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Mubarak’s Wealth

February 5, 2011

In my previous post, I questioned why it was assumed by most commentators that if he was forced out of power, Hosni Mubarak would have to go into exile. If reports that Mubarak’s wealth is as much as $70 billion come anyhere close to the actual figure, then that would be the reason right there.

The UK Guardian runs a story about his estimated wealth which it published yesterday. The story was repeated on Al Jazeera last night, and no doubt is now common currency. It would be interesting to look further into the sources of this information and discover any hidden agenda. Rumours, sometimes wildly inaccurate, are part of daily life in the Middle East – even more so in times of crisis.

But if these reports turn out to be true (and we’ll probably never know the definitive truth), then I dare say that millions of Egyptians living below the poverty line would not be best pleased to see Mubarak living in retirement in some heavily guarded palace in their midst.

So if he does go, it’s Jeddah ahoy – or possibly, according to yet another rumour, Bahrain…..

It wouldn’t be the first time an autocrat has lined his pockets through public office, and it won’t be the last. The rule seems to be: if you can, you will.

From → Middle East, Politics

2 Comments
  1. The UK press including Guardian are trusted sources of news for us as Egptiand but such story in this time raisies many questions about the sources and the timing. Being repeated by Al Jazeers last time shakes its credibility. It would be interesting to look further into the sources of this information and discover any hidden agenda. Rumors, sometimes wildly inaccurate, are part of daily life in the Middle East – even more so in times of crisis.
    I would request documenting this story with more sources and details. One more point, why did not the Guardian and other media disclose such stories before?

    • All fair points Abdulahamid.

      Actually the Guardian, in the piece I linked to, quotes a number of sources, including professors at Priceton (Amaney Jamal)and Durham Universities (Christopher Davidson), as well as Aladdin Elaaser. The two universities are both highly reputable institutions. As to why the Guardian didn’t run the story before? Perhaps because it wasn’t newsworthy. Right now, foreign newspapers are scrambling to find any angle they can on the crisis. You would be in a good position to judge for yourself the agenda of Aladdin Elaaser. He is well known in Egypt, is he not?

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