Arab Bankers Argue Over Benevolent Dictatorship Versus Democracy - Bloomberg:
"Political unrest since 2011 shows that the Arab world is best served by “benevolent” dictators who can prevent chaos, the head of one of the region’s biggest banks said.
“I know I am controversial but this is how I believe,” Ibrahim Dabdoub, chief executive officer of National Bank of Kuwait, said during a panel at the International Institute of Finance in Washington today. “Look at the way Egypt has turned into. Not that good, but better than the chaos we have seen,” Dabdoub said, referring to the military’s ouster of Islamist President Mohamed Mursi in July. “Democracy in the Arab world, we won’t see it soon.”
His remarks reflect a debate in the Arab world about the pro-democracy uprisings in Egypt, Libya and Tunisia, where the toppling of autocratic leaders failed to bring immediate economic benefits. The turmoil that followed the revolts will cost the seven most affected countries about $800 billion by the end of next year, according to HSBC Holdings Plc estimates."
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