Egyptian economic experts called the meeting between leaders in the Muslim Brotherhood (MB) and a delegation of American and Australian investors last week out of the ordinary, particularly given the politically and economically sensitive situation in Egypt. The economic influence of the MB will continue to increase in Egypt in the coming years, economic experts from MENA agreed in joint declarations. The purging of officials in the January 25 Revolution, many of whom stifled the MB's wielding of economic power, will pave the way for an increased MB presence in Egyptian economics. The MB was prevented from flexing its economic muscles in the previous regime and instead was relegated to specific and limited economic projects, the experts said. The MB will make economic affairs a top priority in their quest for political power in New Egypt, said Rashad Abdou, professor of economics at Cairo University. The political group will focus entirely on economic policies after the election of the first parliament after former President Hosni Mubarak was ousted, he added. The MB is the strongest and most organized political movement in Egypt, said Abdou, adding that its opponents are either weak and marginalized or inexperienced in the complex game of political strategy. Independents, businessmen and former members of the now-dissolved National Democratic Party (NDP) will present the MB with the fiercest political competition regarding economic policy, said Abdou. The MB must draft their economic policies soon so that Egyptians have ample time to assess their strengths and weaknesses, said Abdou, adding that part of the program is expected to be a stimulation of Islamic banks. The MB will focus its economic energy on sectors like bourse, trade and investments, said Ashraf Mahmoud, an economic expert. Its financial spending capacity, which pales in comparison to that of former members of the NDP, will be the most challenging obstacle for the MB when designing economic strategy, he added. The MB businessmen will likely play a large role in national projects, including initiatives on the so-called “Economy of the Poor,” which will provide medicine, food and subsidized commodities to struggling communities, Mahmoud said. The MB will focus on serious threats to Egyptian stability first, like unemployment, social justice and development, said Omar Abdel-Rahman, an economic researcher. The MB will also make strategic geopolitical moves, Abdel-Rahman added, claiming that the movement will distance itself from Europe and the U.S. and concentrate its energies on improving partnerships with countries like Turkey and Iran. The MB will also develop an Islamic model of tourism in an attempt to quell the fears of those who fear a MB-dominated Egypt will stamp out the already struggling Egyptian tourism market, he added. If the MB takes power, Islamic and Arab investment will replace the sure-to-depart foreign investment from the western world, Abdel-Rahman added. The MB will focus on the development of the Islamic economy, particularly in the banking sector, he added. The MB will attract Arab investment, especially given the sound relationships between the movement and the Gulf States, Turkey and Iran, said Megahed Ali, a researcher. MB businessmen recently signed economic agreements with Turkish investors to initiate projects in the leather and clothing sectors. The main challenge the MB faces is its limited economic capacity, a consequence of the thirty years of oppression under which the MB endured during the rule of former President Mubarak.
