Saudi- Egypt’s Assets Freezing To Gravely Affect Investments

A group of Egyptian businessmen and foreign investors said Egypt’s recent decision to freeze an estimated EGP 10 billion and assets belonging to 21 businessmen, including 5 Saudis, will gravely affect Arab and foreign investments in Egypt.

Egyptian Prosecutor General ordered freezing the assets owned by 21 businessmen following investigations related to manipulation in the Egyptian stock market (EGX) during the sale of the National Bank of Egypt to the National Bank of Kuwait (NBK) in 2007.

The majority of Saudi investments in the EGX are run by companies specializing in financial brokerage without interference from investors, some of them are well-known and reputed figures who have big investments in the Egyptian market, according to investors.

The six Saudi businessmen have been identified as Sulaiman Abanami – the most prominent Saudi investor in the EGX; Hasan Abdulrahaman Al-Sharbatli – Owner of City Stars Complex in Cairo; Gharamallah Al-Zahrani, Muiyadh Al-Zahrani, and Aidarus Al-Isai.

Board Chairman of Jarir Company Mohammed Al-Aqil, who is one of investors in the Egyptian stock market, said the announcement of the issue is not in the interest of the Egyptian economy and will have a negative impact on investors. It will especially affect investors who are above any skepticism and will never carry out such transactions.