The connection between the Egyptian army and multinational corporations are simply too many to list. Whether you estimate their stake in the economy to be the unrealistic low figure of 10% or the unverifiable high figure of 60%, clearly, they have a major economic interest, and by simple deductive reasoning, you can assume that a significant portion of the foreign investment being sought by the regime is directed towards enterprises in the army’s portfolio; unless you think the regime is trying to secure investment for everyone else, and not themselves.
The army has been diversifying its economic ventures for years, collaborating with Western and Asian multinationals and conglomerates from the GCC (like the Kuwaiti M. A. Kharafi and Sons), on projects from oil, gas and renewable energy to air and maritime transport and water treatment. The majority shares of Egypt’s maritime companies are all owned by foreign multinationals like Moeller-Maersk, with the military holding minority shares. Damietta International Port Company is 70% foreign owned, and the same collaborative model seen in other sectors.
The military has holdings in Tharwa Petroleum, which has several joint projects with foreign firms, such as Tharwa Breda Petroleum Services and Thekah Petroleum Company, which are co-owned by Italian firms Breda and Eni.
Military officials themselves brag about the partnerships they have contracted with multinationals from the US, Russia, Great Britain, China, South Africa, France, Germany, Italy, and so on. It is not controversial. The army’s stake in the economy depends on these partnerships. And, again, their capacity to produce consumer goods is entirely reliant upon facilities primarily dedicated to weapons production for American defense firms, subsidized by the US government.
So, in fact, at every level, the Egyptian army’s stake in the economy can only flourish through collaboration with multinationals. The army has a good hand of cards, but the multinationals hold the deck, and the army only has the cards they deal them.
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