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Egyptian President Abdel Fattah el-Sisi last month sent a message to his Gulf allies. “The most important point here is support from our brothers,” he said at the World Government Summit (WGS) in Dubai, where he was guest of honor.
He was referring to the tens of billions of dollars in bailouts his country has received from the wealthy Gulf monarchies over the past decade.
The Gulf creditors are however changing the way they lend financial support to their North African ally, moving away from loosely conditioned handouts and central bank deposits and toward taking sizeable stakes in some of Egypt’s trophy assets. Many of those assets have long been under the control of…