Not because of the Generals, but because the Muslim Brotherhood is continuing to make it risky for foreigners to enter the country.

This writer sounds like yet another liberal, naïve EU leftist, one of those idiots who worship the Muzzie terrorists.

Sure, the Generals are dictatorial. Regrettably, that’s what it takes in Egypt to keep the Muzzies in line. But the people of Egypt now prefer the Generals, after having seen first hand what the Brotherhood did when it came into power.

[RetiredTexasVet]

And who says the “Arab Spring” was a failure .... things are looking up for “certain” businesses.

[ptsal]

....Wonder if anyone is booking a trip... ???

[QuisCustodiet1776]

Agree on all points.

[SunkenCiv]

The Morsi dictatorship-in-training cratered the Egyptian economy, and not even the deep pockets of the now-ousted emir of Qatar could bring it round — especially since the number one business of Egypt, tourism, fell off and hasn’t recovered (yet). The Egyptian military had ruled the country since the overthrow of King Farouk, and the higher-ups controlled and still control a lot of businesses (as in, they own them).

Thanks Olog-hai.