Satirist Bassem Youssef had a golden opportunity to make Egyptians laugh during the dictatorial rule of former president Mohamed Morsi.
Yet the pro-military media and the secular elite that have dominated Egypt since the overthrow of Mr Morsi have also proven to be perfect targets for the new season of Youssef’s television programme, El Bernameg.
Youssef wrote in a recent newspaper article that, from a satirist’s point of view, there is not much difference between the new order and the Islamists he used to criticise.
But the political landscape has changed, and opposition voices have all but disappeared from the Egyptian media. When Youssef tried to return to the airwaves at the end of last year, the CBC network cancelled El Bernameg after just one episode because of his criticism of Field Marshal Abdul Fattah El Sisi, the defence minister and a likely candidate for the presidency.
On his new television programme last week, Youssef went soft on Mr El Sisi but mocked the army’s claim that it had invented a machine that could cure HIV and Hepatitis C.
Youssef – who was famously the subject of a court case for insulting Mr Morsi last year – is facing new problems, with many government supporters filing complaints against him.
He has also raised the ire of pro-government media.
What makes Youssef popular with many Egyptians, aside from his sense of humour, is his unwavering position in satirising religious and military projects. What has helped him to retain his independence is that he was an accomplished surgeon before he entered the media arena, and that he began his career in an outlet outside of the control of the former regime.
The course of Youssef’s programme – which became a huge hit on YouTube during the dying days of the presidency of Hosni Mubarak – reflects the stages and transitions of the Egyptian revolution. In the beginning he targeted celebrities who were supporting Mr Mubarak.
He then targeted the Supreme Council of the Armed Forces (Scaf) and the Islamists who had allied with the military. After Mr Morsi reached power, Youssef focused on the Islamists and El Bernameg reached its peak, to the point where it has been cited as a factor in revealing the failure of the Muslim Brotherhood.
Youssef was seen to be aligning himself with the civil opposition that had appealed to the military to “rescue the country” from the religious state – despite the fact that many of them had actually voted for the Muslim Brotherhood candidate, Mr Morsi, in the presidential election to defeat a candidate they believed to be a remnant of the Mubarak regime.
Now, Youssef has returned to criticising the military administration, along with all the political factions and the secular pro-military elite.
This reflects the reality of a kind of “musical chairs” game in the political arena.
Even so, Egyptians who are sceptical of both the military and the Islamists no longer have a stage to express their opinions. Youssef could not find any Egyptian-owned television channel bold enough to present his criticisms of the new leadership, so he had to go to the MBC network, which is owned by the Saudi businessman Waleed Al Ibrahim.
Although the first few episodes have concentrated on Mr El Sisi and the military, Youssef has not criticised them directly, as he used to do with Mr Morsi.
Instead, he has focused on what he sees as hypocrisy in the Egyptian media towards Mr El Sisi’s political ambitions.
Despite this limitation, the return of El Bernameg has created a contrast to the programming offered by pro-military media. It gives a voice to those who have reservations both about the Islamists and the military.
Given the good relationship between Saudi Arabia and the Egyptian military, Youssef’s tenure at MBC is not guaranteed – especially if he decides to abandon the tone of compromise he has adopted.
On the other hand, if he does not return to his former forthright style, he risks reducing his credibility with his large fan base.
Magdy Samaan is a Cairo-based journalist
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
