When Egyptians walk the Tunisian way


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"Which country will be next?" asked the pan-Arab daily Al Quds al Arabi in its editorial. That is the hottest question being asked over and over again across the Arab world since the Tunisian uprising brought down a 23-year-old iron-fisted regime earlier this month.

The speculation was that Egypt, Jordan and Yemen topped the candidate list because they showed the same symptoms of deteriorated living conditions and a drastic lack of reforms.

"The raucous demonstrations that erupted in 15 towns across Egypt on Tuesday, counting tens of thousands of people, mostly youngsters, may well mark the beginning of an intifada."

The Tunisian inspiration is unmistakable. The demonstrators chanted such slogans as "Hey Mubarak! Hey Mubarak! The plane is waiting for you!" or "Hey Zine el Abidine, guess who's next!"

The Egyptian people feel that the political regime in place looks down upon them, and this feeling of humiliation was reflected in the massive boycott of the past parliamentary elections in which the ruling National Democratic Party won by a landslide.

"The absence of political reforms, the security forces' persistent repression of the people and the widening gap between rich and poor are all factors that make an explosion of the situation in Egypt more ominous than in any other Arab country."

Has Mahmoud Abbas betrayed the cause?

"Before getting into the details, the answer to the question above is: no," wrote Tariq al Homayed, the editor-in-chief of the London-based newspaper Asharq al Awsat. "For it seems that some are trying these days to persuade the Palestinians and the Arabs, based on a deluge of documents, that Mahmoud Abbas and his mates have sold out the Palestinian cause."

Referring to the hundreds of documents leaked by Al Jazeera news network on Sunday, the editor said: "Most of what is now known as the Palestine Papers is not new, especially not for the Arabs. Many Arab officials indeed affirm that they knew about that content, arguing that it simply involves negotiation details, not agreements. When negotiators go to talks - any negotiators and any talks, that is - they riff off a whole bunch of ideas, consistent and contradictory, and sometimes they act like the helicopter's rotor blades when you don't know whether they are spinning to the right or to the left. In the end, the most important part is the final signature."

Also, the timing of these leaked papers is strange. If these documents were to come out as Palestinian negotiators are sitting at the table with the Israelis, perhaps the Arabs' irritated reaction would be justified. "But, coming at a time when the Palestinian president refuses to negotiate with Israel - these documents end up being quite confusing."

Iraq is moving towards religious despotism

The smoke has cleared in Iraq, and what you see now is a country moving down the road of Islamisation, wrote Rashid al Khayoun, an Iraqi scholar, in the comment pages of the Emirati newspaper Al Ittihad.

The fact is that the exponents of political Islam are unable to tell the difference between state departments and mosques, to the point where hallways in ministries turn into funeral ceremonies on some religious occasions. And if officials object, trying to remind others of the primary function of the building, they will be labelled as a "rogue" or a "Baathist tail".

"In that same name of religion, these new princes of 'the Islamic State of Iraq' perpetrate carnage, and the higher the death toll, the greater the suicide bomber's divine reward. The same goes for the militias; they raise the pictures of Imam Ali and his sons as their characteristic flags. And if you take a close look at the banners held by the proponents of political Islam - be they in power or on the side of the resistance - it will dawn on you that they're all in it for power not faith; they're in it to tyrannise people in the name of religion."

The writer believes that Iraq must not miss the great opportunity it now has to turn the page of its painful past.

"Islamising society is synonymous with despotism."

Lebanese politics are still democratic

Lebanon is known as the "Switzerland of the East", not just for its beauty but also for its political system which, by some western standards and compared to other parts of the Arab world, is viewed as democratic. "But what kind of democracy are we talking about in Lebanon?" asked Amjad Arar, a columnist with the Sharjah-based newspaper Al Khaleej.

Sure, the country enjoys substantial freedom of expression that beats even western democracies. "But freedoms are one thing and democracy is another."

"Democracy and political sectarianism are two parallel lines that will never meet. Talk about consensual democracy? Well, such a thing cannot be. And if there is such a thing that requires that appellation, it must consist of a mere truce that gives the sects and their parties the chance to breathe before another round of fighting."

Indeed, with the rifts that we are witnessing in Beirut these days, this question of democracy in Lebanon regains centre stage. How on Earth is democracy supposed to proceed when attitudes like "either me or sedition" are still taken by some leaders in the political scene?

If democracy tolerates someone who wants to remain a lifelong leader, then those who accept that democracy must walk in shame.

* Digest compiled by Achraf El Bahi

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

THE BIO:

Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.

Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.

Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.

Personal motto: Believe it and you can achieve it.

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Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

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360Vuz PROFILE

Date started: January 2017
Founder: Khaled Zaatarah 
Based: Dubai and Los Angeles
Sector: Technology 
Size: 21 employees
Funding: $7 million 
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin

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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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Man of the Match Allan (Everton)

Profile of Hala Insurance

Date Started: September 2018

Founders: Walid and Karim Dib

Based: Abu Dhabi

Employees: Nine

Amount raised: $1.2 million

Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers

 

Set-jetting on the Emerald Isle

Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)

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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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