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Daily News Analysis

Basketcase Egypt to receive $12 billion from Arabian potentates

Crescent International

Egypt under the pharaoh General Abdel Fattah el-Sisi is a basket case but regional potentates are going to pump another $12 billion into its economy to shore it up. They are wasting their money. The thugs in uniform are professional thieves. Besides, Egypt has been pushed, unfortunately beyond recovery. The tyrants are clinging to each other in hopes of saving their own skins.

Sharm el-Sheikh, Crescent-online
Friday March 13, 2015, 17:19 DST

The Egyptian pharaoh General Abdel Fattah el-Sisi, teetering on the brink, is to receive $12 billion from three equally unrepresentative regimes in the region: Kuwait, “Saudi” Arabia and Dubai.

At a meeting in Sharm el-Sheikh today, the three Persian Gulf states pledged four billion dollars each to shore up Egypt’s crumbling economy.

The meeting was attended by Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah, Saudi Crown Prince Muqrin bin Abdulaziz, Dubai’s Sheikh and Prime Minister Mohammed bin Rashid al-Maktoum and Egyptian as well as western officials.

“I am happy to announce that Kuwaiti investment bodies will invest $4 billion in different economic sectors of Egypt,” Sheikh Jaber al-Sabah said at the inaugural session of the conference.

The Saudi crown prince Muqrin also announced a $4 billion package that would include a one-billion-dollar deposit in the Egyptian Central Bank while the remaining three billion dollars will be disbursed through Saudi development funds and investment as aid in projects.

Dubai’s ruler said his country's investment would consist of a two-billion-dollar deposit in the Central Bank, with the rest envisaged to fund projects.

Even tiny Oman (relatively speaking in terms of its financial clout) said it would provide $500 million in grant and investment but would spread it over the next five years.

The Omani donation was announced by President of Oman’s State Council Yahya bin Mahfouz.

It is revealing that the donors were invited to Sharm el-Sheikh, a holiday resort, rather than dusty, crowded and noisy Cairo.

Even while most Egyptians are literally starving and the country is bankrupt, the investing Sheikhs were entertained to a lavish meal served while there was belly dancing going on.

The rice, kebab and plenty of sin juice—alcohol and wine—taste much better when consumed to the rythm of drumbeat and gyrating bellydancers!

Political and business leaders from other countries including US Secretary of State John Kerry were also present in Sharm el-Sheikh to boost chances of attracting more investment into the bankrupt economy of Egypt.

When the Zionist el-Sisi staged a coup in July 2013 ousting a democratically elected government of President Mohamed Mursi, the “Saudi” regime that had orchestrated the coup, immediately gave $5 billion to the pharaoh to ensure the country survives the shock.

The Saudi regime then organized a gathering of fellow potentates to pledge $20 billion. But Egypt is a bottomless pit; no amount of money can shore up its crumbling economy especially when the thieving musclemen steal much of it and deposit it in bank accounts abroad.

So the question is: why these additional pledges now when the donors know that the Egyptian economy cannot survive because of the manner in which the political system is structured?

There are two principal reasons. One, there is growing resentment against all the regimes for their oppressive policies and there is mass discontent. The tyrants are clinging to each other.

Second, the Egyptian pharaoh Sisi’s standing needs to be boosted because he has become a global pariah since his brutal crackdown on and murder of innocent people in July-August 2013 when thousands of women and children were mercilessly butchered.

The country’s economy has been badly battered and little or no foreign investment has come in.

Tourism, the economy’s mainstay, has not picked up because of ongoing turmoil. Enter the sheikhdoms with lots of cash to spare to shore up the thugs in uniform.

Qatar, the other financial powerhouse in the region, was conspicuous by its absence.

All is not well in Egypt even if the potentates enjoyed a lavish meal with music and belly-dancing as well as consumption of huge amounts of the forbidden liquid.

Were they drunk when they threw such huge amounts of cash into the bottomless pit called Egypt?


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