Egypt Is A Ticking Time Bomb.

Summary

The video script discusses the economic and social challenges facing Egypt, including rising food prices, population growth, and geopolitical issues. It highlights how Egypt, once reliant on wheat imports from Russia and Ukraine, faces food inflation and the impact of regional conflicts on tourism and the Suez Canal's profits. Additionally, it addresses the Grand Ethiopian Renaissance Dam's potential threat to Egypt's water supply and the country's struggle with energy exports. The script also critiques President Abdul Fattah el-Sisi's economic policies and massive infrastructure projects amidst a looming financial crisis, suggesting Egypt is a 'ticking time bomb'.

Takeaways

• 🌿 Egyptian President El-Sisi suggested eating tree leaves like Prophet Muhammad during economic hardships, symbolizing Egypt's severe economic crisis.
• 📈 Egypt's inflation rates surged to historic highs, with food prices rising 45% in 2024, threatening the nation's social stability.
• 🍞 Bread is a critical component of Egyptian culture and economy, and the government subsidizes it to prevent public unrest. Rising bread prices have historically caused protests.
• 🌍 Egypt's population has exploded, tripling from 38 million in 1975 to 114 million today, causing immense pressure on its limited habitable land area and resources.
• 🌾 The Ukraine-Russia war deeply affected Egypt, as 70% of its wheat imports came from those countries, causing food insecurity.
• 💧 Ethiopia's construction of the Grand Renaissance Dam poses a serious threat to Egypt, as it relies on the Nile for 90% of its water needs.
• 📉 Egypt's tourism sector, a major source of revenue, was severely hit by COVID-19, regional unrest, and war in neighboring areas.
• 💰 Egypt's reliance on international loans, particularly from the IMF, is worsening its economic problems, and the country's currency has sharply devalued.
• ⚡ Gas exports, once a booming sector, have also declined by 50% due to regional instability and technical issues with key gas fields.
• 🏛️ President El-Sisi is investing in massive infrastructure projects, including a new capital city and nuclear power plant, despite the country's economic struggles.

Q & A

What did Egyptian President Abdul Fattah el-Sisi suggest as a response to rising food prices?

Egyptian President Abdul Fattah el-Sisi suggested that Egyptians could eat leaves from trees as a response to rising food prices, referencing the Prophet Muhammad's actions during his imprisonment near Mecca.

What are some of the modern 'plagues' affecting Egypt as described in the script?

The modern 'plagues' affecting Egypt include geopolitical, economic, and social phenomena such as the impact of the Russia-Ukraine war on wheat prices, high inflation rates, the COVID-19 pandemic's effect on tourism, regional unrest affecting the Suez Canal and tourism, disputes over the Nile's water with Ethiopia due to the Grand Ethiopian Renaissance Dam, and issues with the country's natural gas exports.

How has the Russia-Ukraine war impacted Egypt's wheat imports?

The Russia-Ukraine war led to a significant increase in wheat prices on the global market, which is a major issue for Egypt as it relies heavily on wheat imports, particularly from Russia and Ukraine, to meet its population's needs.

What is the significance of 'Aish Baladi' in Egyptian culture and economy?

Aish Baladi, a type of bread, is a crucial part of Egyptian cuisine and culture. It is also economically important as it is a staple food for the population, and its price is subsidized by the government, making it a matter of national security.

How has the COVID-19 pandemic affected Egypt's tourism industry?

The COVID-19 pandemic severely impacted Egypt's tourism industry, with the number of tourists dropping significantly and the sector's revenues falling by 70%. However, after the pandemic, tourism quickly revived and even reached an all-time high.

What is the Grand Ethiopian Renaissance Dam and why is it a concern for Egypt?

The Grand Ethiopian Renaissance Dam is a massive infrastructure project that has been built on the Blue Nile. It is a concern for Egypt because it could disrupt the natural river flow of the Nile, which Egypt relies on heavily for freshwater needs, potentially causing significant losses during the dry season.

How has the regional instability affected Egypt's Suez Canal profits?

Regional instability, particularly the war in Yemen and tensions in the Red Sea, has led to a decrease in traffic through the Suez Canal, resulting in a drop in profits, with one report indicating a 40 to 50% decrease.

What are some of the large-scale infrastructure projects that Egypt is planning despite its economic challenges?

Despite economic challenges, Egypt is planning large-scale infrastructure projects such as the New Administrative Capital, a new nuclear power plant on the Mediterranean Coast, and a 2,000 km high-speed rail network.

What was the controversial decision by Egypt to sell its coastal city of Ras Al Hikma to the United Arab Emirates?

Egypt sold its coastal city of Ras Al Hikma to the United Arab Emirates for $35 billion. While the area will remain under Egyptian jurisdiction, the sale was controversial as it involved selling a part of the country's territory for hard currency.

How has President Abdul Fattah el-Sisi's governance been compared to his predecessor Hosni Mubarak?

President Abdul Fattah el-Sisi's governance has been compared to that of his predecessor Hosni Mubarak, as he has followed an authoritarian approach, maintaining the exchange rate artificially and borrowing heavily from international institutions, which has raised concerns about the country's solvency and direction.

Outlines

00:00

🌿 Economic Challenges and Historical Parallels in Egypt

The paragraph discusses the economic struggles faced by Egypt, particularly in 2022, as food prices rose significantly. Egyptian President Abdul Fattah el-Sisi humorously suggested eating leaves, echoing a historical act of Prophet Muhammad. The economic situation is compared to the biblical plagues of Egypt, but with modern geopolitical and economic challenges. The video transitions to discuss advancements in AI and Tech, specifically AI Video Creator, which can turn text prompts into videos, and then returns to Egypt's rich history and current population density issues, living on a small habitable land area compared to the vast deserts, leading to one of the highest population densities in the world.

05:00

📈 Egypt's Population Growth and Wheat Dependency

This paragraph delves into Egypt's high fertility rate, which, despite a slight decrease, continues to contribute to the country's rapid population growth. The implications of this growth on the availability of basic needs like jobs, education, and healthcare are explored. The paragraph also highlights Egypt's reliance on wheat imports, particularly from Russia and Ukraine, and the economic impact of the 2022 war on wheat prices. The cultural and economic significance of 'Aish Baladi' bread is emphasized, along with the government's efforts to maintain stable bread prices to prevent social unrest.

10:02

🏖️ Impact of Global Conflicts on Egypt's Economy

The paragraph addresses the negative effects of global conflicts on Egypt's tourism sector, which is a significant part of its economy. The decline in tourism due to the COVID-19 pandemic and subsequent recovery is discussed, as well as the impact of regional instability on tourism sentiment. The Suez Canal's importance to Egypt's revenue is highlighted, along with the effects of regional conflicts on its profitability. Additionally, the paragraph touches on Egypt's challenges with the Grand Ethiopian Renaissance Dam, which threatens its water supply from the Nile, and the decline in Egypt's natural gas exports due to regional instability and technical issues.

15:03

🏛️ Egypt's Ambitious Infrastructure Projects Amidst Economic Turmoil

This paragraph discusses Egypt's ambitious infrastructure projects, including the construction of a new capital, a nuclear power plant, and a high-speed rail network, despite the country's economic difficulties. The focus is on President el-Sisi's efforts to address economic issues through borrowing, which has led to an artificially maintained exchange rate and investor concerns. The paragraph also mentions the controversial sale of Egyptian territories for hard currency and the public's reaction to these moves.

20:04

🚧 Egypt's Future: Economic Woes and Migration Pressures

The final paragraph discusses the growing pressure on Egyptians to immigrate due to the country's economic problems and the lack of living space. It contrasts the European Union's financial aid package for Egypt with the lack of long-term reforms under President el-Sisi's rule. The paragraph concludes with a reflection on the potential consequences of Egypt's challenges, likening the country to a 'ticking time bomb' and questioning whether the end result will mirror the era of Hosni Mubarak.

Keywords

💡Food Prices

Food prices refer to the cost of food items in the market, which is a critical factor affecting the cost of living and economic stability. In the video, rising food prices are highlighted as a significant economic challenge for Egypt, with the president suggesting eating tree leaves as a potential solution, reflecting the severity of the situation.

💡Geopolitical

Geopolitical refers to the influence of politics on the global stage, particularly in relation to countries' interactions and conflicts. The video discusses how geopolitical events, such as the war in Ukraine, have impacted Egypt by disrupting wheat imports, which are essential for the country's food security.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. The video mentions that Egypt experienced high inflation rates, reaching 40%, which erodes the value of money and affects the population's standard of living.

💡Tourism

Tourism is the industry that encompasses activities, services, and businesses that cater to tourists. The video points out that Egypt's tourism sector, a significant source of income, was severely affected by the COVID-19 pandemic and regional conflicts, impacting the country's economy.

💡Suez Canal

The Suez Canal is a crucial waterway connecting the Mediterranean Sea to the Red Sea, facilitating trade between Europe and Asia. The video explains that regional instability, particularly conflicts in the Red Sea area, has led to a decrease in profits from the canal, affecting Egypt's revenue.

💡Nile River

The Nile River is a major water source for Egypt, essential for agriculture, drinking water, and industry. The video discusses the Grand Ethiopian Renaissance Dam, which has raised concerns in Egypt over potential water shortages due to the dam's impact on the Nile's flow.

💡Population Density

Population density is the number of people living in a given area. The video notes that Egypt has one of the highest population densities in the world, with the majority of its population living in a small habitable area along the Nile, leading to overcrowding and increased pressure on resources.

💡Subsidies

Subsidies are financial assistance provided by the government to reduce the cost of a commodity, making it more affordable for consumers. The video highlights that bread subsidies are crucial in Egypt, as any increase in the price of bread can lead to social unrest, as seen in past incidents like the 'bread riots.'

💡Economic Sanctions

Economic sanctions are measures imposed on countries to restrict trade, investment, and financial relations, often as a response to undesirable actions. The video does not directly mention economic sanctions but discusses how regional conflicts and global events indirectly impose economic pressures on Egypt, affecting its trade and economy.

💡Infrastructure Projects

Infrastructure projects refer to large-scale developments aimed at improving a country's basic physical systems and structures, such as roads, bridges, and buildings. The video discusses ambitious projects like the new capital city and high-speed rail network, which are intended to boost Egypt's development but are criticized for their high costs and potential misalignment with the country's immediate needs.

💡Immigration

Immigration is the act of moving to a new country with the intention of residing there. The video suggests that due to economic challenges and limited living space, there is growing pressure for Egyptians to immigrate, particularly to Europe, which is changing its immigration policies in response to the influx.

Highlights

Egyptian President Abdul Fattah el-Sisi suggested eating leaves as a response to rising food prices, drawing parallels to historical times.

Egypt faces a series of unfavorable geopolitical, economic, and social phenomena, akin to the biblical plagues.

The population of Egypt is highly concentrated in the Nile Valley and Delta due to the desert covering 96% of the country.

Egypt's population has tripled in 50 years, leading to one of the world's highest population densities.

The country is the world's largest importer of wheat, with bread being a staple food and a matter of national security.

Inflation in Egypt reached 40% in September 2023, with food prices hitting 45% in March 2024.

The COVID-19 pandemic dealt a massive blow to Egypt's tourism sector, which accounts for 50% of its income.

The Suez Canal, a major revenue source for Egypt, experienced a significant drop in profits due to regional unrest.

Ethiopia's Grand Ethiopian Renaissance Dam threatens Egypt's reliance on the Nile's fresh water for consumption and agriculture.

Egypt's transition from a gas importer to a net exporter was short-lived due to regional instability and technical issues.

President el-Sisi's regime is characterized by authoritarian measures, similar to his predecessor Hosni Mubarak.

Egypt is borrowing heavily from international institutions to address economic challenges, impacting investor confidence.

Despite economic struggles, Egypt is planning ambitious infrastructure projects, including a new capital and a high-speed rail network.

Egypt's government has sold territory and is considering further sales to secure hard currency, sparking controversy.

The EU's financial aid package for Egypt is seen by some as a reward for the country's autocratic leadership, rather than a solution.

Egypt's growing population and shrinking resources are creating a ticking time bomb, with the government's actions potentially exacerbating the situation.

Transcripts

in 2022 in response to Rising food

prices Egyptian president Abdul fat L CI

suggested that Egyptians could always

eat leaves from trees as the prophet

Muhammad did while imprisoned near mecca

for three years this may not be a very

funny joke to the people of Egypt but it

says a lot about the current economic

situation of this ancient place in 2024

ad more and more disasters are raining

down on Egypt like the plagues that got

Yahweh brought upon the Egyptians as

described in the biblical Book of Exodus

this time however it is not a plague of

cattle locusts or the Turning of the

Nile's water into blood but a series of

very unfavorable geopolitical economic

and social phenomena that are turning

Egypt into a bump with a smoldering fuse

president LCC is trying to put it out

but he is doing it so clumsily that his

actions are beginning to look more and

more like those of his osted predecessor

hosne Mubarak let's take a look at

Egypt's modern plagues welcome to the

20s

[Music]

report consider leaving a like if you

enjoy the video to Aid the

algorithm while everything is rapidly

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the nuclear proliferation Ai and Tech

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now no video about Egypt can begin

without mentioning the incredibly Rich

history of the site the vestiges of

ancient Egyptian civilization are still

widely present along with the pyramids

on the outskirts of KIRO and continue to

take your breath away Romans Greeks

Arabs faites Ottomans French and British

have all sought control of the

lifegiving Nile Delta Region since the

dawn of civilization which dates back at

least 6,000 years one conquest was

particularly consequential the Arab

campaign of 641 ad brought islamization

and arabization to the Egyptians that

continues in the country to this day the

rhythm of Egypt is always set by the

Nile Egypt covers an area of 1 million

square kilometers but almost all of its

population lives in the valley and Delta

of the Nile one of the largest rivers in

the world in contrast the riverine areas

alone account for only about 4% of the

country's total area the remaining 96%

is Desert thus the effective habitable

land area is only 40,000 square km

Egypt's population of 100 14 million

people effectively lives on an area

smaller than that of Estonia as a result

Egypt's real population density is one

of the highest in the world of course in

relation to the country's total land

area Egypt ranks distant on such a list

however if population density is counted

in relation to habitable land Egyptians

live in the most crowded area in the

world not counting small city states the

rate of 2,850 people per square

kilometer is twice that of Bangladesh

and more than three times that of

Palestine before the Gaza War the fact

is that Egypt has experienced

uncontrolled population growth over the

past 50 years from 38 million in 1975

Egypt's population has tripled to 114

million today for most of the 20th

century Egypt's fertility rate was well

above four or even five children per

woman peing at times at a staggering

seven children it has slowed somewhat in

recent years but is still at three

children per woman it means that Egypt's

population continues to grow if this

rate is maintained Egypt will have

population of 150 million in another 25

years while such a fertility rate is the

dream of many developed countries which

emulate all attempts to improve

demographics it is a big problem for

countries with the profile of Egypt or

Nigeria everyone wants to live in

dignity have basic living conditions met

like a good job education healthc care

and a future for themselves and their

children meanwhile with the country's

potential limited physically by

geography and economically by the

authoritarian regime and international

conditions the situation for Egypt and

Egyptians is starting to look pretty bad

and just as president LCC invoked the

Prophet Muhammad in describing the

difficult economic situation one might

as well invoke the biblical Egyptian

plagues described in the book of Exodus

in the context of Egypt's current

situation when Russian tanks rolled into

Ukraine on February 24th 2022 not only

the ukrainians or Europe in general was

shocked a cold sweat surely broke over

the face of the men watching these

events from more than 2,000 kilm away an

Egyptian official in charge of importing

wheat into the country when the war

broke out up to 70% of wheat Imports a

strategic commodity for Egyptian Society

came from Russia and Ukraine countries

now at War and it should be remembered

that Egypt is the world's largest

importer of this grain immediately after

the outbreak of the war the price of

wheat skyrocketed on World Markets

increasing by up to

60% for a country that has to feed a

population of more than 100 million

people with more than half of its needs

met by Imports and whose quisine is

based on bread called aish baladi this

was very bad news in an era of abundance

some may not realize it but something as

mundane as bread has all the qualities

to be called a strategic commodity

especially in a country like Egypt aish

baladi is a very important part of

Egyptian Cuisine and more broadly

culture and thus the economy the amount

of flour needed to produce this bread

and other wheat products for a

population of 114 million is so large

that it makes Egypt the world's largest

importer of wheat as a result the price

of a baladi is a matter of National

Security it should be not surprising

therefore that a baladi is subsidized up

to 70% of Egyptians rely on subsidized

bread and have done so for decades when

President anoir alad tried to abolish

the subsidized price of bread in 1977 it

ended in protests later dubbed the bread

riots some analysts also point to the

bread aspect in the context of the

outbreak of the Arab Spring in 2011

while the authorities mindful of the

potential consequences of rising the

price of bread ensured that it remained

stable they failed to see through the

logistics of the subsidy program the

inefficiency of the system led to cues

at bakeries which angered the public and

was one aspect of the growing discontent

which ultimately led to the removal of

hos Mubarak from office for these

reasons says almak Ari of the Arab

Center the Egyptian social contract is

closely tied to the price of bread and

more broadly to the price and

availability of all the basic

necessities of life meanwhile prices in

Egypt are rising at the highest rate

since measurements began inflation

reached 40% in September 2023 and has

now dropped only slightly to

32.5% the inflation rate looks even

worse if we look only at food prices

these reached 45% in March 2024 there is

little comfort in the fact that a few

months earlier it even exceeded 70%

Egypt social contract is therefore in

tatters and this threatens a new phase

of instability in the country but it is

only the beginning of the problems for a

country plagued by a myriad of other

disasters the plague literally was the

cid9 pandemic which stopped all human

traffic in the world for a country like

Egypt which depends on tourism for even

50% of its income it was a massive blow

the number of tourists dropped almost 4

World from more than 13 million in 2019

to 3 and A2 million in 2020 as a result

the sector's revenues suddenly dropped

by 70% fortunately for the country as

soon as the Corona virus pandemic was

over Egyptian tourism revived so much so

that it returned to its pre-c Corona

virus levels reaching an all-time high

of nearly 15 million visitors last year

the result would have been even more

impressive had it not been for the event

that began on October 7th in Israel and

the Gaza strep which border Egypt's

Sinai Peninsula the war abroad has not

affected Egypt's tourism sector as

drastically as Co but the regional

turmoil is clearly having an impact on

tourists sentiments and decisions Egypt

faces stagnation or more likely decline

in tourism by 2024 according to S&P

Global ratings Egypt's tourism revenues

will decline by 10 to 30% compared to

last year that's a problem because the

government's official plan PL call for

doubling the number of tourists by 2028

and for the sector to grow by 20%

annually the regional unrest not only

translates into losses in tourism but

also the plight of another pillar of

Egypt's economy the sus Canal built

during British rule the canal is a major

source of revenue for the Egyptian

economy Suz is one of the world's most

tangible examples of how geographic

location can be turned into financial

gain the problem is that the world in

Gaza but especially the war in Yemen is

directly affecting the sus Canal the

Egyptian president said in February that

the tensions in the Red Sea have

contributed to a 40 to 50% drop in

profits from the sus Canal so we are

talking about5 billion since sus

generates $10 billion in Revenue each

year even more recent figures from April

say that the traffic for the canal is

down 66% compared to April 2023 Wars

still the regional unrest is not just

emanating from the Eastern Red Sea Egypt

has a major problem with another

emerging Regional power also large in

population Ethiopia in this case too it

is a body of water that is the source of

the problem but not a canal or a sea but

a river the Nile for more than 10 years

Ethiopia has been building the largest

infrastructure project in its history

the grand Ethiopian Renaissance Dam the

problem is that while the new sources of

electric electricity are essential for

the growing population of Ethiopians who

even outnumber Egyptians reaching now

130 million on the other hand they pose

a potentially deadly threat to Egyptians

living

Downstream Egypt relies on the Nile's

fresh water for up to 90% of its needs

not only for consumption but also for

agriculture and Industry meanwhile the

Blue Nile on which the Ethiopian dam is

placed feeds up to 85% of the main

riverbed Koo fears that the will disrupt

the natural river system and cause heavy

losses especially during that dry season

despite more than 10 years of dispute

the issue has not been resolved in a

diplomatic form during this time

Ethiopia has almost completed the

construction of the dam and finished

filling the reservoir which Egypt has

called an illegal action despite the

resumption of negotiations they contined

to produce no results as a result

Egypt's control over one of the

country's most important resources has

been curtailed and in times of drought

the Spectre of a lack of fresh water for

much of industry and agriculture will

stir Egyptians in the face but Egypt's

problems again do not end there 2018 was

a pivotal moment for Egypt's mining

sector it was the year that Egypt went

from being a gas importer to a net

exporter this was F to the start of gas

production from the zor offshore field

according to Italian oil Giant any which

has a 50% stake in the project it is the

largest field discovered on the

Mediterranean shelf production and

therefore exports grew steadily pecking

in 2022 when Egypt exported 8 million

tons of LNG but after that there was a

drastic drop of 50% in 2023 and now it

has come to the point where Egypt has

completely stopped LG exports since May

again Regional instability is to blame

quote men ship owners have been

navigating alternate routes such as

taking the longer voyages around the

Cape of Good Hope as a result Egyptian

exports have taken a hit S&P Global

analysts right in addition after the

start of the Hamas War Israel

temporarily halted production from the

Tamar field from which gas was later

sent to Egyptian liquefaction facilities

and then

re-exported yet most of the problems are

at the zor field itself where the

operator is unable to deal with leaks in

the system that allow water to enter as

a result another source of revenue for

koiro has dried up one that was

generating up to $8 billion in profits

by

2022 hanging all over this is the

problem of 2 million Palestinians

crumped into the southern Gaza Strip

whom the Israeli authorities would most

likely to see immigrate to Egypt or

other Arab countries Egypt doesn't want

to hear about it and given chos mounting

problems it's hardly surprising so how

the country's ruling Elites are

navigating Egypt in this difficult times

unfortunately it's hard not to succumb

to the illusion that it too can be

counted as another Egyptian

Scourge the Arab Spring Cup heal brought

LCC to power and while some of the

population hoped for changes in the way

the country operates the fact is that

Abdul fata heri is following in the

authoritarian footsteps of his

predecessor hosne Mubarak LCC is already

well passed the 13d of mubarak's Reign

who has conducted the country for 30

years though LCC recently extended that

period for himself in December in the

general elections he secured another

six-year term garnering a breathtaking

90% approval rating of course the

election had little to do with

Democratic processes as Human Rights

Watch recalls the campaign was

characterized by arrest of opposition

members intimidation and requirements

for candid that effectively prevented

any F competition LCC effectively

silenced the dangerously gaining

popularity of Ahmed Tanta among others

LCC is trying to seek a panasa for the

country's piling up economic problems

mainly with massive borrowing from the

international monetary fund and World

Bank among others the problem is that in

doing so he has artificially maintained

the exchange rate of the Egyptian pound

artificially pumping up the currency

against among others the US dollar this

as well as the lack of announced reforms

and the aforementioned uninspiring

Regional situation is worsening the

already not so good mood of investors

nonetheless the latest IMF loan TR has

obligated kro to quote let the currency

lose and the currency as a result

dropped on the 5th of March from a level

of 30 Egyptian pounds per $1 to 47

Egyptian pounds per one1 us doar however

Egypt's economic situation remains

extremely difficult ult and the country

is running out of hard currency such a

situation has creditors worried about

Egypt's solvency although the country's

prime minister Mustafa madbouly assures

that the country will meet all of its

obligations despite such a dire economic

situation and the successive plagues

that have befallen the country Egypt is

contemplating incredible infrastructure

projects LCC like any self-respecting

autocrat wants to live a tangible Legacy

that's what the new capital is supposed

to be the new kro government District

now under construction will cost a

staggering 58 billion dollar 50 km east

of Ciro towering skycrapers can already

be seen surrounded by desert but that is

not the only big project LCC has in mind

in addition to the new capital a new $25

billion nuclear power plant on the

Mediterranean Coast is to be built and a

2,000 km highspeed rail net Network that

the government says will eventually cost

$23 billion is also planned while new

housing electricity and

interconnectivity are inevitably

essential for Egypt's ever growing

population many believe that with 60% of

the country leaving below or on the edge

of poverty the ruling Administration

priorities are upside down but LCC and

his cabinet are not giving up even as

the treasury begins to run out of

borrowed money in February it was

announced that Egypt has sold its

coastal city of Ras Al hecma to the

United Arab Emirates for $35

billion although in practice of course

the area will remain under Egyptian

jurisdiction and Egypt itself will

receive a 35% stake in the project from

the Emirates investment fund adq the

news caused controversy in Egypt the

coastal Russell hekma is considered

quote Egypt's most beautiful beach with

white sand and turquoise water

considering that the tourism is Egypt's

Crown Jewel KIRO has sold the Pearl in

this Crown to the Emirates some say this

is not the first trait of territory for

hard currency committed by LCC in 2016

in another controversial move Egypt

relinquished its rights to the islands

of tyan and sfir recognizing Saudi

Arabia's sovereignty over them both

islands are strategically located at the

entrance to the Gulf of akaba which is

the Eastern side of the Sinai to the

event sparked protests in the country

and was met with great incomprehension

by Egyptians according to the Israelis

it was supposed to cost the Saudis $25

billion interestingly shortly after the

announcement of the recent project with

the Emirates it was reported that Cairo

is preparing another deal again aiming

to sell another Resort this time on the

Red Sea Coast very close to the islands

of tyan and sfir to whom you guessed it

the Saudis the project is said to be

worth $15

billion not surprisingly millions of

Egyptians do not see their future in a

country plagued by economic problems

with shortage of living space ruled by

yet another autocrat whose actions

instead of helping are making the

situation worse the pressure to

immigrate is growing where can one flee

to the choice is simple the nearest

prosperous place is Europe meanwhile the

immigration mood in Europe is very

different from what it was 10 years ago

and even Germany which used to be a

supporter of mass immigration is

changing its policy that's why the union

is trying to stop the process how with

money in March Brussels announced a 7.4

billion EUR a package for Egypt in

theory the package is designed to help

Egypt get back on track and secure a

future for its people on the ground

still looking at the history of LC's

rule there is little evidence of that

introduction of far-reaching reforms

that would help Egypt in the long term

to be fair these reforms would have to

start with LCC himself and the state's

governance system it is therefore hard

not to see the eu's move as throwing

money at the problem Human Rights Watch

called the deal a quote reward for

Egypt's autocratic leader more plagues

seem to be falling on Egypt perhaps the

biggest one of all is building new

offices for itself in the new government

District that is being commissioned

ultimately however the victims of the

plagues are the Egyptians themselves

whose population grow by nearly 2

million a year and as the country

Teeters on the brink of insolvency the

region is gried by instability in every

direction the Nile's resources are

shrinking and the living space is

beginning to run out Egypt is becoming a

ticking Time Bomb Abdul fat l c is

trying to diffuse it but his actions are

beginning to look more and more like the

story of hos Mubarak the question

remains will the end of the story be the

same