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The UAE has tried to build a reputation as an international centre of trade and commerce. In light of this, it has become apparent that its approach to bankruptcy and corporate insolvency has been inadequate.
Although the 2011 revolution removed Mubarak from power and briefly ushered in a period of Muslim Brotherhood rule, in 2016 the old social and political elite have unequivocally consolidated their position in Egypt’s political system.
On-going investigations into widespread procurement embezzlement by the Egyptian Ministry of Supply has once again highlighted the ease with which state institutions are undermined.
To demonstrate that Rouhani will face an uphill battle to deliver on his electoral promises, radical religious forces unexpectedly cancelled concerts by renown Iranian artists.
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Despite promises of being the antithesis to former President Morsi, Sisi’s administration is reverting to type. Elite networks and the relationships that underscore them continue to be the dominant force in Egyptian business and politics.
Regulatory bodies exist in the Financial Free Trade Zones to project the façade of internationally respected oversight and corporate governance. The case of the Kaloti Group highlights the arbitrary nature of regulation.
A series of mergers of state-owned companies gives particular insight into the political and financial priorities of Abu Dhabi, and acts as reassurance for investors who may be spooked by the prospect of non-performing investments.
Iranian Parliament approved a bill to launch an investigation into embezzlement and corruption allegations against the Bonyad Shahid during the tenure of Massoud Zaribafan – Ahmadinejad’s brother-in-law.
Politicised organised crime is well hidden in Egypt, but the weak imposition of effective law enforcement outside of major cities facilitates the growth of informal economies and entrepreneurial gangs.
Confrontation between one of Egypt's high-profile businessmen and the Central Bank is exposing a rift between private interests and the official strategies of the state.
Without a source of dependable income, the political independence of an Emirate is beholden to its creditor. Layers of socially constructed understandings and obligation determine elite interaction, where relationship hierarchies can be replicated on the macro-level of state, or the micro-level of family.
Ministries have manipulated legal and political institutions to create highly independent decision-making bodies with almost zero oversight, facilitating large-scale embezzlement of state finances