Brotherhood forms business association to attract investment

The Muslim Brotherhood will form a business association to attract investment in Egypt’s economy, the group has announced.

The Brotherhood elected Hassan Malek as president of the newly formed Egyptian Business and Investment Association.

Members of the association held the founding meeting recently at a Cairo hotel, Brotherhood sources told Al-Masry Al-Youm on condition of anonymity.

The association will encourage small- and medium-size projects, promote development projects and cooperate with international counterparts, the sources said.

The association includes other prominent businessmen, such as Essam al-Haddad, who has contributed to the group’s Renaissance Project.

Haddad is also a leader of the London-based Islamic Rescue Association, which intends to open a branch in Cairo.

After the 25 January revolution, Haddad succeeded in raising LE100 million to develop informal neighborhoods in Egypt.

Businesses form an important pillar of the Brotherhood’s political base, and the organization is a strong advocate of the free market.

Last month, the Financial Times quoted Brotherhood deputy leader Khairat al-Shater as saying that an Islamic system gives “a lot of freedom” to the private sector but within “social constraints.”

Translated from Al-Masry Al-Youm

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