Preliminary ‎indications suggest strong electoral showings by ‎‎Islamist candidates, especially those from the Muslim ‎Brotherhood’s ‎Freedom and Justice Party (FJP), in ‎Egypt’s first ‎post-Mubarak parliamentary polls.‎ Businesspeople, meanwhile, ‎are wondering how Egypt’s economy would be affected by an ‎Islamist landslide.‎

‎“Of course, I have some fears,” Bahgat El-Hossamy, legal ‎advisor to Egypt’s Junior Business Association, told Ahram ‎Online. “But if the rotation of power is guaranteed, my concerns ‎will be reduced.”‎

The Muslim Brotherhood (MB) has repeatedly stressed its ‎commitment to a free market economy. The group says that it ‎supports development by encouraging the private sector, ‎attracting foreign investment and promoting national exports. ‎

Key items in the MB’s political platform include calls for a free ‎economy that nevertheless ensures social justice, respect for ‎international conventions that are in the country’s best interest, ‎and the encouragement of labour-intensive industries.‎

To satisfy Egypt’s middle class, which constitutes an important ‎part of the MB’s membership base, the group has not altered its ‎main economic policies, some of which had been espoused by ‎the former regime. It calls for the application of a progressive tax ‎and the restructuring of Egypt’s tax-collection system, as wells ‎as the setting of a national minimum wage. It neglects to ‎mention, however, a maximum wage.‎

The MB has also promised subsidies and customs exemptions ‎for labour-intensive industries.‎

“The MB might halt some economic activities that it believes to ‎be incompatible with Islamic Law, but it won’t stand against ‎private property,” said El-Hossamy.‎

El-Hossamy, for his part, will not be surprised to see the MB ‎arrive to power after being the largest and best-organised ‎opposition movement for decades.‎

‎“It was necessary that they come to power to put an end to the ‎legend,” he said. “But if they don’t serve the popular will, they ‎won’t be elected in the next elections.”‎

A self-avowed liberal, El-Hossamy is more concerned about the ‎influence of Egypt’s Salafist trend. ‎

“It appears that the Salafists will capture more seats in ‎parliament than originally expected,” he said. “My concern is that ‎if the Islamists win a parliamentary majority, they could ‎conceivably pass legislation cancelling bank interest rates or ‎prohibiting alcohol, which would deeply impact the tourism ‎sector.”‎

Ultimately, though, says El-Hossamy, the MB does not stand ‎against economic liberalization. In fact, he points out, the ‎group’s economic program isn’t much different from that of ‎ousted president Hosni Mubarak’s National Democratic Party.‎

Leading MB businessman Hasan Malek once told Reuters that ‎promoting manufacturing, bolstering national human resources, ‎and encouraging the private sector represented “the solutions to ‎Egypt's economic slump.”‎

One of the MB’s main financiers and business strategists, Malek ‎said the economic policies associated with the Mubarak era ‎were “on the right track,” but had been overshadowed by the ‎former regime’s blatant corruption and nepotism.‎

Mohamed El-Rachidi, chairman of the Gozour processed food ‎company, a sub-group of the Citadel Capital financial group, isn’t ‎very optimistic about the preliminary polling results.‎

‎“The MB has good economic sense. I work in the food industry, ‎which will survive in any case since people will always need to ‎eat,” he said. “The problem will be with short-term disruptions in ‎the coming period.”‎

‎“It will take months for elections to wrap up and for a new ‎constitution to be written,” he added. “Many businesses may be ‎forced to close before then.”‎

Tourism concerns ‎

Egyptian tourism officials, meanwhile, express fears for the ‎future of Egypt’s once-thriving tourism industry if elections are ‎swept by Islamist parties.‎

According to Egyptian Tourism Federation head Elhamy El-‎Zayat, an Islamist-dominated parliament would put some LE200 ‎billion ($33.3 billion) worth of tourism investments in jeopardy.‎

‎“I’ve had several debates with Islamist figures about tourism and ‎I fear the sector will collapse under their rule,” he told Ahram ‎Online in a telephone interview.‎

El-Zayat went on to point to recent statements by a Salafist ‎representative in which he said that the movement did not want ‎foreign tourists visiting Egypt.‎

‎“They’re only thinking about alcohol and bikinis, not the huge ‎amounts of revenue the sector brings Egypt’s economy,” El-‎Zayat stressed. “They want to rely on ‘cultural tourism,’ which ‎currently accounts for only 11 per cent of total tourism revenue.”‎

Tourism has traditionally represented one of Egypt’s top foreign ‎currency earners.‎