Ultras try to influence Port Said verdict


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Egypt's Ultras are wreaking havoc in a bid to influence course of justice in Port Said case

"Egyptian cities and provinces are witnessing an exceptional wave of turmoil these days, with a level violence that can only forebode grave consequences, including an increasing number of casualties," the Cairo-based newspaper Al Ahram said in its editorial yesterday.

Hard-core fans of the popular Al Ahly football club, known as the "Ultras Ahlawy", have besieged the Central Bank building in the capital earlier this week, denying staff entry or exit.

It appears to be the Ultras' way of expressing their anger in anticipation of an important court ruling that they fear might not be as heavy-handed as they would like.

Next Saturday, an Egyptian criminal court is expected to hand down its verdict in a case involving interior ministry officials charged with failure to act on deadly riots at a Port Said stadium in early 2012.

Al Ahly were playing away from their turf against Al Masry club when the violence erupted, leaving about 80 people dead, including a number of Al Ahly fans. Hundreds were injured.

But the Ultras did not only lay siege to the Central Bank, which in itself is a serious act, Al Ahram observed. They also closed routes to the Cairo International Airport.

In fact, US secretary of state John Kerry, who was on a two-day visit to Cairo, had his departure flight delayed by about two hours on Sunday due to the protests.

"With these developments, we are setting foot into uncertain territory. This would simply aggravate Egypt's woes while the wounds of Port Said have not yet healed," the newspaper said.

The fact that Al Ahly is a popular club all over Egypt has turned the Ultras' bold acts of protest into a nationwide trend, a situation that is already compounded by existing political tensions ahead of the country's parliamentary elections.

Some roads were closed down in the towns of Tukh and Bilbais, while railway services were temporarily blocked in Qena, the newspaper said.

"The Ultras' dangerous message is clear. They are trying to intimate the ministry of interior, whose officials are charged in the case, by showing their readiness to engage in riots throughout the week, leading up to the day of the verdict," Al Ahram said.

Even more seriously, the Ultras are putting great pressure on the judges who are handling the Port Said case.

"They are attempting to encroach on the prerogatives of the judiciary, which is the only authority mandated to carry out justice," the newspaper said.

"At this point, as the government is still failing to contain this volatile situation, the intervention of an institution like Al Azhar, whose senior figures have much credibility on the Egyptian street, might have a much-needed salutary effect."

Syria's Assad should follow the pope's lead

Rampant corruption and continuing allegations of moral misconduct inside the Vatican led the pope of the Catholic Church, eight years into his tenure, to resign his supreme spiritual position last month, wrote Abderrazzaq Qirat, a columnist with the pan-Arab newspaper Al Quds Al Arabi.

If only President Bashar Al Assad of Syria, who has been in power for 13 years and is accused of killing and abusing tens of thousands of innocent civilians, could learn something from Pope Benedict XVI, the writer said in an article yesterday.

After the pope's farewell address in Rome, an expert on Catholic affairs told Euronews TV that the power of the pontiff "is absolute, with God-assigned prerogatives", the writer said.

So, even a man who is accepted by his followers as a supreme leader - a man who knew his resignation would shock and sadden millions - can find a good-enough reason to step down and let someone else take over.

But that is not the case with President Al Assad, who has neither a massive following nor God-given powers.

It is tragic that Bashar Al Assad, whose resignation "would be the key to overcoming the wars and woes that are convulsing Syria and its people", still thinks that clinging to power is the right thing to do, the columnist said in conclusion.

UAE ushers in an era of renewable energy

The UAE has a strategic interest in developing its renewable energy infrastructure, and the opening later this month of Shams 1, a massive solar energy station stretching over 2.5 square kilometres, is a step in that direction, according to the Emirates Centre for Strategic Studies and Research (ECSSR).

Renewable energy is booming worldwide, with about $250 billion (Dh918 billion) in annual global investments pumped into the sector in recent years, up from only $100 billion before the global economic crisis, ECSSR noted in an article published yesterday in the Abu Dhabi-based daily Al Ittihad.

"Because the UAE is one of the most interested nations in achieving the goals of sustainable development, it is also most interested in making a shift into the renewable energy era."

The UAE announced in late 2009 that it was planning to invest about $500 billion in renewable energy projects between 2010 and 2015, according to ECSSR. Shams 1 is one of its projects.

Shams Power Company, a subsidiary of Masdar, has said the station will start operating this month, generating enough clean energy to power 20,000 homes. This will help reduce carbon dioxide emissions by about 175,000 tonnes a year, which is equal to taking 15,000 cars off the roads.

* Digest compiled by Achraf El Bahi

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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Power: 819hp

Torque: 678Nm at 7,250rpm

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Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

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Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

The years Ramadan fell in May

1987

1954

1921

1888

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Juventus v Napoli, Sunday, 10.45pm (UAE)

Match on Bein Sports

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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

UAE Falcons

Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.

 
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

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The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km