Hard reality is steering…[a] transformation. Confronted with a badly sinking economy, the Brotherhood doesn’t have the luxury of harping endlessly about Zionist conspiracies, American hypocrisy, or bikini-clad tourists””not if it wants to put Egypt back together again.
Tourism revenue dropped by at least one-third since the uprising, according to government statistics. And billions of dollars of annual foreign investment””which peaked at $13.7 billion in 2007””were almost entirely choked off.
“Egypt is running smack into an economic wall,” said Karim Sadek, a managing director at Citadel Capital, a Cairo-based private-equity firm.