12/03/2007
Al – Masaa 2007/MARCH /12
Foreign investors have been assets to strategic privatization projects, whilst Egyptian investors make uproar. As a result, foreigners have become in control of the market, as they seize the opportunity to buy companies which require enormous effort in the present, yet produce large profits in the future. ( Available in Arabic – German in PDF )
Foreigners have become in control of the market due to their desire to purchase large companies that are put up for sale. Hence, they seize the opportunity to buy commercial projects that yield large profits after a short period of time. Varying views have been discussed regarding this matter: that the government insists on selling assets to foreigners, as they have the ability to transfer technology and increase foreign investment; that Egyptian businessmen simply do not have the financial ability to compete nor are they able to form large alliances; that businessmen have indeed already benefited from the privatization program. Furthermore, it is said that we are still in search for a businessman with the desire to purchase a company up for sale; one with the spirit of economic risk in line with foreign investors. Dr. Riad calls for the formation of economic alliances to purchase Egyptian companies, enabling them to compete with foreign investors; as such an issue is an impediment to Egyptian businessmen.