Egypt’s economy is in freefall

Bayoumi fears ‘reduced opportunities’ for Arab capital Cairo - Akram Ali In an exclusive interview with Arabstoday, Secretary-General of the Arab Investors Union (AIU) Gamal Bayoumi has warned of "reduced opportunities" for Arab capital in Egypt and "an exodus of investors" following a wave of civil disobedience. Political unrest has hurt the country’s economy, he claimed. "Arab economies have been in freefall since the Arab Spring,” Bayoumi said. “Arab investors are fearful about the escalating political turmoil which, in turn, affects their investments in the region.” The prosecutor-general’s decision to seize the assets of 21 Egyptian businessmen had not helped the situation, he said. “Egypt has gone back on its promises by not securing necessary stability to create an appropriate climate for investment.” The AIU chief meanwhile called on all participants in Doha’s upcoming Arab League summit to “bring Arab countries together, particularly economically.”