Hussein Salem caught in Dubai

Hussein Salem caught in Dubai with 500 million dollars

Salem is a partner with Israeli businessman Yosef Maiman in the Environmental Management Group, which supplies gas to Israel.

Hussein Salem, an Egyptian partner of Israeli businessman Yosef Maiman in the Eastern Mediterranean Gas Company (EMG), which has long-term agreements to supply natural gas to Israel, has been arrested in Dubai with $ 500 million in cash in his possession, according to agency reports this morning.

It was reported yesterday that Salem and his family fled to Egypt because of the turmoil in the country. report of the Arab media that Salem went to Dubai, while his family moved to an unknown location. Salem is considered close to the Egyptian regime, including the son of Mubarak, President Hosni Mubarak, Gamal, who allegedly left Egypt in London.

Salem owns 28% of EMG, which has supplied gas to Israel from June 2008.

Salem is one of the most mysterious businessmen in Egypt, and what is known has never been interviewed in the Western press. In Egypt, is known as the owner of a hotel chain, and as the confidant of Mubarak and his family. The business tie Maiman was formed when they were partners in building a refinery in Alexandria in the late 1970's.

Maiman sold its stake in the refinery early in the decade due to internal criticism in Egypt, and began to focus on natural gas exports to Israel. When EMG was founded in 2000, Salem had 65%, 25% owned Maiman, and the Egyptian government property of others. Yesterday morning, in an official press release, Maiman said that gas exports to Israel by EMG will continue as usual.

In July 2007, Salem sold 12% of the EMG to Sam Zell and David Fisher, U.S. in a valuation of $ 2.2 billion, and four months later sold 25% of the Thai national oil company PTT in a valuation of $ 2 billion. The rest of the company's shares are now owned by Maiman (20.6%), institutions of Israel (4.3%), and the government of Egypt through government EGAS gas company (10%) .