I wrote this piece with my friend Imran Riffat, who has served in senior management positions with a major international bank and has experience in Cairo that includes a five-year stint as country head of the Egyptian operation.
Last Friday, many Egyptians and more than a few Egypt watchers in Washington, DC, held their collective breath. November 11 was to be the “Revolution of the Poor,” but the 22 million who live in poverty did not show up in Tahrir Square to demand change. It might have been the large number of riot police and armored vehicles in the streets that kept people away. It also might have been the sheer exhaustion of the last six years and the fear of what might come next should another “revolution” erupt. The era of former President Hosni Mubarak may be perceived as an era of stagnation, but thus far it looks good along a number of economic, social, and even political dimensions in comparison to what has followed it. Still, Friday was a big win for Egyptian President Abdel Fattah al-Sisi (and a setback for the Muslim Brotherhood, whose spokesman, Hassan Saleh, seemed to be foaming at the mouth in his official statement on behalf of the group encouraging protests). Not long after it became clear that Egyptians were not mobilizing came the announcement that Egypt and the International Monetary Fund (IMF) had agreed to a much-needed $12 billion loan. Then, on Sunday, the Egyptian stock market did well. To cap off the weekend, Egypt’s national soccer team beat Ghana 2-0, vaulting the team to the top spot in its World Cup qualifying group. Read more »