Hosni Mubarak

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Pipeline Attack Halts Natural Gas Flow From Egypt to Jordan

Egyptian Pipeline Attacked by Militants

Egyptian Pipeline Attacked by Militants

In the first bombing of the pipeline in over a year, the flow of natural gas was disrupted from the Sinai Peninsula to Jordan. The attack came after Egyptian president, now former president, Mohammed Morsi was forced from power last Wednesday by Egypt’s military. Morsi, who supports, and is supported by, the Muslim Brotherhood, was elected to head the Egyptian government only one year ago after former President Hosni Mubarak was ousted from power as a result of the “Arab Spring” uprisings in early 2011.

The attack on the pipeline took place just south of the Sinai town of El Arish. The pipeline was attacked several times from early 2011 until a year ago, during the violence that forced Mubarak from power. The pipeline bombing also follows attacks on the regional airport and at security checkpoints in recent days.

No casualties were reported as a result of the bombing, which was perpetrated by unidentified militants who detonated explosives, causing a fire and damaging the pipeline. The Egyptian army has declared a state of emergency in certain areas along the Suez shipping route after the attack on the airport in the vicinity caused fear that oil exports would be disrupted. The price of crude oil rose as a result of the uncertainty.

Predicting the Economic Future of Construction in Egypt

As Egypt is going through the turmoil of reinventing itself, there is no doubt that this, at least for the short term, will adversely affect the economic marketplace there. It seems universally true that political instability leads to economic instability, and for now that is what can be expected in Egypt. However, the real question of importance is what to expect from Egypt, and the entire MENA (Middle East and North African) region in terms of long term economic development.

For the past several months, until the unprecedented events which took place in Egypt which caused the downfall of Hosni Mubarak, prospects for great economic development in Egypt looked good, especially in the construction sector. Many analysts are saying that these trends should continue, with the revolution being just a speed bump on the road to greater economic prosperity.

Since macroeconomic shifts are extraordinarily hard to predict, it is all we can but to wait and see which way the tide turns in the economic fortunes of Egypt and the rest of the MENA.