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Egypt's Policy Towards Foreign Investment, Adly Abdel-Meguid
Egypt's Policy Towards Foreign Investment, Adly Abdel-Meguid
Vanderbilt Journal of Transnational Law
Long before President Nasser took over in 1952, Egypt was considered a very attractive location for foreign investment, particularly from Europe. A large number of Italian, French, and British firms established their own subsidiaries and joint ventures to produce a variety of consumer products to meet domestic demand. Banking, tourism, and petroleum exploration and production were also among the favored sectors. Under the rule of President Nasser, however, foreign investors grew skeptical about Egypt's official policy of welcome. Their doubts were partially confirmed in 1956 when Nasser nationalized the Suez Canal. Their apprehensions were fully realized in 1961, when all …