Sisi, whose image is seen all over Egypt on various products, is feared by his opponents who worry about the return of military rule. However, to investors and many Egyptians, Sisi represents a chance for stability after years of political unrest since the Arab Spring. Despite deposing the country's first democratically-elected president, Sisi is expected to run for president himself and is seen as a strong leader who can bring much-needed calm and economic reform to Egypt. While some may question the democratic process, many investors believe that Sisi's leadership will provide a safer environment for their investments. Sterne mentioned that the change in President Sisi's attire from military to a business suit is a sign of stability. Egyptian industry and investment minister Mounir Fakhry Abdel Nour acknowledged that Western governments may be cautious about this change, but he believes that investors will appreciate it. He stated that in the West, the election of a military officer as president of a developing country may raise concerns of dictatorship, but in the current state of Egypt, a strong leader is needed for law and order, which is beneficial for investment and the economy. Nour also mentioned that generals who transition into politics have had varying reputations throughout history, with George Washington being widely respected as a statesman. In 1973, Augusto Pinochet, a powerful dictator, took control of Chile after overthrowing an elected government. He implemented economic reforms but faced accusations of severe human rights violations. Security forces suppressed protests against the overthrow of Mursi, killing many activists. Islamist militants in Sinai have been responsible for high-profile attacks. Despite economic challenges in Egypt, aid from Gulf allies has boosted infrastructure growth. Foreign direct investment remains low, but there have been some recent investments from companies like Samsung and Coca-Cola. Overall, the economy is slowly improving. In the year ending June 2013, FDI amounted to $3 billion in Egypt during a period of turmoil, which was nearly $1 billion less than the previous year. Prior to the 2011 revolution that overthrew President Hosni Mubarak, Egypt was attracting an average of $8 billion in annual net FDI. With the country's stock market reaching a five-year high and a more stable global economy compared to Mubarak's final years in power, President Sisi is expected to experience a more favorable investment environment. However, a recent report by Bank of America Merrill Lynch warned about Sisi's retention of officials and policies from the Mubarak era, which could hinder economic growth and leave Egypt vulnerable in terms of fiscal and external financing. Despite his frequent appearances on Egyptian television, Sisi has not provided much insight into his economic policies, only acknowledging the challenging economic conditions facing the country. The issue of fuel subsidies costing the government $15 billion annually was brought up, with no clear solution provided. These subsidies, in place for fifty years, drain foreign currency that could be used to pay off debts and improve investment terms. Investment minister Abdel Nour suggested that President Sisi could use his popularity to implement necessary but difficult economic reforms. Gulf investment in Egypt's infrastructure, such as the recent $40 billion deal with Arabtec, is seen as a lifeline for the country. Western investors, concerned about violence and with a short-term outlook, may be more hesitant than Gulf companies to invest in Egypt. The influx of cash from the Gulf has encouraged Western investors, but opinions are divided on whether an IMF loan with strict budget reforms is the best solution. Legal obstacles and corruption may be what prevent Western companies from investing in Egypt. Moheb Malak, an economist at Prime Securities in Cairo, emphasized the importance of legislation in addition to subsidy reform, stating that it is not receiving enough attention. He pointed out that a draft investment law is being developed to protect contracts between the government and investors from third-party challenges in order to attract more investment. These clauses are meant to reassure investors who have been hesitant due to past legal disputes that have left government-sold companies in uncertain legal situations. Malak also stressed the need for Egypt to address its investment policy beyond just having a strong leader.