Talking to CNBC Europe's "Squawk Box", Citadel Capital's Ahmed Heikal said: "It is important to have a technocratic government to be able to steer the government through for the next year of transition."
He added that Egypt had erred in its transitional period after the 2011 revolution that deposed former President Hosni Mubarak.
"We started by doing a presidential election, a parliamentary election, and then a constitution. That is ridiculous. You have to put a constitution first, and then you need to put the other two democratically elected institutions."
The Egyptian army overthrew Mohamed Morsi in a coup last Wednesday, following mass protests against his presidency. The Muslim Brotherhood has denounced the coup, leading to a week of bloody battles between the army and the Brotherhood. NBC News reported on Monday that the death toll from the violence stood at 42, with 322 people injured.
In the wake of the violence, the ultra-conservative Islamist Al-Nour party, which initially supported the army's intervention, withdrew from negotiations to form an interim government.
Heikal said the withdrawal of the Nour party was bad news for Egypt's political future. "It is impossible to think of a scenario where the Islamists - either the Muslim Brotherhood or the Salafists (the Al-Nour party) - are not party of a broad coalition to govern the country."