Hopes of a rapid return to some semblance of normality for Egypt’s tourism industry are fading following the outbreak new protests and strikes in the country and the handover of power to the military.
The effective removal of President Hosni Mubarak from power and the installation of an ‘interim’ military-led government which is overseeing the country has neither settled investor nerves nor restored confidence in the Egyptian economy, with the tourism industry still badly impacted amidst globally televised scenes of more protests over pay and conditions in Cairo and other cities.
Meanwhile, the military has advised all citizens to calm down and go back to work and while it was able to temporarily clear Cairo’s Tahrir Square of demonstrators over the weekend, they were back again shortly afterwards in big numbers.
The military advised all banks to remain closed yesterday, following threats of strike action by workers and the stock exchange remains closed. In the meantime, a new draft constitution is now being prepared which the interim government has promised to refer to a referendum for ‘people approval’.