The absence of Gamal Mubarak from the annual National unity breakfast held by the Egyptian Church made me wonder where he has gone and why he did not appear !!??
At first I thought that he avoided that public meeting at the time the whole world is speaking about his man Magdy El-Kurdy and his new supporter Dr.Saad El-Din but I was wrong because according to Israeli press Gamal Mubarak is currently in Washington with his father !!??
What does Gamal Mubarak do in a visit officially dedicated primarily to the direct Palestinian Israeli talks !!?? Gamal Mubarak is not an Egyptian diplomat nor he does hold a position in the GIS team of negotiators following Omar Soliman if we are going to stick to the official story in Egypt.
And so we were right when we said that the old man has gone D.C to speak about the future of Egypt as he is taking his groom son , the problem is Egypt is too old to be taken for granted.
Zee!
ReplyDeleteThe real reason to the visit en toto was fleshed out on El Arabia yesterday (the economy.) And Saad El Din is a great bell wether to what is to come, he threw the opposition under the bus out of need (most likely ordered by DC.)
We live in a very different world these days akin to pre 911 and post 911 just cut and paste 'the great recession' instead and you will see that Saudi Arabia and Egypt will emerge as the new powerhouses of the middle east not the oil rich gulf.
lol well out of the oil rich states saudi is the darling!...im such an air head sometimes!
ReplyDelete@anonymous#1 what economy you are speaking about !!?? The economy that was destroyed by the policies of Gamal Mubarak and his businessmen gang !!
ReplyDelete@anonymous#2 I am also amazed as KSA from the oil rich states !!!??
have you read fahmy howidy article that says alaa mubarak is against his brother .. do you know anything about that ??
ReplyDeleteZeinab
ReplyDeleteWhat you see on a local level is not what is pitched on a global level! Please take a look at any respectable financial magazine and you will see that Egypt and a few other countries are spear-heading the 'Bond Boom.'
I know It sounds esoteric and antithetical to anything of logic but the economic collapse of the global stock market has triggered a boom and a safe haven in countries like Egypt, Columbia, Saudi and on and on...I have mentioned this fact before.
Wallstreet has hedged its self in egypt and many other emerging market nations to weather the economic storm. I am only speaking from an economic perspective.
Please look into the Issue as it is very hard for the average egyptian used to a high jobless rate and power outages to fathom the fact that Egyptian Bonds and wares are one of the hottest fixed income equities on the global stock market.
BTW the US is behind Egypt in government spending (look it up.) To the post economic collapse west Egypt is a gold mine!
PS I am speaking from an economic perspective! just stating facts.
@Z: I did read something about Egyptian bonds being the main reason for this visit and how Egypt is becoming an attractive hide away for foreign investments bec of stability!!
ReplyDelete@First Anon: future MENA power houses?!!! Can you elaborate on that plz, dnt see how this could happen given the long list of social and economic not to mention lack of democracy we suffer in Egypt. One thing I found strange and did ask my friends doing business studies about is how come with all the problems we have and a risky political future, most reputable international business and economic reports are speaking of Egypt as one of the countries to watch out among the developing economies, with some even listing it as part of the new BRICs?!! One of them even chose Egypt for an assignment one emerging economies, comparing them and came back and told me you are right, reports do not sound as if they are about a country with all these major problems!!
not bric's but a new term my friend coined by Dr. Mohamed El Erian (The great pimco CEO.) CIVETS
ReplyDeleteColumbia
Indonesia
Vietnam
Egypt
South Africa
http://schott.blogs.nytimes.com/2010/06/29/civets/
Wow CIVETS gedeeda dee.
ReplyDeleteand who is this Al Arian? Maybe if Zeinoba was not to busy blogging about twilight and baradei she would be a little more informed about the real issues.
@Ahmed NY: your friend hahah, we normally dnt see eye to eye on most posts. Shorkan anyways.
ReplyDeleteHmm, interesting, I didnt knw they got nicknamed already. Thanks for the info. When I wrote my post, I had in mind an article that was published in the economist or FT, cant remember exactly and it was an interview with the creator of the term BRIC and the one who anticipated BRICs. The man's latest theory was a group of 10 emerging economies to watch out for. He believes they will be taking over the World economy!! Egypt was there and If my goldfish memory servers me right the list had Nigeria as well.
On a lighter note, I found my self thinking of that photo Z posted few days ago, showing junior opening his mouth to the max in a failed attempt to stick a rounded big thing into his mouth (no not the one w the water bottle) and wondering will there be any photos taken at Obama's Muslim style Ramadan Iftar he will be holding for his "Middle Eastern guests".
ReplyDeleteMy dear friends I respect Al Arian's point of view and yes Egypt got lots of potentials to become a booming emerging market not only in the region but the world just like Turkey but let's be realistic :
ReplyDelete1// Go back and read the last month issue of the Economist to see the fearful numbers
2// What kind of stability the foreign companies are speaking about !!?? The stability on dictatorship that made people kill each other for a loaf of bread or a gas cylinder !!?? What stability you are speaking about when the gap between the rich and the poor is widening and the middle class is disappearing !!
The stability that depends on corruption is not stability ,it is an illusion
@Saad Pasha , my dear you check my blog archives if you want to know more about Al Arian , check in the Egyptian faces section in the
1// Go back and read the last month issue of the Economist to see the fearful numbers
ReplyDeleteThat is the reason why the Egyptian 10 year bond pays over 10% while the US counterpart pays 2.5 percent! Yes there is a big risk baked into the price and wall street knows that very well---win big lose big, If mubarak ie JImmy stays the GAMBLE pays off! If he loses the risk was baked into the price to begin with!
2// What kind of stability the foreign companies are speaking about !!?? The stability on dictatorship that made people kill each other for a loaf of bread or a gas cylinder !!?? What stability you are speaking about when the gap between the rich and the poor is widening and the middle class is disappearing !!
Sorry to say Zeinab but they are taking Columbia and Nigeria as the model! SO freedom and Justice does not factor into the calculus! What we are discussing here are the true reasons for the visit. Not the smoke screen of succession and Gaza etc...
I am remise but we live in a Geoeconomic world where politics have become a distraction an the opium of the masses so to speak. So twitter away and blog all you want, but the seat of power does not lie in DC but in NYC!
Please don't take this the wrong way Z I am proud of the vibrant blogo/twittersphere, maybe things could have been different if it weren't for the global economic collapse of 2008/'09.
So Saad El Din was just reading the tea leaves when he endorsed Jimmy don't hate the man he is just being a pragmatist!
If Egyptian bonds offer 10% return it's because the Pound's true value is -36.65% below the US dollar.
ReplyDeleteIf Egypt and it's economy are not plagued with problems, why is it that rich and upper middle class Egyptians continue to stash away billions in foreign lands instead of buying Egyptian bonds?
Crooked Wall Street investment managers are back at it again spinning new webs for the greedy.
Have you guys not learned anything from the sub-prime mortgages,derivatives,savings and loan,dot.com bubbles?
The Canadian.
Dear 'The Canadian'
ReplyDeleteI really don't know where your point of contention lies?!?!?!?
As these are simply truisms and facts that have to do with instruments a little more sophisticated than pound/dollar parity! Granted many economists are stating, including Dr El Erian, that bonds are a tad inflated. But that's the nature of the beast!
As an Egyptian Canadian I bet you get tired of hearing the word 'ehh' after every sentence...god help you up there in the permafrost!
@Ahmed NY
ReplyDeleteWhen you loose your money in these investments and end up living in one of the many slums of your filthy dirty city, then you might want to come and cool your ass in the permafrost!
Your knowledge of the market is zilch.
The Canadian.
@The Canadian
ReplyDeleteWow!
I guess the permafrost hasn't cooled that hot egyptian blood of yours!
My Canuck friends disagree with my supply side bent on the economy all the time. But they're never as animated or emotional as we egyptians :) and to a certain extent even americans, when it comes to having normal and civil discourse about the economy or any other issue for that matter.
Dunno what to say but WOW!