Egyptian Chronicles: My Two Cents about Egypt’s big Economic Conference

Saturday, March 14, 2015

My Two Cents about Egypt’s big Economic Conference

In the past 48 hours Egyptians have been following carefully that huge big Economic Conference in Sharm El-Sheikh. They have been carefully following the big numbers announced in the media from aids and investments. On Friday Saudi Arabia, Kuwait and UAE announced aids and investments equal to $12.5 billion. In mid Saturday Ahram Arabic News website announced that the value of agreements signed on Saturday between Egypt and other countries and companies reached to $ 48 billion. Now people are speaking about investments and aids equal to $128 billion. Huge big numbers that can change countries upside down if they are true.
I am not an expert in economy but here I will write about what I think.
People are speaking about how the conference succeeded and how El-Sisi did it and saved Egypt from poverty and bankruptcy. Actually organizing the economic conference was a huge success especially to JWT and the ministry of investment but whether it did succeed or not in saving Egypt from poverty and bankruptcy , well days will only tell especially we are living in a turbulent region that changes upside down every 24 hours if not 48 hours aside from all the economic radical changes in the world. This is besides the fact we are in true transitional time in Egypt. 
The banner of the conference on the NDP building in Cairo
Friday 13,March by Mosa'ab El-Shamy
A New Capital city project was announced and a contract with an Emirati Company was even signed without even discussing this matter seriously on a social and national level as we are speaking about a new Capital city for the country that would cost billions of dollars !!
I just do not understand how such decision to plan for a new Capital city was taken in the first place without a parliamentary approval or discussion. This is a new administrative capital city to represent Egypt for God’s sake that will affect our history and future general. I know many people are amazed by that Dubai-sque design of this future city but I am sorry I won’t trade my great Cairo with any other skyscrapers city.

I won’t even comment on how an Emirati company designed and is going to construct The New Administrative Capital City of EGYPT without the approval of the parliament.
Ironically that Capital City project was from Gamal Mubarak’s NDP committee projects , man I do not want even to imagine how he feels now when he sees all what he planned for went to an army guy !! Well I think he won’t be very angry because after his father-in-law’s construction company got a new joint construction project with another Emirati Construction company.
Returning back to the parliament , I do not need to speak about the investment and financial reconciliation laws need to be revised because they are many question marks about those laws. You know yesterday foreign figures kept speaking about transparency and accountability and so on. Amazingly those laws are against accountability and transparency.  Already many of the contracts signed in that conference should be revised and approved by the parliament in perfect circumstances.
Of course if you dare and say this now in the media or on twitter in Arabic or even in English you will be accused of being traitor , MB member and a person who did not care for the poor in the Egypt.
The media is giving the people high hope when it comes to the Economic conference which is being hailed as another Sisi’s triumph when it should be dealing with the matter realistically and stop giving people empty promises.
Economic reforms without parallel political , social , legal reforms are only temporary remedies that won’t stop any popular uprising. Many of the youth who joined and playing a critical role in 25 January revolution came from a class that did not suffer that much economically.
The Gulf States believe that aiding Egypt economically and pouring investments will make people forget political and social democratic reforms just like in their countries unfortunately.
By the way interestingly I remember a twitter conversation with a Pro-Mubarak/Pro-Military supporters including Egyptian army officers unfortunately who believed that Chile’s Pinochet was a great leader who got rid from couple of thousands in order that the rest of population would live through economic reforms. Those guys did not even care for the end of Pinochet or how he is regarded in the history.
Needless to say I remembered Pinochet and the Western support to his economic policies when I read that Tony Blair said that democracy was important but we should be realistic !! Well Realistically speaking Mr. Blair comes from a country that takes pride in democracy and even celebrates it but because we are a third world Arab country , we should be realistic enough and accept dictatorships and so on.
These are my two cents about the big economic conference.

11 comments :

  1. Sisi is acting as a terrorist shill for the UAE. He might as well change his nationality and citizenship to join the UAE. They are the ones who helped bring him to power and in whose interests he is acting. He is not acting like an Egyptian leader.

    ReplyDelete
  2. Solving the Problems of Sickness, Poverty and Illiteracy by spending Billions to build a new Capital,
    Is similar to Marie Antoinette’s Solution of eradicating Hunger. If they couldn’t find Bread, "Let them eat cake,"
    Solving Egypt’s Problems should start at “Village Level”.
    Ozza.azurewebsites.net
    #Ozza

    ReplyDelete
  3. Z I read carefully your post and I summarize it as follows: you hope that Egypt fails ignominously if winning gloriously ends up supporting Abdel Fattah El Sisi.

    ReplyDelete
  4. A fine and neutral brief introduction. From one side a group might be for what is happening, as the need for an economic reformist implementation is a must, versus an impact with a critique due to a government suppressive malpractice.
    The question is: is it better to look and see, or wait and see?.

    ReplyDelete
  5. What the man in the street wiĺl have from aĺl those billions
    we do not just like to build like the pharos. ...just for few in the top

    ReplyDelete
  6. You have the right to question anything and everything. At the same time, you also should cite the positive, which I hope exists. It can't be all negative. Then this would be a balanced and objective approach.

    ReplyDelete
  7. I was there and Z. is right in one point: money talks and freedom, democracy, human rights did have no place. You found every crook from the old Mubarak gang, the Sudanese wanted war criminal (the ruler of dubai left the hall in silent protest and when Kerry said that there was no excuse for killing innocent women and children the Egyptians did not understand that he was not referring to Daesh but to rab3a addawiyah and when the President of Somalia said that Somalia's and Egypt's future are one the Egyptians cheered - embarrassing.

    Apart from that we will see what projects will become reality and whether the money truly comes.

    ReplyDelete
  8. Many many egyptians are very happy with the huge success of the Economic conference because it gives them hope, and re-affirms their confidence in their president. The added bonus is that none of you can do anything about that.'

    In addition there is the added bonus that all of you malcontents can do nothing about it.
    They don't trust you one bit on anything and they see the national success at Sharm as your miserable defeat after you tried your best efforts to destroy the event.
    Tahya Masr.

    ReplyDelete
  9. Egypt will do much better with a strong president like Sisi, and with no parliament. Parliament is just for appearances, it has been and always will be useless in a country like Egypt. Sisi is going to wait for permission from the parliament? Seriously? Why? He didn't wait when he started the new branch of the Suez Canal. Western-style democracy = failure.

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  10. The Economy Conference is just a political stance to show the world that despite the leaks and the pro Morsy support there were still some countries willing to fund the Egyptian military. That's pretty much it, as for new capitals and whatnot..well that can be stashed into the same garbage can that stores Toshka and all the other fabricated excuses to milk money out of people. The question isn't do we now need a new capital by the grace of the UAE and Saudi; the big picture is why is Sisi blowing up Sinai? Why is he kicking people out of their homes there? Why is he torturing to death anyone who disagrees with him? If he drowned the people in money would that make the killing and tortures and imprisonments OK? But he has no intention of drowning anyone but himself and his cronies in gold, that is the way the elite treat the serfs...

    ReplyDelete
  11. Great piece Zeeno... I do share all your arguments...

    ReplyDelete

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