Protests Leave Egyptian Economy in Shambles

CAIRO, Egypt - Giza -- home to pyramids more than 4,000 years old and, until two weeks ago, visited by thousands of tourists a day, reports CBS News correspondent Terry McCarthy.

But today Giza is empty -- and horse guides like Farag abu Ghanim, who has 25 employees and 35 horses, are in trouble.

"From where we feed our family?" asked Farag. "And from where we feed these horses?"

Each horse costs almost $10 a day to feed -- Farag has already gone into debt to pay for them. Many more are like him -- tourism accounts for one out of every ten jobs in Egypt.

"Everybody like the tourist, everybody like the tourist, because nobody like sleeping, we want work," said camel driver Mustafa Ibrahim.

Complete Coverage: Anger in the Arab World

These pyramids normally attract 12 million tourists a year to Egypt, but since the protests began, they have been deserted -- and with all the attacks on foreigners in the streets, many here fear it may be some time before those tourists come back.

Egypt is a daunting prospect for travelers -- the must-visit Egyptian museum in downtown Cairo is located right in the middle of the demonstrations. And in the Red Sea resort of Sharm al Sheik, American investors are holding up millions of dollars in development projects because of the unrest.

"Five years -- it is going to take us five years to catch up to where we are today," said Stephen Everhart of the American University in Cairo.

In central Cairo, shop owners like Abdul al-Sunni say their business is down 70 percent -- he is not earning enough to feed his family.

Across the street, business in a leather store is even worse.

The last time Raafat Abd el-Wahed sold a jacket was two weeks ago.

All of Egypt is hurting -- one bank estimates the country is losing $310 million a day.

"For the man in the street they can't even get pounds, they can't get Egyptian pounds out of the ATMs, we have been out of work for two weeks," said Stephan.

Many businessmen may not be happy with Mubarak, but they are also losing patience with protestors who are killing their bottom lines.

[GreenGestalt]

I think freedom is more important. Wish more people here cared about it, oh and they will but only when almost all of them are truly worried there will be no next meal. And by then they'll have the troops who they are encouraging to be crazed religious fanatics ready to massacre us.

[pragmatist1]

Protesting for democratic principles is one thing, but as soon as there is destruction, vandalism, looting and ruining an economy, those protests have overstepped their bounds. These protesters don't care at all about their nation, only themselves. Once they get what they want (reminiscent of what happened in Russia), they won't be able to restore their economy and will learn, like the Russians learned, that the government that replaced what they destroyed, will be worse, more oppressive and undemocratic. History is being repeated.

[lucifersshadow]

The protesters need to get together and sideline the old government and start their own.

[eiddam]

Remember the real reason for overthrowing the USSR, and an American helped for the sake of oil? Perhaps the same members are doing the same in Egypt for 2 reasons,- weaken Egypt for an Israel takeover, more power for them to occupy neighboring Arab lands, and head for Iran. The West gains control of oil and the Suez Canal, the Zionist Arabs land.

[longtree-2009]

why aren't the other muslim countries stepping in and helping egypt be it its current government or the protestors? saudi arabia, jordan, and et al, where are they? aren't muslims supposed to be tight, taking care of each other, some kind of sacred brotherhood? apparently, not.

[wjksea]

The message is...don't protest United States Citizen, the beatings will only get worse.

[islammali]

To All Americans, Please don't believe those guys who work on Horses and camels, they are making MILLIONS every year and they sell their services for a lot more than it cost - up to 1200% !!.

it is just a dirty politics game, the same people tried to attack the unarmed protesters in Tahrir as everybody saw it in world news, they were led by a corrupt Democratic party member serving the dictator Mubarak a week ago!

But since their plan didn't work - using force to scare the unarmed protestors - so they switched to plan B and they started to ask each and every reporter to come and take shots to their poor horses that they cannot feed anymore because tourism industry was dramatically hit by the Egyptian revolt. And protests!
Again, those guys are known in Cairo for their violence, drugs and corruption, this is all fake; normally those young workers doesn't own any of these horses and camels, all these are owned by powerful and rich people, the purpose is that you guys put a pressure on the US admin. to support the current Egyptian regime till next November and if you did so, then the Egypt revlt. is simply dead!
You don't want to fail the Egyptian people who are fighting for their freedom and dignity...
Just wanted to clarify some facts&
Thanks,
From Egyptian guy works in hotels in Cairo