CAIRO: When Mohamed Rifai left Dubai earlier this year, he thought his career had hit a wall. With the Dubai economy stalling as a result of the global financial crisis, the investment banker at a medium-sized firm in the Gulf Emirate believed he would be forced to struggle to make ends meet in the native land he had left nearly two decades ago in search of wealth. “I came back to Egypt with a lot of money, don't get me wrong, but without a job and without a solid future, I was worried,” says the 43-year-old. But, his optimism has been renewed in recent months, as Dubai continues to feel the pressure of the financial crisis and companies are looking for secure locations to continue their development. Rather, not continue to lose so much. “A few months ago, I was contacted by a company based in Dubai and they discussed with me the possibility of opening up a Cairo branch and wanted my help in doing so. I was really happy to hear from them and it looks like it is going to be a reality as Dubai's future as the place for wealth seems to be coming to an end,” the banker says soberly. “I miss Dubai, but to be closer to my family would be nicer than going back.” Rifai is like many Egyptians who were forced out of the Gulf city after the financial crisis hit hard earlier in 2009. Many took all their belongings on what was a “vacation,” but they knew there was no going back. “We had our contracts severed while we were gone. We knew it was going to happen, but it still hurt.” Now, Abu Dhabi, Qatar and Egypt have become the choice destinations for Dubai-based companies in search of a safe investment haven, as the Gulf emirate delayed billions of dollars of debt obligations this week. International fund managers told media that they are considering reshuffling portfolios or even leaving Dubai altogether after the government announced on Wednesday it would ask creditors at its flagship firms Dubai World and developer Nakheel to delay repayment of its debt. This delay will come into affect on Monday and has forced companies to look for alternative solutions to maintain their profit and investment. Egypt is that place, where lax government control over investment makes it an exciting destination for many. “We want investment and despite our problems with the crisis, in many ways, we are ahead of the curve and other regional corporations are seeing this and we are helping them establish bases here in Egypt,” says Samiha Fawzy, an investment ministry official. “It could be a great opportunity for Egypt.” For those like Rifai, who lost their jobs in the Emirates, Egypt boosting its international potential is seen with great optimism and hope. “We can work from Cairo doing the same things we did in Dubai. Only now, we have the ability to not make the same mistakes that led to Dubai's fall,” he adds. **writing by Joseph Mayton BM
