Egypt Watch

Gulf and Egyptian business people refuse to sponsor World Youth Forum

Sources have said that the main reason behind the cancellation of the fifth edition of Egypt’s World Youth Forum was the refusal of Gulf and Egyptian businessmen to sponsor the conference. According to sources, the prevailing trend among Gulf business people and entrepreneurs is not to provide financial support for any activities in Egypt that do not generate a direct return. The conference was scheduled in Sharm El-Sheikh from February 26-28.

Egypt is witnessing a severe economic crisis due to the depreciation of the local currency and the unprecedented rise in inflation.

The government was therefore forced to cancel or halt significant projects. Also, the government is currently resorting, unprecedentedly, to selling state-owned companies to foreign investors. According to sources, cancelling the WYF this year is also linked to poor economic conditions, as the government is trying to reduce its expenditures. In all previous editions of the WYF, the first of which was held in 2017, President Abdel Fattah al-Salisi used to engage in controversial discussions with participants on the country’s economic and human rights issues.