Egypt's president to turn economy around with mega trade deal with Britain

Egyptian President Abdel-Fattah al-Sissi. Photo©Reuters
Egyptian President Abdel-Fattah al-Sissi has secured a trade deal with Britain focused on developing the energy, real estate and construction sectors in the North African country.

The agreement came amid struggles to attract foreign investors and turn the country's economic fortunes around.

Political unrest since the 2011 ouster of former dictator Hosni Mubarak crumbled the country's vital tourism industry and dented the Egyptian economy.

Al-Sissi, who as army chief overthrew Egypt's elected President Mohammed Morsi, last year, has presided over a sweeping crackdown on dissent, reduced street protests, and has brought relative stability to the country.

The trade mission with Britain, which includes construction and infrastructure projects, power, water, retailing and financial services, as well as the developments around the Suez Canal, underscores al-Sisi's economic efforts in Egypt.

According to Egyptian Prime Minister Ibrahim Mahlab, the $8.5 billion mega project could boost revenues from the route connecting the Red Sea to the Mediterranean to $13 billion annually from its current $5 billion.