In response to the news that Egyptian president Hosni Mubarak has resigned, Zin Bekkali, CEO of emerging markets focused Silk Invest, wrote the following note:
“History is written today and another revolution has unfolded in Egypt. Congratulations to all who have believed in our markets. Our patience had to be tested but what our team has expected, has happened. The power of people and rational thinking have won. The events and images are extraordinary. Within a couple of weeks Egypt and Tunisia managed modern and effective revolutions while keeping a sense of stability and while limiting the overall damage.
“As a team we are incredibly proud and happy to be part of this. We have always believed in our countries and fortunately they are delivering. Both Tunisia and Egypt have shown that regime change can happen. It may take a bit of time but it does not derail countries. It was time for democracy to reach these countries and it did.
“From an investment point of view, we believe that the recent events will be a powerful catalyst for further growth. Our focus countries have over the last 10 years delivered a great economic performance and annualised double digit returns for investors. Many have however failed to modernise their political systems and not been able to fully converge to their full potential.
“In Kenya we needed international pressure to formalise election results. In Nigeria the patience of a vice president worked and we are looking forward to fully democratic elections this year. In Egypt and Tunisia we needed people on the street to make things happen.
“The story however in all these countries is a story of hope, convergence and the power of the people. Whether it is the man on the street, the successful entrepreneur or even the politicians, eventually they all end up agreeing that they share the same interests.”