According to this report in El-Masryon E-Newspaper in Arabic and in English
"64% of the Egyptian Economy is under the control of Foreigners"
is n't this a dangerous indicator ??
First I would like to hint to something , that I am not against the invest of Foreigners in Egypt, Heavens forbid ,but it is dangerous when a country like Egypt in unstable region like the Middle East to have the majority of its economy in the hands of Arabs or Westerns , I am not a big fan for the Revolution economy and thus I don't want it to return back despite my inside feeling that History will repeat itself
I won't speak about the companies of the public sector which were ,are and being sold on a daily basis by prices less then its real value 100 times in what is called "The privatisation"
I will speak about two other issues in the Economy , the Banking sector and the Stock exchange
The Banking sector in Egypt according to the report "Well without the need of it , anyone who reads newspapers will know what I am speaking" , the Banking sector which is a fundamental part in any growing developing economy now is in the hands of Foreigners , The French and Lebanese Banks are controlling it , starting with the specious sold of the successful Miser International Bank to National Society general DE France followed by many other banks for truth and record mostly are broken including Bank of Alexandria "which was already a foreigner bank nationalised after the 1960s Nationalisation policy", the United Egyptian Bank , Cairo Far East and ended with Delta Bank
as I said I am not against The foreigner investments in Egypt on contrary , but on this percentage there is a danger
you want a proof
What happened today in the Egyptian stock Market where Hermes went down exactly 9.5% and the administration of the Stock Market decided to close it and till now it is closed why? because of what is going in Lebanon
more explanation , the Egyptian Banking system now got three Major Lebanese Banks : Ouda, Bolum and another one I can't remember its name , Ouda is the largest operating Bank in Lebanon now, it is starting its operation soon in Egypt with the purchase of "Cairo Far East " Bank ,Ouda as I heard Hermes got shares in it and the bank itself wants to open 30 branches in Egypt alone , large number indeed .
I believe all these plans now from expansion will go to the wind after the war that is going right now in this moment in Lebanon , already Yesterday Fouad El-Saniora , the Prime Minister of Lebanon declared on TV that Lebanon is catastrophe country and the loss reached to 4 Billion dollars only in 4 days , Saudi Arabia donated with 50 million dollars to Lebanon .
Already today as result of this pleasant events in the middle East , the Egyptian Stock Exchange was collapsed when the major Hermes indicator failed and went down 9.5% , the administration of Stock exchange in Cairo and Alexandria decided to close it and till this minute it is closed Check Filbalad
what do you think ? you don't need to be economic expert to see the relation between what is happening in Lebanon ,Ouda Bank and Hermes
Now back to the control issue , I am not against the investment of our Arab rich brothers or the westerns but the idea is where is the Egyptian money , where is the Egyptian Capital money ?
well I am sorry the Egyptian Capital money is in the Bahamas and Switzerland 's Banks !!
Man I am capitalistic person but I hate this
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