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The Mubarak Family’s Wealth
The Mubarak Family’s Wealth
As masses of protestors take to the streets of Cairo to oust President Hosni Mubarak, his personal wealth is likely remain intact when he leaves office.
Sunday, February 6,2011 13:37
IkhwanWeb

Sources say that Gamal Mubarak’s private wealth is 17 billion dollars which is spread in banks in Switzerland , Germany , the US and the United Kingdom . Susan Mubarak became a member of the club of billionaires in 2000 as her personal fortune amounts to billions of dollars as well as property in London , Frankfurt , Madrid , Paris and Dubai .


Alaa Mubarak is said to be worth – in terms of property and funds – eight billion dollars, including property in Los Angeles , Washington and New York , where he owns real estate exceeding the value of 2.1 billion dollars in Rodeo Drive , and in Manhattan , New York , in addition to having two royal yachts valued at more than 60 million Euros.


Mubarak himself is worth no less than 40 billion pounds, mostly from commissions on arms deals and questionable real estate deals in Cairo and the tourism investment zones in Hurghada and Sharm el-Sheikh. Most major companies in Egypt are required to deliver 50 percent of their annual earnings to a member of the Mubarak family; Mubarak receives 50 percent of net profits from cigarette companies Marlboro and Metro, Hermes and McDonalds, Skoda, Ahmad-Ezz , Dreamland, ART, Movenpick, Vodafone, Ceramica, Weavers, Mobinil, Hyundai, Al-Ahram Beverages, City Stars, Americana and other huge companies.

 

With the Egyptian economy losing millions of dollars a day because of protests set to oust the corrupt dictator Mubarak, transferring just a portion of the Mubarak family’s wealth back to the Egyptian people would set things aright. Moreover, channelling all the money taken illegally from the Egyptian people who set the nation on the path to prosperity, removing it from the corruption and poverty in which it has lived under the Mubarak family era.

 

As masses of protestors take to the streets of Cairo to oust President Hosni Mubarak, his personal wealth is likely remain intact when he leaves office. Middle East experts believe the Mubarak family has accrued great wealth largely from military contracts. It is also believed that Mubarak accumulated wealth through a number of business partnerships with foreigners, as Egyptian law requires that foreigners give a local business partner a 51% stake in most ventures. This means a lot of wealth with no need for initial outlay and little risk. When Mubarak became president in 1981, he diversified his investments and the family's net worth now ranges from $40 billion to $70 billion, by some estimates which means his wealth is comparable to that of leaders of Gulf countries.
 
There was a lot of corruption in the Mubarak regime and stifling of public resources for personal gain. It is most likely that Mubarak’s assets are in banks outside of
Egypt, with speculators saying it is probably in the United Kingdom and Switzerland . This is the usual behaviour of dictators so their wealth will not be taken during a transition. Hosni and Gamal Mubarak have built up large fortunes, including properties in London , New York , Los Angeles and Egypt . It is said that these properties are just the tip of the iceberg.
 
Mubarak, as president of Egypt , was well-placed to partner in major western companies that now generate an estimated $15m a year in profits.

tags: Mubarak / Mubarak Regime / NDP / Middle East / Corruption / Gamal Mubarak / Egyptian People / Poverty / / Gulf Countries / Susan Mubarak / Alaa Mubarak / Ahmad Ezz / Egyptian People /
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mubarak hanif
mubarak should hang for corruption
Monday, February 7,2011 18:21
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