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Xumas
Xumas

@xumas_iq

15 tweets 7 reads May 21, 2024
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British Petroleum gets 100% profits of Egyptian oil & gas after taxes & royalties.
Egyptian land is being sold at fraction of the price
Who is responsible?
🧵 Thread
In London, the Egyptians announced to the world that they would build a brand new capital city with "a zero cost" to the Egyptian Government.
UAE based Capital City Partners would serve as "regional gateway" for global investors.
2/15
The new city would have an airport as big as Heathrow in London, a building larger than the Eiffel Tower and most comically... named after one of the UAE's sheikhs.
3/15
Soon it wouuld appear that 50% of the investors for New Egypt was British. As told by the British Ambassador to Egypt:
"The British are coming in strength and we want to set an example to the world..."
4/15
British Secretary Philip Hammond would soon announce that BP would invest $12B to extract Egyptian Hydrocarbons.
But there was one problem...
5/15
Surprising many, the agreement BP had entered under was not a profit sharing agreement.
Meaning, BP didn't need to share profits with the Egyptians. Only paying taxes & royalites.
6/15
Tony Blair would soon show up and say "Sisi might not be democratic, but you have to be realistic"
Italy's PM would later say "Only Sisi can save Italy"
7/15
The West infutation with Sisi became so tense that UK's Secretary of Defence published an romantic opinion piece on Sisi in a Egyptian newspapers.
8/15
The Amer Group of Egypt who had struggled ever since 2011 because of it's heavy affliation with Mubarak-era land deals would soon state:
"Our sales are higher after Sisi"
The company would later claim it's annual profits was up by 670%!
9/15
Numerous developers would indicate they were able to cheap land by the Egyptian Tourism Development Authority.
An Authority made proposed by the US Agency for International Development.
10/15
Jeannie Sowers in her book "Activism" found the "land rush" to benefit the big companies/corporations.
Current & former high level military officials also benefited as they would buy cheap land and resell it to the developers!
11/15
The study concluded the policy had led to the selling of cheap land without provisions for low & moderate income housing.
12/15
This is what has led Egypt to become more and more unequal, but also more divided than it was under Mubarak.
13/15
Egyptian Billionaires increased their share of the countries economy substantially.
The Top 8 businessmen controls over $23 Billion, an over 80% increase prior to 2011.
14/15
thenationalnews.com
ft.com
english.ahram.org.eg
middleeasteye.net
aljazeera.com
madamasr.com
madamasr.com
15/15
english.ahram.org.eg

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www.thenationalnews.com

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www.madamasr.com

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