AmCham: Arab Countries Urge US Investors To Exit Egypt

Gamal Moharram, Chairman of the American Chamber of Commerce in Cairo, asserted that there are some Arab countries, such like UAE and Jordan, are trying to attract the US investors in Egyptian market to invest in their markets. These attempts came about on the reason of the turmoil that Egypt witnessed after the revolution till the presidential elections.

Moharram added that the US companies refused exit and  preferred to continue in the Egyptian market, as they trust the strength of the Egyptian economy to face crisis, the best example for this is the Global Financial Crisis in 2008.

On the other hand, Hesham Fahmy, Executive Director of the Chamber, said the US Congress approved swapping the $1 billion debt with developmental projects in Egypt, but it hasn’t issued a decision so far. He referred that the negotiations of decreasing the Israeli component ratio in QIZ agreement is still suspended; awaiting the Egyptian government stance of the agreement.