Photo: Khaled DESOUKI / AFPSource: AFPEgypt, sapped dry of dollars despite a $3 billion International Monetary Fund bailout loan, is seeking to boost its coffers by selling state assets to wealthy Gulf nations. "At the same time, it has allowed the Gulf states to continue to have a sphere of influence in the region." Military's powerful economic roleA view of the Nile River in the Egyptian capital Cairo: the North African nation is looking to Gulf nations to sell state assets to bring cash to bolster the economy. Photo: Khaled DESOUKI / AFPSource: AFPWith stakes in 40 deals, Emirati and Saudi companies had the bulk of transactions. The Saudi fund now owns 25 percent of state-founded digital payments company eFinance, and is negotiating the purchase of United Bank of Egypt.

Source: Daily Nation February 15, 2023 03:04 UTC