Special to WorldTribune.com

ABU DHABI —Relieved over the ouster of President Mohammed Morsi, the Persian Gulf states has been drafting a multi-billion-dollar
package to rescue Egypt.

Arab diplomatic sources said at least three of the six Gulf Cooperation Council states have
been drafting an emergency rescue package for Egypt. The sources said the
package would reflect the GCC endorsement of the coup against the Muslim
Brotherhood regime in Egypt.

“The Brotherhood regime was a source of great worry for most of the GCC states, and now there is a sense that Egypt needs to be helped economically in order to stabilize,” a source said.

On July 9, the United Arab Emirates sent a delegation to Cairo to discuss renewed cooperation with and aid to Egypt’s military-controlled regime. The sources said the UAE, one of the first GCC countries to welcome Morsi’s ouster, would seek guarantees from Egypt’s military to restrict the Brotherhood, accused of sending agents to the Gulf.

“The UAE stands by Egypt and its people in this crucial phase,” UAE National Security Adviser Haza Bin Zayed Al Nahyan, who led the delegation, said. “It has confidence in the choices made by its people, as well as this
people’s ability to overcome the current challenges.”

The sources said the impetus for a GCC aid package to Egypt has come
from Saudi Arabia and the UAE. They said Kuwait was also prepared to
contribute to any multi-billion-dollar rescue plan.

“The expectation is that any such plan would be based on the
implementation of previous commitments,” the source said. “Most of the GCC
states froze investments and aid commitments to Egypt within months of
Morsi’s election.

The UAE, for example, pledged $3 billion to Egypt in 2011, in wake of
the overthrow of then-President Hosni Mubarak. But Abu Dhabi did not honor
its commitment amid concern over Brotherhood activities in the UAE. Over the
last month, the UAE has prosecuted 94 MB members, many of them Egyptians, on
charges of seeking to overthrow the emirates.

The sources said Saudi Arabia was expected to cover the brunt of any GCC
package to Egypt. They said the Saudi royal family suspended at least half
of its annual investments and aid to Cairo during the year-long regime of
Morsi.

Saudi Finance Minister Ibrahim Assaf said Riyad has pledged $5 billion
to Egypt, including grants and loans. Assad said the Saudi offer would
include the export of $2 billion worth of crude oil and natural gas.

At this point, Qatar was not expected to join any GCC effort. Doha,
which supported the Brotherhood, had pledged $4 billion to Morsi, most of
which did not arrive to Egypt.

“Right now, Qatar is persona non grata with the Egyptian military,” the
source said. “If anything, the Qataris might give to the Brotherhood rather
than the government.”

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