# Re-distribution of wealth



## Eco-Mariner (Jan 26, 2011)

I was browsing ZAWA Weekly and thought this may be interesting.
There are 29 Arab Billionaires who are in the list of accountable businesses, 8 of them Egyptian and of course we don't have Mubarak family accounted for. Or those private Middle East elite who won't declare their wealth.

It brings home why Egyptians (and now other Arab States) are fighting for a better standard of living. 

*Forbes Ranking, Name, Wealth, Country.*

26 Prince Alwaleed Bin Talal Alsaud $19.6B, Saudi Arabia
63 Mohammed Al Amoudi $12.3B, Saudi Arabia
77 Nasser Al-Kharafi & family $10.4B, Kuwait
120 Sulaiman Al Rajhi $7.7B, Saudi Arabia
136 Mohamed Bin Issa Al Jaber $7B, Saudi Arabia
182 Nassef Sawiris $5.6B, Egypt
310 Naguib Sawiris $3.5B, Egypt
393 Onsi Sawiris $2.9B, Egypt
409 Taha Mikati $2.8B, Lebanon
409 Najib Mikati $2.8B, Lebanon
420 Abdul Aziz Al Ghurair & family $2.7B, UAE
459 Bahaa Hariri $2.5B, Lebanon
459 Abdullah Al Rajhi $2.5B, Saudi Arabia
512 Mohammed Al Issa $2.3B, Saudi Arabia 
595 Mohamed Mansour $2B, Egypt
595 Saad Hariri $2B, Lebanon
692 Yasseen Mansour $1.8B, Egypt
692 Youssef Mansour $1.8B, Egypt
736 Saif Al Ghurair & family $1.7B, UAE
736 Mohammed Al Rajhi $1.7B, Saudi Arabia
736 Saleh Kamel $1.7B, Saudi Arabia
833 Ayman Hariri $1.5B, Lebanon
833 Fahd Hariri $1.5B, Lebanon
879 Bassam Alghanim $1.4B, Kuwait
879 Kutayba Alghanim $1.4B, Kuwait
879 Samih Sawiris $1.4B, Egypt
938 Abdulla Al Futtaim $1.3B, UAE
993 Mohamed Al Fayed & family (NEW) $1.2B, Egypt
993 Majid Al Futtaim $1.2B, UAE

Source: Forbes 


Alan.


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## bat (Dec 1, 2010)

Eco-Mariner said:


> I was browsing ZAWA Weekly and thought this may be interesting.
> There are 29 Arab Billionaires who are in the list of accountable businesses, 8 of them Egyptian and of course we don't have Mubarak family accounted for. Or those private Middle East elite who won't declare their wealth.
> 
> It brings home why Egyptians (and now other Arab States) are fighting for a better standard of living.
> ...


Does Fayed count, and that leaves the rest who are only 2 families , that's it !!
So what the rest suddenly to shy to tell us about there wealth.
The wealth that was flaunted all over Egypt a few months ago.
Shame on them.


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## Eco-Mariner (Jan 26, 2011)

When I've asked for company accounts I'm told "we do not have to declare our accounts in Egypt like you do in the UK"

So there you have it. And why there will always be discrepancies and tax avoidance and poverty and disgruntled populations.

Alan.


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## aykalam (Apr 12, 2010)

Eco-Mariner said:


> When I've asked for company accounts I'm told "we do not have to declare our accounts in Egypt like you do in the UK"
> 
> So there you have it. And why there will always be discrepancies and tax avoidance and poverty and disgruntled populations.
> 
> Alan.


How timely this thread! 

BBC Radio 4 will air this tonight BBC - BBC Radio 4 Programmes - File on 4, Egypt's Missing Millions


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## bat (Dec 1, 2010)

aykalam said:


> How timely this thread!
> 
> BBC Radio 4 will air this tonight BBC - BBC Radio 4 Programmes - File on 4, Egypt's Missing Millions


The only ones who know for sure are the ones who actually took the missing millions
Do you think they are being interviewed.
Anybody else talking can only conjecture.
Bat
Should make interesting listening.


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## Eco-Mariner (Jan 26, 2011)

That broadcast was only the tip of the Mubarak iceberg.
Every transaction that has created Egypt since he came to power is tainted. We know some loot was stored in London, but mostly all around foreign banks.

My interest is centered on the land registrations and if they are found corrupted, then it's a certainty that property ownership registrations will be affected. Probably more intensly than what is being uncovered in Spain and Northern Cyprus.

Egypt waits in anticipation.


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## aykalam (Apr 12, 2010)

For anyone who missed it today, the BBC Radio 4 program on Egypt's missing money will be broadcast again on Sun 20 Mar at 17:00 GMT. see link in my earlier post


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## aykalam (Apr 12, 2010)

Eco-Mariner said:


> Egypt waits in anticipation.


How about his for starters?

"The Illicit Gains Authority (IGA) on Tuesday banned ousted President Hosni Mubarak and his family from accessing their Bibliotheca Alexandrina bank account at the National Bank of Egypt’s Heliopolis branch.

The library’s administration did not know of the existence of the account, in which there were LE147 million, and to which Mubarak’s wife Suzanne had sole signatory power"


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## MaidenScotland (Jun 6, 2009)

aykalam said:


> How about his for starters?
> 
> "The Illicit Gains Authority (IGA) on Tuesday banned ousted President Hosni Mubarak and his family from accessing their Bibliotheca Alexandrina bank account at the National Bank of Egypt’s Heliopolis branch.
> 
> The library’s administration did not know of the existence of the account, in which there were LE147 million, and to which Mubarak’s wife Suzanne had sole signatory power"




Where did the money come from in the first place?
I remember the library opening but I can't recall what country footed the bill.


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## bat (Dec 1, 2010)

aykalam said:


> How about his for starters?
> 
> "The Illicit Gains Authority (IGA) on Tuesday banned ousted President Hosni Mubarak and his family from accessing their Bibliotheca Alexandrina bank account at the National Bank of Egypt’s Heliopolis branch.
> 
> The library’s administration did not know of the existence of the account, in which there were LE147 million, and to which Mubarak’s wife Suzanne had sole signatory power"


What , somehow they overlooked le147 million nobody called them to say anything,
Bit hard to swallow, compared to the " billions" that's small change!
Bat


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## bat (Dec 1, 2010)

Eco-Mariner said:


> That broadcast was only the tip of the Mubarak iceberg.
> Every transaction that has created Egypt since he came to power is tainted. We know some loot was stored in London, but mostly all around foreign banks.
> 
> My interest is centered on the land registrations and if they are found corrupted, then it's a certainty that property ownership registrations will be affected. Probably more intensly than what is being uncovered in Spain and Northern Cyprus.
> ...


There has always been disputes about land, and everybody will be waiting legal papers in hand to dispute anything ,Evan if there not legally entitled lot of chancers out there.
Yes must admit it's Evan crossed my mind to check, but then I thought can't be bothered , just go back to uk and claim, refugee status .
Bay


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## aykalam (Apr 12, 2010)

MaidenScotland said:


> Where did the money come from in the first place?
> I remember the library opening but I can't recall what country footed the bill.


I think the building itself was mainly funded by Gulf countries. The controversy then was to do with the lack of funds for books after it had opened: 

"Due to the lack of available funds, the library had only 500,000 books in 2002, low compared to other national libraries. It has been estimated that it will take 80 years to fill the library to capacity at the current level of funding. The library relies heavily on donations to buy books for its collections"

Now, how many books would LE147 Million buy? let's suppose an average of LE200 per item, you could get 735,000 books to stock the collection :nerd:


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## Eco-Mariner (Jan 26, 2011)

bat said:


> What , somehow they overlooked le147 million nobody called them to say anything,
> Bit hard to swallow, compared to the " billions" that's small change!
> Bat


It wasn't overlooked... A body of property investors brought it to their attention as funds were going missing from resort developments.

This account is what is commonly called "a slush fund"


Alan.


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