Crackdown Against MB Businesses Will Hurt Economy, Experts Warn

Dr. Ayman Rajab, a stock market expert, commented on a recent study warning that the random detentions against Islamist businessmen will only paralyze the Egyptian economy and may lead to a collapse of the performance of the Egyptian stock exchange, something that it may not recover from in the short run .

He expected that these wrong security policies against the Muslim Brotherhood, specially its businessmen, will lead to more money smuggling to outside the country; he noted that the last months, in which the crackdowns took place, witnessed smuggling huge sums of money (more than 3.66 billion) outside Egypt because of lacking a trusted and wise economic policy.

The latest crackdowns against the Muslim Brotherhood included a group of businessmen topped by: Eng. Mohamed Khayrat Al Shater, and the latest was eng. Medhat Al-Haddad, board director of Arabiya for Construction Co., Osama Abdul Mohsen Sharaby, the board director of Egilica Tourism Co., and Dr. Abdul Rahman Soudi, the board director of Urban Development Co.

Political researchers and economists criticized the successive security crackdowns against the Muslim Brotherhood’s leaders and figures, and the state’s inclination to arresting iconic businessmen and shutting down their companies which are prominent in the Egyptian economic life.

They confirmed that what is happening hurts the Egyptian reputation and sheds doubts on the ruling regime’s plans for holding real economic or political reforms, pointing out that what is happening gives a death blow to human rights.
 The most important companies that were recently shut down were Salsabeal Co. owned by Eng. Khairat Al Shater, companies of Istiqbal, Sarar and Rawag which are owned by Hassan Malek, and Saudi supermarkets and both companies of Urban Development and Al-Giza Medical owned by Abd Al-Rahman Saudi, and the Arab company for reconstruction in Alexandria owned by Eng. Medhat Al-Haddad, the Islamic Publishing House and Diaa Co. which is owned by Dr. Diaa farahat in addition many other companies; add to this the ongoing raids against Muslim Brotherhood businesses. All of them are arrested in the last security crackdowns.