Judging by the conduct of the business sector in Egypt, it does not believe in the country's economic future. During the first quarter of 2024, about 30% of the business licenses issued by Saudi Arabia (950 out of 3,157) were for Egyptian companies.
In other words, Egyptian businessmen are taking their capital out of the country, mainly in the contracting and real estate sectors.
Egyptian startups are also relocating to the Gulf. Apart from Saudi Arabia, Egyptian company owners prefer to move their business center to several countries in Africa where there is a boom in construction and development.
Capital flight is not Egypt's only problem. Yesterday, the German company Hapag Lloyd announced that it does not expect that global shipping traffic will soon return to normal in the Suez Canal. Last year, shipping traffic brought in 9.4 billion dollars to the Egyptian coffers.
