A group of Egyptian businessmen and foreign investors said Egypt’s recent decision to freeze an estimated 10 billion Egyptian pounds and assets belonging to 23 businessmen, including six Saudis, will gravely affect Arab and foreign investments in Egypt.

Egyptian Attorney General ordered the freezing of assets owned by 23 businessmen following investigations related to manipulation in the Egyptian stock market during the sale of the National Bank of Egypt to the National Bank of Kuwait (NBK) in 2007.

The majority of Saudi investments in the Egyptian stock market are run by companies specializing in financial brokerage without interference from investors, some of them are well-known and reputed figures who have big investments in the Egyptian market, according to investors.

The six Saudi businessmen have been identified as Sulaiman Abanami, Hasan, Abdulrahaman Al-Sharbatli, Gharamallah Al-Zahrani, Muiyadh Al-Zahrani, and Aidarus Al-Isai.

Board Chairman of Jarir Company Mohammed Al-Aqil, who is one of investors in the Egyptian stock market, said the announcement of the issue is not in the interest of the Egyptian economy and will have a negative impact on investors. It will especially affect investors who are above any skepticism and will never carry out such transactions.

The volume of investments owned by the six Saudi businessmen in the Egyptian market has been estimated at more than 10 billion Egyptian pounds.

Meanwhile, two new decisions were reportedly issued toward the Saudi investors including a court hearing at the Appeal Court in Cairo yesterday and a freeze of their investments codes in all shares acquired by them, according to reliable sources.

Former board chairman of EFG Hermes Yasir Al-Malawani, one of the 23 businessmen in this case, has said all investors indicted in this case are “respected.” He said all transactions in share-selling have been done legally and warned against the adverse effects of the decision.

Last May, Egyptian authorities accused Hasan Haikal and Yasir Al-Malawani, both senior executives at EFG Hermes, of manipulation in the stock market in the deal related to the National Bank of Egypt in addition to the role played by the two sons of former President Hosni Mubarak.

Earlier in the month, the Egyptian attorney general ordered that Nassef Sawiris, CEO of Orascom for Construction and Industry, and his son Onsi, be put on the list of those who are banned from traveling accused of evading taxes estimated at 14 billion Egyptian pounds.

Khalid Al-Jawhar, a member of the Saudi-Egyptian Business Council and a major investor in the Egyptian Stock Market, said the security (stock) systems have known international standards and have been applied in all countries, including the manipulation in share dealings.