January 31st, 2011
07:37 AM GMT
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(CNN) - It took a few days for Egyptian President Hosni Mubarak to calculate his next moves, and when the decision came the strategy was predictably an "old school" approach to a modern-day governmental challenge sparked by social media.

In power for three decades, no one expected Mubarak to present an "I got it" moment. He chose a right hand man as vice president, Omar Suleiman, who literally saved his life after an assassination attempt. The "big boss," as many in the former government and business community refer to him, sacked his "new school" cabinet of reformers. Then-Prime Minister Ahmed Nazif and his four key ministers representing trade, finance, telecommunications and investment were highly regarded in the global business community and trusted faces at the World Economic Forum each winter in Davos.

The act by the president to sack the "new school" reformers sends the wrong signal to global investors and some of the Egyptian corporate brand names that have become well known beyond their borders. Even if he survives the uprising by Egyptians on the street, nearly all the progress made over the past five years goes out the door - not to mention the impact on the tourism sector which is the country's number one foreign exchange earner.


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