Egyptian hotelier and oil giant, Hussein Kamal El Din Salem fled Egypt after riots gained traction last week and was caught discovered in Dubai with $500 million this weekend, according to Israel National News.
He is said to be close to President Hosni Mubarak’s family, especially the President’s son Gamal Mubarak. The President has reportedly been hiding out at the Maritim Jolie Ville Golf Hotel owned by Salem.
Salem is Chairman of the KHS Group, which owns luxury resorts in Sharm El Sheikh and Luxor, all water treatment plants in Sharm El Sheikh City and has a 28% share in the East Mediterranean Gas Company (EMG).
When EMG was founded in 2000, Salem was a majority shareholder with 65% of shares, according to Globes. 25% of the company was owned by Israel investor Yosef Maiman and the rest by the Egyptian government.
Salem has since diluted his holdings in the company and in 2007 American investors Sam Zell and David Fisher bought 12% of the shares, Globes reported.
EMG has supplied gas to Israel since 2008, and in 1999, in a rare interview, Salem told WINNE:
“I am part of the generation that participated in the 4 wars against Israel but we are partners now and can work together successfully. This is the main message that I want to say.”
Egypt’s VIP’s began to flee the country on Friday, many of them afraid that they would become the targets of public wrath.
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