First Brotherhood businessmen association to hold conference in March

Ahram Online, Tuesday 28 Feb 2012

The Egyptian Business Development Association could mark the rise of an era of Muslim Brotherhood domination over Egypt's business community

Hassan Malek expects Muslim Brotherhood businesses to flourish as the Mubarak era obstacles are removed (Photo:

A new businessmen association, founded by Muslim Brotherhood (MB) leader Hassan Malek, will kick off its activities on 24 March in an "international business conference", according to Ikhwan Online the brotherhood's official website.

The Egyptian Business Development Association (EBDA) holds in its board of directors the membership of several prominent MB businessmen; including Safwan Thabet of Juhayna group and Mohamed Moamen of Mo'men group.

"it [the association] is not exclusive for one political group," Ahmed Abdel Hafez, EBDA board member and chairperson of Ifilms Media Production said.  "All businessmen who want to help make an economic revolution in Egypt are welcome."

EBDA, which also means 'start' in Arabic, says on its website its mission is to "enable businessmen to contribute effectively in boosting the Egyptian economy by attracting and encouraging investment, human development, providing projects and developmental solutions along with the participation in decision making and economic legislation."

Hassan Malek, the founder of EBDA, is a prominent brotherhood figure with several commercial and industrial ventures including furniture business "Istiqbal" and garment maker "Sarar".

Malek took the spotlight last October when he told Reuters that the economic policies in force during Hosni Mubarak's rule were on the right track, but were overshadowed by blatant corruption and a culture of favouritism.

With the fall of Mubarak's rule and the ascension of the Muslim Brotherhood to the forefront of Egyptian politics, which was confirmed in the parliamentary elections, Malek expected a rise of MB business people.

"We avoided opening big factories and companies because it was easy for the regime to net us ... and we could not grow our business then," Malek said.

"That has changed," Malek added.

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