Political tumult has dealt a blow to Egypt's once-buoyant economy, but some of the region's largest buyout firms are still investing there - albeit with serious concerns about the country's political climate and the value of its currency.
Egypt had been a darling of private-equity players before the revolution, thanks to its economic links to Europe, its growing middle class and its status as the Arab world's largest country, with a population of about 80 million. Its economy grew by 5.1 per cent last year and by 4.7 per cent in 2009, according to IMF figures.
The revolution caused many companies to put the brakes on scores of deals then under negotiation. It also dampened economic growth, which is estimated at 1.2 per cent this year. But the fundamental attractions remain, said Ahmed Badreldin, a senior partner at Dubai's Abraaj Capital, the largest private-equity company in the Middle East.
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