Tensions rise between Sisi and business sector

The relationship between Egyptian President Abdel Fattah al-Sisi and Egyptian business leaders remains ambiguous, but there are indicators that suggest tensions between the two or the likelihood of their developing as Egypt works through a period of transition.

As a presidential candidate, Sisi held a May 8 meeting with business leaders at which, according to some media outlets, he asked them to donate 100 billion Egyptian pounds ($13.9 billion) to the state “to support the Egyptian economy.” In a later television appearance on May 18, Sisi confirmed that he had indeed done so. After he was elected, Sisi renewed his call, urging businesspeople to donate to what he called the Long Live Egypt Fund. According to some news sites, including Veto and Wadymasr, the fund has thus far received 9 billion pounds ($1.25 billion), while Sisi has set a target of 100 billion pounds ($13.9 billion).

A reported decision by Sisi to list the names of donors on a monthly basis could be additional proof of tensions with the business community. Sisi's plan led some young politically active Egyptians to declare the launch of a so-called black list — names of business people who have abstained from donating to the Long Live Egypt Fund. The names of donors and nondonors, however, have not yet been released.

In a speech July 28 during prayers celebrating Eid al-Fitr, with Sisi and other leaders present, Mohammed Mokhtar Jomaa, awqaf (religious endowments) minister, declared, “The president has the right to deduct a part of the wealth of the rich who have undermined the rights of the poor.” Later, at the inauguration of the Suez Canal Development Project on Aug. 5, Sisi delivered a speech in which he stated, “Egypt has been very generous with its well-off citizens. You will have to pay no matter what, for your homeland has offered you a lot.”