British Trade 'Relations' With Egypt.

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Hafiz
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British Trade 'Relations' With Egypt.

Post by Hafiz »

The Rt Hon Sir Jeffrey Donaldson PC MP.

I think there is little honorable about him, nor ‘right’ except the political right.

He is the Imperial UK Trade Envoy to Egypt. He has no skills, experience, education, previous interest nor anything else which qualifies him for this job – there is little in his education (almost nothing) which qualifies him for any job. However he is an Ulster Unionist, Orangeman who has been given a job to shut his party up and get their votes.

How he is a Privy Councilor is beyond me it used to be an honor not a handout. Do members of the outer ministry get this – how devalued it must be. What he was knighted for would require a team of archaeological diggers several decades to dig up. There must be some buried bodies in Northern Ireland.

Joining Parliament at 22, previous work experience cloudy at best, he has achieved nothing in 20 years.

There is one thing he is good at – watching hotel movies – lots of them – on the UK taxpayer. Love to know the titles watched by this fervent, churchgoing, bible-bashing Ulsterman. I’m sure he ‘enjoyed’ himself. I hope he enjoys himself in Cairo.

He has arranged/facilitated: 1. Low rent English language courses. https://thepienews.com/news/ec-language ... ypt-deals/ a deal between the Egyptian (mal) Education system and a UK provider of digital/online school/university textbooks which are all in English and unbelievably expensive. http://www.nileinternational.net/en/?p=106994 a Northern Ireland company the provides services to Egyptian juvenile courts that execute children. https://www.irishtimes.com/news/politic ... -1.3435362 the US12 billion BP west Nile gas agreement (in which Donaldson had no role) that involves as partners at least one and possibly more Russian mafia filth that are proscribed by the US – Fridman and possibly others,

Also new cut price export finance to Egypt.
“UK Export Finance, the UK's export credit agency, is committed to funding trade deals with Egypt worth up to GBP 500 million, and has GBP 2.5 billion of financing available for projects in Egypt, according to a British embassy press release on Sunday.” Sounds like post Brexit desperation to develop any market. http://english.ahram.org.eg/NewsContent ... BP--m.aspx

He likes travel and has done a minimum of 7 official visits to Egypt since 2015.

He has ‘led’ a couple of months ago the UK’s largest trade delegation to Egypt in several decades. The only companies mentioned in the delegation were tired has beens. Then and later he keeps on mentioning he is with big companies but never gives their names but does give the names of minnows.

(Delegations of hacks never worked – if you are a moderate or major investor the last thing you want is a circus with others – most of whom you loathe or are competitors – and no proper businessman wants the publicity and cocktail parties that Ministers love to give in order to convey to the media they are doing something. A powerful deal maker is not going to want to be part of a ‘team circus’ nor associated with a political light weight that can’t do much for you except give your further evidence that politicians are useless vanity cases.)

Feb 2017 led a trade delegation to Egypt….from Northern Island. Did a presentation in Cairo which if Brexit voters knew how pathetic it was they would understand why the export future could be bad or worse – with Donaldson.

Supports and uses the Egyptian British Chamber of Commerce which has absolutely no one of consequence and which does little. No company’s - just old fat men who are bureaucrats. Its only office is in Ealing. Its last update on its website was 12 months ago

He is also a liar:
“According to Donaldson, 2016 saw investments in Egypt from UK companies reaching over $30 billion.”

So is the Embassy:
“Egypt and Britain are "natural economic partners" with $2 billion of trade each year, and $30.5 billion of investments powering the Egyptian economy since 2011, according to the embassy’s press release.”
http://www.egyptindependent.com/three-b ... rtunities/

Both the Ambassador (boy-spy, not very effective and now fired) and Donaldson should get 10 years for ‘spreading false news’ because only $US12 billion was invested in Egypt from all sources in 2016. The 30 figure is total aggregate investment - both announced an committed. Classic politics to imply its a yearly flow rather than an accumulated aggregate.
https://d3fy651gv2fhd3.cloudfront.net/c ... 802101105v

Most sensible corporations/investors, but not stupid Ministers, are staying away and few western multinationals other than the oils and gasses are investing. Take this as an example. Remittances are about twice the flow of foreign capital investment (but heading downwards as Saudi and the Gulfies are radically forcing their lazy citizens to do work – another post).

The following ratings prevent responsible companies and banks from investing. For some investing in Egypt could end up in court for negligence.
Country Comparison For the Protection of Investors
Egypt U S Germany
Index of Transaction Transparency* 8.0 7.0 5.0
Index of Manager’s Responsibility** 3.0 9.0 5.0
Index of Shareholders’ Power*** 3.0 4.0 8.0
Index of Investor Protection**** 4.8 6.5 6.0
*The Lesser the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action. **** The Greater the Index, the Higher the Level of Investor Protection.

Companies like Apple, Amazon, Mercedes Benz, the Pharmaceuticals (but one American seems to be sniffing and one European has been in Egypt for a few years – how much local manufacturing/technology transfer they do is unclear – either little or very little is my guess), global clothing brands, global iron/steel firms, minerals processing firms, global IT service firms offering on line services, IT programing firms and global banks offering help line service invest in the third world and create millions of jobs. None are in Egypt.

Let me be clear. Egypt needs real productive investment not a bloating government debt invested in useless things yet there is not a single bank in Egypt from the top 50 in the world and maybe not the top 100. Those 100 aren’t just cashed up they have the best staff for both assessing risk and structuring debt in ‘creative’ ways’. In this particular area with mainly government banks (which are near useless) the Government does not want western competition to preserve the useless locals. Banking is far from the only industry where they do the same.

The Ambassador, Casson, knows nothing about diplomacy, aid, trade, economics, finance, industry, the Middle East, investment or ‘dirty’ trade but quite a lot about spying, the military and being an obliging and appeasing private secretary to a few politicians who promoted him.

However as an authoritarian Eton spook he publically approves of the police crackdown against all who speak. https://www.dailynewsegypt.com/2015/06/ ... -ministry/

Here are the sad stats on international investment.

Main Investing Countries 2016-2017, in %
UK 41.2
Belgium 14.9
USA 13.7
UAE 6.3
France 4.0
Saudi Arabia 2.6

Main Invested Sectors 2016-2017, in %
Oil sector 52.9
Services 10.9
Finance 4.3
Manufacturing 1.5
Construction 1.0

https://en.portal.santandertrade.com/es ... investment
(A Spanish Bank, which nearly went broke in 2008, that does have a presence in Egypt but very, very low market share)

So its mainly Britain and its mainly oil and therefore based on natural assets, not Ministers and their ‘trips’, and decided a while ago. I’m a bit doubtful of these figures.

Our Minister has failed to sell that famous British product – killing machines. That great UK company BAE Systems that once dominated the region and bribed Saudi’s, South Africa’s and others and ‘provided’ young Soho male and female flesh for Arabs has had a bad few decades as everyone stays away from their smell. The Minister’s performance in this area os oddly poor for an Ulsterman who probably knows the right end of a shotgun to grab. The French have done well.

Image

Sales in Saudi for the once dominant BAE are less than negligible although Saudi have recently bought some useless and out of date Typhoons.

No one is risking much of their money in anything that creates jobs like manufacturing because Egypt’s assets do not include semi-skilled people. The astoundingly low investment in Egypt from Saudi seems to be a big statement and not a positive one. The absence of investment from Italy makes no sense – I thought Eni was a big investor in gas/oil. There is no German, Canadian, Dutch, Nordic, Chinese or Italian investment. Smart people.

With investment in construction the local is rule is stay out/give the contract to a connected local or if you insist on coming in then do a joint venture that makes the local rich for doing little.

Given all the building on the go I’m not aware of any international construction company with skills or integrity that wants work. For example on the $US60 billion New Crap City no one with any large scale building skills is working on it. The Gulfies who got the entire contract pulled out ages ago, showed renewed interest then walked again. The Chinese have been talking for ages, have signed one deal but another, for another section of this waste of money are allegedly unhappy about ‘facilitation payments’ and the obligation to appoint local builders. No one else will go near it.

The locals working on it have little skill and no architects that know how to draw. The only thing certain about that city is that it will be ugly beyond description and badly planned. The Egyptian Upper Class will love it.

Of course important UK things are getting done to meet Egypt’s true needs.

Malvern College has set up an affiliate (I think that’s rot, they don’t own it, their control is very limited – I think its just a very loosely managed franchising agreement with a local entrepreneur)

Here is their swimming pool.
Image

Image

And their façade – so to speak

Image

They claim to have a library but have no information on it – very Egyptian. Their UK chair, Lord MacLaurin of Tesco did as many other legislators in the House of Lords – didn’t speak for 7 years at least but collected tens of thousands in expenses. One assumes the school reflects his morals and will therefore do well in Egypt in training children to do the same.

The Azazy group that own the school and a university which is no better than the rest in Egypt are an odd bunch but, with the rest, lie and exaggerate pretty much everything – including their own educational qualifications and who they work for.

Here is the Prince of Sleaze at the ceremony establishing the college.Given he is a paid private advisor to the sleaze Naguib Sawiris I imagine he knows how to make a buck in Egypt.

Image

So this is the big investment attracting a former PM and a person in line to the throne - save me. Sometimes I think London PR announcements are about as meaningful as Cairo ones and as about significant things. This is yet another school for the Cairo ruling class that has failed their country after looting it. Its also a selective investment in an education system the UN says is the worst in the world. Even average British colonial administrators in India would have drawn the line at filling only the pockets of the rich. They would have been ashamed of merely making money.

One assumes he was well paid well for tuning up for an hour. The Queens cousin – Prince Michael of Kent and various other nobles were also there to cement the UK relationship with elite schools in Egypt with fees of LE280,000, including LE35,000 registration fees, 15,000 for school bus, and LE5,000 for lunch and is the 3rd most expensive private school in Egypt. https://www.egyptindependent.com/10-exp ... ols-egypt/. The Prince would also feel comfort in such company given that he previously accepted gifts from a Russian oligarch for no apparent work at a time when he had a large cash flow problem.

If this is the best this Minister can do maybe Theresa should fire him, bring the government down and leave politics with the clean conscience of a daughter of the vicarage.


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Re: British Trade 'Relations' With Egypt.

Post by Major Thom »

What a post Hafiz. Its great to know where t payers money is getting wasted. Have you purchased any strawberries recently? Tongue in cheek---- :lol: :lol:
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Re: British Trade 'Relations' With Egypt.

Post by crewmeal »

At least Egyptians have a habit of rooting out corupt politicians and dealing with them swiftly.
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Re: British Trade 'Relations' With Egypt.

Post by newcastle »

crewmeal wrote:At least Egyptians have a habit of rooting out corupt politicians and dealing with them swiftly.


Mmmm.......hard to tell really.

Politicians are occasionally accused of malfeasance and then given the chop but the details rarely come out in any court you'd have any faith in. Sometimes you have to wonder whether it's just a convenient way of getting rid of undesirables.

And if you take the view that Mubarak and his cronies were all at it.......many of them are still in position :lol:
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