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Egyptian businessmen society halts relations with Israeli companies

Arab News
24 April 2002


The Egyptian businessmen society has taken one of the strongest political stances in its history and announced immediate measures in support of the Palestinian people.

In a statement, the society stressed halting relations or dealings with Israeli companies and businessmen and that it will urge the Egyptians and the Arabs alike, individuals and governments to transfer a large sum of Arab assets to the European banks and if it is possible to withdraw the sums, at least not to transfer new assets to the American banks and to direct all Arab purchases to countries other than the US so as the American economy will suffer the price of the USA's "blind bias" to Israel.

Estimates place Arab sums invested abroad at about 1 trillion dollars with some more recent estimates placing this value at about 2.4 trillion dollars, with the majority of it invested in the United States. It is noted that the Arab economies are consumption oriented where they can purchase their imports from a variety of sources, while their exports to the USA, are predominately oil, a commodity that its sale cannot be sanctioned as it floats on the international market.