‘Pharaoh’ and his half-Welsh wife are worth £25 billion

Dubbed ‘the Pharaoh’ for his 30-year iron rule, President Hosni Mubarak is said to have amassed a fortune of £25 billion for his family.

Mubarak, 82, his half-Welsh wife Suzanne and sons Gamal and Alaa are seen in Egypt as symbols of nepotism and corruption with properties and business interests worldwide, including London.
The First Lady keeps a firm grip on Egypt’s leading social circles and is often pictured at diplomatic and charity events in stylish outfits alongside dignitaries’ wives including Carla Bruni.

Her charity donations total millions of pounds a year, though rumours have swirled that some of this money has found its way into her bank accounts. As her profile in the state-controlled media has soared, critics have likened her to French Queen Marie-Antoinette.

Read more: http://www.dailymail.co.uk/news/article-1351826/Egypt-protests-Looters-b...

Related Terms

Mubarak's sons got more than US$187 mln from Israeli gas deal

The two sons of former Egyptian president Hosni Mubarak received a hefty commission from Israel to back controversial natural gas exports to the Jewish state, a Kuwaiti newspaper reported Sunday, citing what it said were classified documents. Al-Jarida daily said it obtained the documents, concerning Gamal and Alaa Mubarak, from a special department at the Egyptian interior ministry that was looking at the interests of the family of the former president toppled in a popular uprising last month.

Based on the documents, the paper said negotiations took place involving Israeli officials, former Egyptian oil minister Sameh Fahmi and Hussein Salem, a businessman close to the Mubarak family, in January 2005. Gamal Mubarak initially demanded a 10 percent commission but eventually agreed to half of that while his elder brother and Salem settled for 2.5 percent each from the $2.5 billion deal signed in May 2005. The 7.5 percent of the deal is equivalent to US$187.5 million.

Read More:

Calls to freeze billions of deposed Mubarak UK assets

David Cameron was last night under pressure to freeze £5billion of assets salted away in the UK by deposed Egyptian tyrant Hosni Mubarak. Mubarak, his son Gamal and their extended family are feared to have amassed a fortune of £43.5billion. The Swiss government announced on Friday night it had frozen all cash secreted there by Mubarak and his inner circle, leading to demands that PM Mr Cameron do the same. Former Labour Foreign Office minister Mark Malloch Brown ­accused the Government of “not being loud enough in its condemnation” of Mubarak. Asked if he thought Britain should freeze all assets linked to the corrupt regime, he said: “Absolutely.” Mub­arak’s son Gamal was ­reported to have been partying at London nightclub Tramp last weekend where a £16,000 champagne bill was said to have been run up.

Read more:

Hosni Mubarak used last 18 days in power to secure his fortune

The former Egyptian president is accused of amassing a fortune of more than £3 billion - although some suggest it could be as much as £40 billion - during his 30 years in power. It is claimed his wealth was tied up in foreign banks, investments, bullion and properties in London, New York, Paris and Beverly Hills. In the knowledge his downfall was imminent, Mr Mubarak is understood to have attempted to place his assets out of reach of potential investigators.

On Friday night Swiss authorities announced they were freezing any assets Mubarak and his family may hold in the country's banks while pressure was growing for the UK to do the same. Mr Mubarak has strong connections to London and it is thought many millions of pounds are stashed in the UK.

But a senior Western intelligence source claimed that Mubarak had begun moving his fortune in recent weeks. "We're aware of some urgent conversations within the Mubarak family about how to save these assets," said the source, "And we think their financial advisers have moved some of the money around. If he had real money in Zurich, it may be gone by now."

Read More:

Mubarak family fortune could reach $70bn, say experts

President Hosni Mubarak's family fortune could be as much as $70bn (£43.5bn) according to analysis by Middle East experts, with much of his wealth in British and Swiss banks or tied up in real estate in London, New York, Los Angeles and along expensive tracts of the Red Sea coast.

After 30 years as president and many more as a senior military official, Mubarak has had access to investment deals that have generated hundreds of millions of pounds in profits. Most of those gains have been taken offshore and deposited in secret bank accounts or invested in upmarket homes and hotels.According to a report last year in the Arabic newspaper Al Khabar, Mubarak has properties in Manhattan and exclusive Beverly Hills addresses on Rodeo Drive. His sons, Gamal and Alaa, are also billionaires. A protest outside Gamal's ostentatious home at 28 Wilton Place in Belgravia, central London, highlighted the family's appetite for western trophy assets.

Read More:

'Mubarak's net worth estimated at $70 billion'

Egypt's embattled President Hosni Mubarak's and his family's net worth is estimated to be between US dollars 40 and 70 billion, a media report said. The wealth of the Egypt's first family was built largely from military contracts during his days as an air force officer; Mubarak eventually diversified his investments through his family when he became president in 1981, the 'ABC News' quoted experts as saying. The family's net worth now ranges from US dollars 40 to 70 billion, by some estimates, the report said.

Read more: 'Mubarak's net worth estimated at $70 billion' - The Times of India http://timesofindia.indiatimes.com/world/middle-east/Mubaraks-net-worth-...

Hussien Salem Discovered in Dubai with $500 million

Egyptian hotelier and oil giant, Hussein Kamal El Din Salem fled Egypt after riots gained traction last week and was caught discovered in Dubai with $500 million this weekend, according to Israel National News. He is said to be close to President Hosni Mubarak's family, especially the President's son Gamal Mubarak. The President has reportedly been hiding out at the Maritim Jolie Ville Golf Hotel owned by Salem.

Salem is Chairman of the KHS Group, which owns luxury resorts in Sharm El Sheikh and Luxor, all water treatment plants in Sharm El Sheikh City and has a 28% share in the East Mediterranean Gas Company (EMG). When EMG was founded in 2000, Salem was a majority shareholder with 65% of shares, according to Globes. 25% of the company was owned by Israel investor Yosef Maiman and the rest by the Egyptian government.

Read more: http://www.businessinsider.com/egyptian-hotelier-and-energy-giant-hussei...

19 private jets, carrying families of Egyptian businessmen, leav

An official at Cairo airport says 19 private jets carrying families of wealthy Egyptian and Arab businessmen have flown out of the capital. The official said the jets left Saturday carrying dozens of family members of Egypt's business elite. He said most of the planes were headed for Dubai.

The passengers included the families of telecom mogul Naguib Sawiris, the executive chairman of Orascom Telecom, and Hussein Salem, a hotel tycoon and close confidant of President Hosni Mubarak.

The exodus of the families comes as Egypt enters its sixth day of mass unrest directed against Mubarak and what they say have been policies that further enrich the wealthy at the average citizen's expense.

Copyright © 2011 The Canadian Press. All rights reserved.