Egypt finally has a new president and the last 16 months of uncertainty are now in the past.Dr Morsi was elected by the people and officially announced on 24th June as the first civilian president to govern Egypt. On hearing the news, cheers of celebration resonated in Cairo and throughout the country.
A softly spoken 60-year old NASA engineer who completed his PhD in the United States, Dr Morsi will now build a united government to bring prosperity and stability to the country.
The New York Times commented: “Fulfilling a campaign promise, Mr. Morsi resigned on Sunday from the Brotherhood and its political arm, the Freedom and Justice Party. He is expected to appoint a prime minister and cabinet in the next few days. He has promised that the prime minister and an advisory council would come from outside the Brotherhood as part of a unity government based on a rebuilt alliance with liberals and other secular activists.”
The stock exchange reacted positively to the elections result and the Egyptian economy is now widely expected to reach the same heights as the Turkish economy with reforms announced to boost growth and investments. The new president also announced on Wednesday in a meeting with the Tourism Council that he will not interfere and will do all in his power to promote and increase tourism, one of the biggest income generators for Egypt and a source of money that the country depends on.
Egypt is now facing exciting times with a renewed influx of tourists and investors from Western Europe, Central and Eastern Europe as well as the Middle East and Asia. Modern sea side resorts like Sharm el Sheikh still boast world class diving and snorkelling, guaranteed sunshine 12 months a year and sea temperature ranging from 22 C to 29 C! This is not going to change and tourists remain free to enjoy their holiday as before.
Despite the difficult conditions over the last year, many properties were sold and construction has remained on schedule on most developments. Now that the uncertainty has been lifted, the anticipated investment in the country will drive property prices upwards. The future is as bright as the Egyptian sun and now clearly is an excellent time to invest.