Egypt
HA Hellyer
The concept of "speaking truth to power" - a phrase made popular by a 1955 Quaker pamphlet - only really applies when great power is arrayed against you, and all you have on your side is truth and right. Welcome to Egypt.
When Hosni Mubarak, then the country's president, was under siege during the original 18-day protest in 2011, the population at large was either supportive or lukewarm about the protests and the revolution. Eventually the majority came to agree with the demand that he leave office.
Under Field Marshall Hussein Tantawi, who succeeded Mr Mubarak, most Egyptians were supportive of the army; even after a year, only a slight majority opposed military involvement in politics.
After that, Mohammed Morsi's popular support evaporated most quickly, because his actions and policies made it easy for the masses to reject his rule.
But with each of these changes in government came, and comes, a corresponding crisis.
Within a few weeks of Mr Mubarak's departure, the pro-January 25 forces were split. Most of them wanted to engage in thorough reform, and did not view the military's road-map as the first step in achieving that.
Meanwhile the Muslim Brotherhood decided to proceed alone and to engage with the military. Had the MB stayed with the revolutionary camp, things might have turned out very differently.
Following Field Marshall Tantawi's replacement by Gen Abdel Fattah El Sissi, another crisis arose: the shrinking array of options for allies in the revolutionary camp, except when it came to removing Mr Morsi (there were plenty of allies for that). Otherwise, the revolution's goals of reform and progress were the concern of a very few.
After the expulsion from office of Mr Morsi, the challenge remains unchanged: that of "speaking truth to power".
Following the latest military takeover, Egyptian society has been sharply divided between those who support Mr Morsi, despite his unpopularity, and those who more or less unconditionally support the military-backed government that replaced his.
Criticisms of either side from within its own ranks are absent - and criticisms of both come from only a small minority of Egyptians. The extremes have become, together, the overwhelming majority - and the country's maverick, marginal middle risks being compressed into oblivion.
That middle has always been a minority. Only a small minority believed at first that the overthrow of Hosni Mubarak was possible.
Here lies the great challenge for that middle group now: to speak truth to power, whether it is to those who lead the pro-Morsi faction, or to the new military-backed government, which is a far more important audience, considering that it is currently the real power.
Speaking truth is not easy at a time when the death toll is rising sharply amid clashes between mostly-unarmed pro-Morsi protesters and security forces, and with criminal insurgents attacking defenceless civilians around the country as a way of supporting Mr Morsi.
That maverick, marginal middle gave Mr Morsi a chance, but then saw that Egypt's revolution could not be fulfilled with him in charge, and that the very stability of Egypt was at stake. So that middle supported early presidential elections. When Mr Morsi rejected that, the middle supported his ejection, but remained wary about how it took place.
Now that middle insists on national reconciliation, although it sees that the public mood is strongly against the Brotherhood, and that it too rejects reconciliation, demanding Mr Morsi's restoration.
That middle insists that the military belongs in its barracks, answering to civilian authority, and that it needs no additional popular authority to do its duty of protecting the country from enemies, foreign or domestic.
That middle insists that justice be done through legal, justifiable means, and will demand accountability for the killings of Maspero, Muhammad Mahmoud St, Port Said, the Republican Guard sit-in, Nasr City and the rest, regardless of who killed whom.
Are there truly many who are willing to stand in front of power and say, clearly: "I shall not imbue your power with my personal moral permission to abuse another?" No. Egyptian journalist Lina Attalah wrote recently of the revolution going "back to the margins", but perhaps it has always been there, since February 11, 2011. The media collective of Mosireen; media sources such as Mada Masr and Tahrir Squared; these are also part of that marginal middle.
Those few Egyptians in the middle are now perhaps more relevant than at any previous time in the 30 months of revolution.
Now the truth must be spoken not simply to the powers that rule Egypt, or seek to, but to the Egyptian people. For it is the people who are the final source of temporal power in Egypt - and they ought to exercise it with the responsibility imposed by the blood of the martyrs of their revolution.
There will be a time for petty partisan politics, but that time is not now - and the maverick marginal middle will not let anyone forget that. For them, the January 25 revolution continues - and the millions in the crowds protesting for and against Mr Morsi last Friday are not fulfilling it.
But that middle is the best chance for the revolution, because in truth, they're the ones who have, beyond all odds, kept it alive.
Dr HA Hellyer is a non-resident fellow of the Brookings Institution and the Institute of Social Policy and Understanding
On Twitter: @hahellyer
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.”
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Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
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Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
The specs
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