Hosni Mubarak detained for further fifteen days; HSBC predicts Egypt economy to surpass Saudi Arabia by 2050; France pledges to help Egypt's transition; Official fact finding mission on Egypt’s revolution released
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    • Reports noted that Former Egyptian President Hosni Mubarak was detained by the country’s state prosecutor for a further fifteen days amid a probe into his involvement in a bloody crackdown on protesters and having a role in a controversial (corruption) deal to supply natural gas to Israel at lower than market prices. Mubarak’s former oil minister Sameh Fahmi was also remanded into custody for his alleged role in selling the under-priced gas.1

    Meanwhile, HSBC in its January 2011 report predicted that Egypt’s economy will be the largest in the Middle East by 2050, surpassing Saudi Arabia and will emerge as the 19th largest economy in the world. It noted, due to substantial improvements in developing markets, education, and demographic shifts, Egypt will be one of the top 30 economies in the world, also trumping the Netherlands and Switzerland. However, according to the report, in order to do so the country’s economy will have to progress at a rate of 4 percent over the next 40 years.2

    France's junior minister for trade Pierre Lellouche pledged French support for Egypt while extending an invitation for Egypt to attend a Group of Eight summit next month in France. Lellouche also met with Finance Minister Samir Radwan and the head of the Arab League, Amr Moussa, who has announced his intention to run for the presidency in November. Lellouche also spoke to another presidential hopeful, Mohamed ElBaradei, the former head of the International Atomic Energy Agency.3

    In other developments, the official fact-finding mission investigating the death toll of Egypt’s revolution released its final report, saying that at least 846 people were killed and 6,467 injured during the popular uprising that toppled the Egyptian regime and forced President Hosni Mubarak to step down in February. The revolution also left 26 officers and one prisoner dead. The report also confirmed that police fired live ammunition at peaceful protesters across Egypt starting January 25, adding that police only use live rounds if they are authorized to do so by a committee headed by the interior minister and high ranking officers.4

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