 Now, I give the floor to Mona, I switch back to French because I would like Mona, I would like you to speak French or half French, half English. Why not? We will fix that, both of them, okay? So Mona, my crummy bed is, as you all know, a friend of WPC since the beginning, maybe almost, and we are very eager to listen to you. And I say that in English since it shows, by the way, the power of women. Good evening, everyone. I am delighted to be here, as you can see. And I really think that these meetings that we have every year, it regroups us, not only as friends in a club, but also to hear, to analyze, that we do not have the opportunity to hear. So I would really like to thank, I want to thank Thierry for inviting me to the WPF. As, which to me has become the best think tank in Europe. And particularly when it is held in my favorite country, which is Morocco. Now, what I propose, what I propose, by the way, I spent my honeymoon in Morocco. I don't know if this is a good memory or not, but it is. What I propose to do today is to offer you three alternative scenarios on the future of the Arab world. Bearing in mind that our current Arab world is suffering from a future deficit. Nobody speaks about the future because they don't know where to go. So, meaning that also that ambitious dreams for an alternative and better future, as it was envisaged in 2011 in what was ridiculously called the Arab Spring, these ambitions and these dreams have been shoved aside in favor of the short term goals of maintaining stability and security. All what the Arab world wants today, stability and security and avoiding civil war or state collapse. No talk about democracy or human rights. Trump has given us the lead. These are taboo words today. One thing is almost sure is that the Arab Middle East will remain a region of high stress for the foreseeable future. I'm thinking here within the horizons of roughly 2025 to 2035. Not too long, not too short either. We are living through an age of technological revolution, as we have heard for the past three days. Change in communication technology has ended in the Arab states, monopoly on information, created webs of informed and mobilized citizens and greatly contributed to the upheavals of 2011 and beyond. Arab governments are trying today to learn from the Chinese, the only thing that they tried to learn is how to control this new information dragon and to regain their dominance, but it is too late. The top-down monopoly has already been broken and people have not only gone beyond their fear, but almost. Breakthroughs in artificial intelligence could strengthen the control capacities of governments, but they could also be used by terrorist groups as a form of cyber weapon, as we heard, in a completely different direction. So, therefore, technology will be one of the key wild cards in the near future. Now, let's go to some of the most important countries in the region. Let's start with Egypt, no bless oblige. It is no secret that Egypt faces a staggering array of demographic, economic, political, environmental and security challenges. However, the current administration of President Sisi has taken a number of important steps to grapple with these, including economic growth, job creation, energy needs, etc. Therefore, it is in the realm of possibility and with a lot of imagination that the current trajectory could produce enough economic development and job growth to keep the country relatively stable. Perhaps an Egyptian failure is too big to contemplate and just impresses upon us to focus on avoiding it. Yet, it remains the biggest challenge in the region and one that, if we continue to ignore, is at our own peril. Now, what is the geopolitical context we are talking about? These include conditions of fragile states, a broken regional order and a changing set of global dynamics impacting the region. On the other hand, what are the effects of the global powers on all these changes? The new U.S. national security strategy unveiled under the Trump administration recognizes that great power competition, particularly with Russia and China, has returned as the main driver of security and foreign policy concerns. In this case, the Middle East will be an arena for great power competition. Finally, what are the three scenarios envisaged? One is a muddling through scenario, meaning a form of continuity. Meaning the Arab world will remain a region of strained economies, high youth unemployment and fragile states. Two second scenario, things fall apart completely. If we look at the development of the past decade, we can see that the situation has gone from bad to worse. There are more failed states, more armed non-state actors and terrorist groups. The socioeconomic conditions that drove revolt a decade ago are generally worse. Also, the absence of inclusive and responsible political institutions are worse today. There are a number of ways things could get considerably worse. For instance, tensions between Iran and Israel or Iran and Saudi Arabia could escalate into all-out war. Egypt and Saudi Arabia could, for example, stumble and fall, as other large states have in the recent past. Terrorist groups could regroup and use cyber warfare or weapons of mass destruction. This is the second scenario. Our third scenario is where things dramatically improve, and this is the one that I support. If Egypt and Saudi Arabia succeed in their ambitious economic and social plans and break through to high levels of growth and employment, that would raise living standards and relieve domestic pressure. If the three civil wars in Libya, Yemen and Syria reach a suitable negotiated settlement, this will have positive effect on the region. On another level, and this is the one I encourage, it is not out of the question to imagine resurgent civic and political demands leading to a stepping back from authoritarianism and the re-appreciation of the wisdom of inclusive and responsive political systems. These could appear either in the form of democratizing republics or constitutional monarchies. In conclusion, what I've tried to do is not to predict, because you can't predict in the Arab world, but to identify trends that policymakers should be aware of and also identifying possible opportunities and positive outcomes. Thank you for your attention. Thank you very much Mona for this excellent presentation, which also was concise. I think you were the shortest so far. You respected perfectly timing. Thank you very much. Let me just ask you a short question. I was a bit surprised that you put Saudi Arabia and Egypt in the same basket, so to speak, when we mentioned the hopefully successful development plans. But do you establish any correlation between the two? No, no. No correlation at all, except that there are two big states in the Arab region and they're both undergoing reform on their own. Do they have a real chance in your judgment to be successful? Which one of them? Both of them. I mean, Saudi Arabia has a lot of opportunities to spend money, including hundreds of billions of dollars to appear weak as they did recently. But do you think they have a chance to be successful with the MBS plan and in Egypt too? No comment. Thank you. That's a very concise but precise answer.