Saturday, February 05, 2011

Egypt revolt

"Down, Down with Mubarak," thousands chanted in downtown Cairo Tuesday. The protests was against corruption, unemployment and the regime of the 82-year-old Western-backed President Hosni Mubarak who has ruled the country since 1981 with an iron fist.

Protests broke out at different locations in Cairo, confusing the police further. A nearby demonstration in downtown Cairo targeted the high court while another took place in the affluent district Mohandseen. A third came in the industrial neighbourhood Shobra.

Later in the day the police, clearly surprised by the growing numbers of people, started firing tear gas and using water canons. Riot police blocked all entries to downtown Cairo with armored vehicles. Cars were stopped at check-points, and some passengers were forced out of their cars by the police. But the number of protests keep grow to hundred-hundred of thousand people and seem now, the whole country want Mubarak to step-down.

As Hosni Mubarak and his family keep making billion-billion of money since 30 year`s he hold the power as Egypt President, people of Egypt keep suffering from poverty and high unemployment, as well as alleged torture and corruption by Mubarak's regime.

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.

Amaney Jamal, a political science professor at Princeton, said those estimates are comparable with the vast wealth of leaders in other Gulf countries. "The business ventures from his military and government service accumulated to his personal wealth. There was a lot of corruption in this regime and stifling of public resources for personal gain," Jamal was quoted as saying. Jamal said that Mubarak's assets are most likely in banks outside of Egypt, possibly in the UK and Switzerland.

Mubarak, his wife and two sons were able to also accumulate wealth through a number of business partnerships with foreigners, according to Christopher Davidson, professor of Middle East Politics at Durham University in the UK.

The Mubarak family owns properties in London, Paris, Madrid, Dubai, Washington, New York and Frankfurt, according to a report from IHS Global Insight. Aladdin Elaasar, author of 'The Last Pharaoh: Mubarak and the Uncertain Future of Egypt in the Obama Age', said the Mubaraks own several residences in Egypt, some inherited from previous presidents and the monarchy, and others he has built.

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