Saudi businessmen wary of investing in Egypt

Arab investors are refraining from helping the Egyptian economy because of the Egyptian media, said Abdel Motelb Abdel Hamid, an economic expert and dean of economic research at Sadat Academy.

Abdel Hamid said many Arab businessmen announced their intentions to start investments in Egypt after January 25 Revolution. Among them was a group of Saudi businessmen who announced the establishment of a bank in Egypt with one billion EGP (U.S. $16.9 million) to help the Egyptian government.

However, the Egyptian media has campaigned against Arab businessmen, as in the case of Al-Walid bin Talal. Some of those campaigns appear to have revised business plans, and have caused Arab businessmen to mistrust the Egyptian economy at this time.