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MEMRI Daily – Crisis in the Middle East: February 8, 2011
The following is research published today from MEMRI’s Special Dispatch Series and the MEMRI Economic Blog.
Special Dispatch No. 3567—South Asia Studies Project/Pakistan/Egypt
Editorials in Pakistani Dailies on Egyptian Protests: 'The Real Power Broker in Egypt is Its Army'; 'Peace in Egypt is Essential for Policing Gaza’s Border on the Egyptian Side'; 'Arab Rulers Fail to Realize… [That] They have Sown the Seeds for the Growth of Intolerant, Religiously Inspired Forces'; 'the U.S. has Always Sided with Rulers Who Serve Its Agenda Best’
Following the mass protests in Egypt, a number of Pakistani dailies wrote editorials, generally supporting the protesters’ demands for change. Though calling for Egyptian ruler Hosni Mubarak to step down, most of the editorials were also cautious in predicting a revolutionary democratic change in Egypt.
In some of the editorials given below, the Pakistani newspapers expressed the view that the Egyptian military remains powerful and the United States, wary of the emergence of Islamic forces in the Middle East, will continue to support the ruling elites.
However, the Pakistani newspapers generally articulated a view that the autocratic rulers in the Arab world can no longer suppress people’s "democratic will" and that such protests could spill over into other Middle Eastern countries like Yemen.
To read the full report, visit http://www.memri.org/report/en/0/0/0/0/0/0/4982.htm.
Special Dispatch No. 3566—Egypt/U.S. and the Arab & Muslim World
Al-'Arabiya Director-General: America's Support Is Detrimental to the Cause of the Egyptian Protestors
In a recent article, 'Abd Al-Rahman Al-Rashed, director-general of Al-'Arabiya TV and former editor-in-chief of the daily Al-Sharq Al-Awsat, attacked both Iran and the U.S. for their support of the Egyptian protestors and their demand for the immediate resignation of President Hosni Mubarak. Al-Rashed explained that America's open support of the protestors was, in fact, detrimental to their cause, since it was preventing them from reaching an arrangement with the Egyptian regime over reforms.
The following are excerpts from the article:
"I believe this is the first time American president Barack Obama and Iran's spiritual leader, Ayatollah Ali Khamenei, have ever been in agreement. Both have supported the demonstrators against the Egyptian regime, and announced their keen support for the ousting of President Hosni Mubarak. Each of them backed by his [respective] officials: the American vice president reiterated [U.S.] support for the demonstrators, and the head of Iran's Shura Council competed with him [in doing so]. All that is left is for mass demonstrations to be held in Tehran and Washington demanding Mubarak's ousting. Are we witnessing an American-Iranian competition over [who will crown] the next [Egyptian] president?
To read the full report, visit http://www.memri.org/report/en/0/0/0/0/0/0/4981.htm.
Special Dispatch No. 3564—Egypt/Jihad and Terrorism Threat Monitor
Basir Al-Tartusi to Egyptian People: 'Thanks to Your Jihad and Revolution, a New Day Will Dawn upon Egypt, the People of the Region, and the Entire [Islamic] Ummah'
In an article titled "Oh Egyptian People – Live in Honor or Die as Martyrs," posted February 3, 2011 on his website (abubaseer.bizland.com), prominent Salafi-jihadi cleric Sheikh Abu Basir Al-Tartusi praised the Egyptian people for their uprising. He called upon them to persevere until the ousting of "the tyrant, his regime, his gangs and his party," because their revolution has "returned stolen Egypt to the fold of the Muslim ummah."
Al-Tartusi stressed that the only way for the Arabs to be rid of their tyrannical regimes is to "free themselves of the U.S., [their] fear of it, and [their] subordination to it." He also cautioned the Egyptians against opportunists who might try to reap the fruits of their revolution "at the expense of the efforts, the jihad and the sacrifices of the Muslim peoples."
To read the full report, visit http://www.memri.org/report/en/0/0/0/0/0/0/4979.htm.
To view this report, you must be a paying member of the Jihad and Terrorism Threat Monitor Project (JTTM).
For membership information, send an email to jttmsubs@memri.org with "Membership" in the subject line.
Special Dispatch No. 3565—Egypt/Jihad & Terrorism Threat Monitor
From the Economic Blog: News About Egypt
The following are posts on the situation in Egypt from the MEMRI Economic Blog from January 27 to February 8, 2011. Be sure to visit the MEMRI Economic Blog (http://memrieconomicblog.org/) daily for economic news from the Middle East.
To read the full report, visit http://www.memri.org/report/en/0/0/0/0/0/0/4980.htm.
Egyptian Stock Exchange Dips Sharply; Cost Of Insuring Egypt Dept Spikes – January 27, 2011
The Egyptian stock exchange EGX30 registered a sharp decline yesterday of as much as 6.14%, as investors sought shelter because of the political disturbances in the country.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4182.
Egypt: Second Largest Decline In Bourse; Egyptian Pound At Lowest Rate – January 28, 2011
Massive demonstrations in Egypt are feeding into a frenzy in the Bourse (Egyptian stock exchange), which declined by more than 10% in the first few hours of trading yesterday as investors, both local and foreign, sought shelter on the sidelines.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4189.
Egypt Faces Enormous Economic Difficulties If Turmoil Persists – February 1, 2011
The financial losses suffered by Egypt continue to grow as the economy, trade, industry, tourism, and financial markets are paralyzed and threaten the financial health of the country for the long-term if the political turmoil persists. The country must also contend with external shocks:
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4197.
Egyptians Without Cash, Bread – February 2, 2011
After days of demonstrations, Egyptians are increasingly forced to queue up in two lines – one for bread and the other for cash.
Many Egyptians, who rely heavily on their credit cards, debit cards, and ATM machines to withdraw cash, are unable to do so because of the government's suspension of the internet which normally enables customers to access their bank account electronically or to use their credit cards for purchasing the most basic of human needs.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4198.
Poor Quality Of Education Constrains Employment Opportunities In Egypt – February 2, 2011
The employment crisis for university graduates became evident after 2004. The quality of higher and technical education has deteriorated to a level where it has become difficult for university graduates to find employment in foreign companies unless the candidate possesses a certificate from foreign universities, either from those operating in Egypt such as the American University, or abroad.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4199.
Investments In Egypt Will Decline Pending Stabilization Of The Political Situation – February 3, 2011
Experts expect investments in Egypt, both domestic and foreign, to decline pending the emergence of the final shape of the post-Mubarak regime.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4202.
Arab Stock Markets Shed $49B Over Unrest In Egypt – February 4, 2011
According to a report issued by a Kuwaiti asset management company (Kamco), the market value of Arab stock markets has lost $49 billion since January 25, the starting date of demonstrations in Egypt.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4207.
Wealthy Arabs Consider Moving Their Wealth Because Of Events In Egypt – February 4, 2011
Wealthy Arab families are inquiring from private banks in Europe about the extent of security of their wealth as they seek to transfer it outside the region.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4210.
Egyptian Turmoil Costing $310M Per Day – February 7, 2011
A report issued on February 4 by the investment bank Credit Agricole indicates that, as a result of the political crisis in Egypt, the economy is losing $310 million per day.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4216.
Egyptian Banks Reopened; Central Bank Injected $900M – February 7, 2011
Amidst strict protection by tanks and a flyover by warplanes, Egyptian banks reopened yesterday after a closure that lasted seven days.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4217.
Egyptian Daily Highlights Issues Facing Egyptian Economy – February 7, 2011
An article by Wafaa al-Barada'i in the Egyptian government daily Al-Ahram outlines some of the issues created by the political uprising whose consequences will affect the Egyptian economy for a long time to come.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4218.
Impact Of Egyptian Events On Air Travel – February 8, 2011
Despite major interruptions in air travel caused by the events in Egypt, one of the largest tourist targets in the world, most experts believe that the losses incurred by the air carriers are limited because many companies have intensified their travel schedule to Egypt to carry away stranded tourists and foreign residents.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4221.
Egypt Frees Farmers Who Fall Behind Servicing Their Debts – February 7, 2011
The minister of agricultural and agrarian reform Dr. Ayman abu-Hadid announced an agreement with the agricultural bank of Egypt to take all necessary measures to release from prison any farmer sentenced for failing to service his loan to the government-sponsored bank and embark on rescheduling the outstanding loans.
To read the full report, visit http://www.memrieconomicblog.org/bin/content.cgi?news=4222.
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