Latest in Tag: gulf Highlight

Latest in Tag: gulf


Egypt’s mafia fund

By Farah Halime A private equity fund launched by Gamal Mubarak managed to reel in millions of dollars of investment from Egypt’s elite, revealing the depths to which political and business connections ran as he began rising in stature in the late 1990s. According to a document obtained by Rebel Economy, Gamal Mubarak’s $54m Horus I Fund, …

Daily News Egypt

Buoyed by Gulf aid, Egypt current account hits surplus

Reuters – Egypt’s current account recorded a surplus in the first quarter of the financial year, boosted by billions of dollars in aid from Gulf Arab states after the army ousted Islamist President Mohamed Morsi in July. The current account ran a surplus of $757 million between July and September, driven by a massive increase in official transfers, according to …

Daily News Egypt

Red herrings

A few weeks ago, in his regular New York Times column, Thomas Friedman applauded the “radical evolutions” taking place across the Arab Gulf, dubbing them “The Other Arab Awakening“. Friedman makes the sweeping claim that, “in the wake of the Arab Spring, [Gulf leaders] are deeply concerned with their legitimacy, which they are discovering can …

Rasheed Hammouda

Egypt’s secret Swiss bank

By Farah Halime Nestled in the heart of downtown Cairo is the opulent headquarters of Arab International Bank, a secretive bank that has allowed kleptocrats to funnel money out of the country for decades with barely any regulatory oversight. The bank, established in 1974 by a treaty signed by Egypt, Libya, Qatar, Oman and the UAE, is exempt …

Daily News Egypt

Why one foreign investor left Egypt

By Farah Halime One of the key markers of a thriving economy is whether investors are committed. For Egypt, attracting investors has remained a point of contention in the last three years – are they or are they not putting money in Egypt? Marshall Stocker, an American venture capitalist, was among a band of businessmen drawn …

Daily News Egypt

The perils of American disengagement from the Middle East

By Peter Schwartzstein It must be remarkably gratifying -even amusing – for many Egyptians to watch the United States scrambling to get back in their interim government’s good graces. How tempting it must be to throw John Kerry’s increasingly flattering overtures back in his face and kick the US to the curb after its supposed …

Daily News Egypt

Egypt left vulnerable after Qatari snub

By Farah Halime It was bound to happen sooner or later. Egypt has returned to Qatar the $2bn the Gulf state deposited in Egypt’s central bank after negotiations to convert the money into three-year bonds failed. Though this represents only a quarter of the total funds Qatar has lent or given to Egypt, the decision …

Daily News Egypt

Making the most of Gulf aid to Egypt

By Farah Halime, Rebel Economy We may not like it, but Egypt desperately needs Gulf money. So why not change the way the Gulf lends money to Egypt to make it count. It won’t be just about wasting away cash to address a symptom without resolving the underlying problem. Indeed, without Gulf aid, the government would have …

Daily News Egypt

Ten reasons why Egypt is vital to US economy and security

By Juan Cole Whatever the reasons the US public is less excited about Egypt’s ongoing revolution, the country is in fact important to the US. A Pew poll shows that far fewer Americans are following events in Egypt closely now than in January-February 2011. Actually, about the same percentage are following it “fairly closely” as …

Daily News Egypt