Egyptian MP: The Difference Between Investing in State Assets and Disposing of Them Is Like the Difference Between Black and White
Member of the Egyptian Parliament, Ahmed Bilal Al-Birlesi, submitted an urgent statement to the Speaker of the Parliament, calling for the suspension of the sale of Cairo Bank to Emirates Dubai Bank. In his statement, Al-Birlesi mentioned that the deal lacks transparency and raises many questions, especially since it is being carried out without involving Parliament, which represents the will of the Egyptian people.
Wasting Profits
The MP from the Tagammu Party explained that the deal represents a major issue, as it involves a national economic institution. He pointed out that Cairo Bank is not a losing institution but, on the contrary, made a net profit of 12.4 billion Egyptian pounds in 2024, with an 86% growth compared to 2023. Al-Birlesi questioned why successful institutions that generate huge profits are being sold, stressing that this raises questions about the evaluation criteria and the reasons behind the exclusion of some Kuwaiti investors.
He stated, “The difference between investing in state assets and disposing of them is as clear as the difference between black and white, where one cannot be confused with the other.”
A Strategic Decision Affecting Egypt’s Future
Al-Birlesi noted that the decision to sell Cairo Bank is not merely a financial deal but a strategic decision that will affect Egypt’s banking system and the future of the country. He called for the government to stop the deal immediately and allow it to be discussed transparently in Parliament, emphasizing that the Egyptian people have the right to know all the details of the deal before any final decision is made.
Government Response: Rumors
In response, Egyptian Prime Minister Mostafa Madbouly denied rumors circulating about the sale of Cairo Bank for one billion dollars, confirming that what is currently happening is an evaluation process of the bank to determine its current value through a specialized consultant. Madbouly added that the percentage to be offered to investors or listed on the stock exchange will be decided after the evaluation process is completed.
It is worth noting that Cairo is facing significant economic losses due to the impact of tensions in the Bab al-Mandab Strait on maritime navigation, which in turn affects the revenues of the Suez Canal, one of Egypt’s main sources of national income.
