The Egyptian satirist and Al Bernameg host Bassem Youssef, centre, and his team announce the end of the show. Khaled Desouki / AFP
The Egyptian satirist and Al Bernameg host Bassem Youssef, centre, and his team announce the end of the show. Khaled Desouki / AFP
The Egyptian satirist and Al Bernameg host Bassem Youssef, centre, and his team announce the end of the show. Khaled Desouki / AFP
The Egyptian satirist and Al Bernameg host Bassem Youssef, centre, and his team announce the end of the show. Khaled Desouki / AFP

Bassem Youssef on rumours, satire and the documentary Tickling Giants


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Given the reaction to his work by the authorities, Bassem Youssef rarely gives interviews and he has said little about Tickling Giants. This week, however, he took part in an online discussion on Reddit with a select group of fans and supporters. The National was also invited. Youssef is in the United States working at The Institute of Politics at Harvard University in Cambridge, Massachusetts, as a resident fellow for the spring term. Here are some of the highlights of what the Egyptian revealed about his work and the upcoming documentary.

On future plans and returning to Egypt

“I’m staying in the US until I finish my residency at Harvard at the end of the spring break, and then I will go back to Dubai, where I reside at the moment. It’s still too early to decide. I’m taking a break and focusing all my attention in supporting the documentary.

“My next project is working with Arab talents across the Arab world in order to fulfil their own dream through digital media. And if you support my documentary, you will definitely see me soon.”

On rumours his satirical TV comedy Al Bernameg will be relaunched in Dubai

“There are so many rumours that have been circulating about me, including that I am a secret alien. But as you can see, all of them are not true.”

On whether we’ll see more Daily Show appearances. Could he take over hosting the show when Jon Stewart steps down this year?

“Well, I’m here in Boston. I’m four hours away by train from New York – if they want me, they know where to find me.”

On whether he would consider taking Al Bernameg back to YouTube, where he launched the show

“People who had followed the programme on the live show have some expectations for the performers and the quality of the programme. Going back to YouTube would be a step backwards and it would be disappointing for so many people expecting a certain level of performance.

“Doing a show is not a single-­handed effort, it is doing it with a whole team, and it is difficult to get this team to change their mindsets from performing onstage, and getting it back on YouTube.

“I have said before, in my press conference as we were ending the programme, that banning the programme is a message louder than anything that could ever be said. And we stand by this.”

On how he became involved with Tickling Giants

"I got involved by being harassed by Sara Taksler to be the subject of this documentary. I couldn't tell her no because at the time she was working at The Daily Show and I didn't want to say no to anybody working with Jon Stewart. So I basically said yes to be on his good side – but I discovered it didn't really make any difference, so if we went back in time, I would perhaps have second thoughts about being in this documentary. But now I am amazed at the kind of work Sara has put in, documenting my experience to put it in the archives of history."

On regrets about agreeing to Tickling Giants when he could, perhaps, have settled into a cosy academic career

“No, I don’t regret at all having gone through this journey. It gave me the chance to meet wonderful people and have wonderful fans. So please don’t let me regret this move, and go and donate.”

On his hopes for the public’s response to the movie

“I hope that people’s response will be in the form of understanding this era of Egyptian history and understanding the importance of political satire in promoting free speech. And also, it’s quite entertaining, so I hope you are entertained.”

His advice for Egyptian youth

“Eat well, brush your teeth and be kind to your fellow Egyptians.”

• Visit the Tickling Giants’ crowdfunding campaign at www.indiegogo.com/projects/tickling-giants--2

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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.”