Friday, March 14, 2014

Egypt's General Al-Sisi's Leadership has gotten the attention of Oil Rich Governments

As Egyptians wait to hear whether Field Marshal Abdel Fattah Al Sisi will run for president, rich Gulf Arab states who share his hostility toward the Muslim Brotherhood are taking a lead role in nudging him toward the campaign trail.
The latest signal of Gulf support for Field Marshal Sisi, who is the minister of defense, came on Sunday with a $40 billion deal for United Arab Emirates-based Arabtec to build a million homes for young Egyptian couples. Also on Sunday, Dubai-based Majid Al Futtaim said it planned to invest some $2.3 billion into five new commercial malls in Egypt. 
Like recent Gulf loans, grants and gifts of oil to Egypt since Field Marshal Sisi overturned a Brotherhood-backed president, the projects are widely interpreted as their attempt to bolster the military leader's appeal.
Field Marshal Sisi, center, on Sunday lays a wreath in 
memory of slain soldiers. If he chooses to run for 
president, he is expected to win easily. Associated Press
But as the petro-rich Gulf states help to prop up Egypt's faltering economy, some observers worry that the self-stylized nationalist will be beholden to them if he becomes president. 
"At the moment they're all on the same page," said Michael Hanna, a senior fellow at the Century Foundation, a New York public policy research group. "But clearly the reliance on Gulf money might produce some strange dynamics going forward in terms of Gulf priorities as to how the money gets spent.
Read the rest of the story HERE. Below is a link to a related story:

Daunted by massive task ahead, Egypt's military chief is a reluctant presidential candidate

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