Business | General

Egyptian businessmen flee with money due to crisis

An official at Cairo airport said 19 private jets carrying families of wealthy Egyptian and Arab businessmen have flown out of the capital

  • By Deena Kamel Yousef, Staff Reporter
  • Published: 14:15 January 30, 2011

Egyptians are seen through a broken window
  • Image Credit: AP
  • Egyptians are seen through a broken window of a burned shopping mall in Cairo, Egypt.

Dubai: A number of Egyptian businessmen have fled the country with their money after riots erupted in several Egyptian cities since Tuesday, according to local Egyptian media reports.

Economic growth in Egypt is built on 72 per cent of the private sector and there are huge expectations for some individuals to take economic advantage of the situation, said Amro Adeeb, a prominent Egyptian media mogul, during an interview on Dream TV.

Egyptian business tycoon—and one symbol of corruption in Egypt—Ahmed Ezz has already resigned from his post in the National Democratic Party, local media said.

Asked if he would leave Egypt as a result of the almost weeklong turmoil, Egyptian billionaire Naguib Sawiris said: "I am an Egyptian from top to bottom. I would never leave this country whatever happens. Unless there is a fundamentalist terrorist regime, I would never leave," according to Bloomberg.

An official at Cairo airport said 19 private jets carrying families of wealthy Egyptian and Arab businessmen have flown out of the capital, said an AP report. They left Saturday and most were heading to Dubai, the report said.

The Egyptian stock Exchange and banks across the country have been closed on Sunday.

The main indicator at the exchange recorded the highest level of losses since the financial crisis as investors panicked and heavily sold stocks, said Al Masry Al Youm newspaper.

The stock exchange lost 41 billion Egyptian pounds of its market value due to this drop, it said.

The Egyptian pound has dropped to its lowest levels against the US dollar in six years, to reach 5.85 Egyptian pounds as foreign investors withdraw from the exchange and got of their investments in the bonds market, the paper said.

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