Where does Mubarak go now? [Updated]

There’s been a fair amount of speculation in recent days about now ex-President Mubarak’s preperations for departure. I just spoke with Christopher Davidson, a professor of Middle East studies at Britain’s Durham University who focuses on the economic interests of Arab rulers. He cast doubt on the $70 billion figure which has been floated widely ...

KHALED DESOUKI/AFP/Getty Images
KHALED DESOUKI/AFP/Getty Images

There's been a fair amount of speculation in recent days about now ex-President Mubarak's preperations for departure. I just spoke with Christopher Davidson, a professor of Middle East studies at Britain's Durham University who focuses on the economic interests of Arab rulers. He cast doubt on the $70 billion figure which has been floated widely by the media recently, but said Mubarak undoubtedly has interests throughout the world to fall back on: 

There would be something wrong with the people he paid if we knew much about this. A lot of the figures we've seen in the press are really just speculation. As with Gulf ruling families, his wealth is hidden abroad very carefully with layer upon layer of shell companies in London and the States. There's also a big question about his numbered bank accounts in Europe, whether he will be able to recover those or not.

Davidson speculated that Mubarak's ability to recover funds from his Swiss bank accounts, and the difficulties his now partner-in-exile Jean-Claude "Baby Doc" Duvalier has had in recovering his own assets, may have played a role in his delayed departure:

There’s been a fair amount of speculation in recent days about now ex-President Mubarak’s preperations for departure. I just spoke with Christopher Davidson, a professor of Middle East studies at Britain’s Durham University who focuses on the economic interests of Arab rulers. He cast doubt on the $70 billion figure which has been floated widely by the media recently, but said Mubarak undoubtedly has interests throughout the world to fall back on: 

There would be something wrong with the people he paid if we knew much about this. A lot of the figures we’ve seen in the press are really just speculation. As with Gulf ruling families, his wealth is hidden abroad very carefully with layer upon layer of shell companies in London and the States. There’s also a big question about his numbered bank accounts in Europe, whether he will be able to recover those or not.

Davidson speculated that Mubarak’s ability to recover funds from his Swiss bank accounts, and the difficulties his now partner-in-exile Jean-Claude "Baby Doc" Duvalier has had in recovering his own assets, may have played a role in his delayed departure:

I would imagine that he’ll struggle to recover everything. A few weeks ago we had the Baby Doc ruling in Switzerland, so that will clearly be playing on his mind. I suspect that this is one of the reasons why he was trying to hold on as long as possible, so he could portray himself as having resigned peacefully as a legitimate president rather than having been ousted.

Despite having now holed up at his "Winter Residence" in Egypt — which is less a palace than a floor of a luxury hotel and golf resort — and his earlier promise to die on Egyptian soil, Davidson believes that Mubarak is not long for Egypt:

He’ll be headed to the Gulf for sure. Perhaps not to Saudi like Ben Ali, but I think he’ll go to the UAE. [UAE Foreign Minister] Sheikh Abdullah bin Zayed visited Cairo quite publicly and likely put a plan on the table to give him refuge.

Update: Sure enough, we now have reports that Switzerland is freezing Mubarak’s assets.

Joshua Keating was an associate editor at Foreign Policy  Twitter: @joshuakeating

Tag: Egypt

More from Foreign Policy

Bill Clinton and Joe Biden  at a meeting of the U.S. Congressional delegation to the NATO summit in Spain on July 7, 1998.

Liberal Illusions Caused the Ukraine Crisis

The greatest tragedy about Russia’s potential invasion is how easily it could have been avoided.

A report card is superimposed over U.S. President Joe Biden.

Is Biden’s Foreign Policy Grade A Material?

More than 30 experts grade the U.S. president’s first year of foreign policy.

White House National Security Advisor Jake Sullivan gives a press briefing.

Defining the Biden Doctrine

U.S. National Security Advisor Jake Sullivan sat down with FP to talk about Russia, China, relations with Europe, and year one of the Biden presidency.

Ukrainian servicemen taking part in the armed conflict with Russia-backed separatists in Donetsk region of the country attend the handover ceremony of military heavy weapons and equipment in Kiev on November 15, 2018.

The West’s Weapons Won’t Make Any Difference to Ukraine

U.S. military equipment wouldn’t realistically help Ukrainians—or intimidate Putin.