Is Egypt better after Mubarak? Women might not say so



It is a paradox of the Egyptian revolution, which promised a new era of liberty - and above all change - that 17 months after Hosni Mubarak's regime fell, people are still in Tahrir demanding the same rights day after day. The more things change, the more they stay the same.

With the former president's health reportedly deteriorating by the hour, and Egypt about to vote for a new president starting on Saturday, the messages coming from TV news, newspapers and social media are remarkably similar to those from the early days of the Tahrir revolution. Egypt's leaders seem to embody the same faults as the old regime.

Last week, a series of television advertisements warned viewers against talking to foreigners because they might be spies. In one of the ads, a foreign man is seen talking to several young Egyptians, and one woman mentions a conspiracy against the army. The man then taps a message surreptitiously into his phone - clearly, the ad implies, the naive young woman has just betrayed her country to a foreign agent. "Every word has a price; a word can save a nation," the ad concludes ominously.

The advertisements would be laughable if the consequences weren't so serious. They did backfire spectacularly, with Egyptians accusing the government of scaremongering and xenophobia. The ruling generals in the Supreme Council of the Armed Forces, it would seem, are even less in touch with the realities of Egyptians than Mubarak and his inner circle were before the revolution.

The situation of women in particular is symptomatic of a greater malaise. For most Egyptians, little has changed in their everyday lives the last 17 months; for many women, it might be argued, things have actually got worse.

Women's rights, and the disgraceful prevalence of sexual harassment of women, have not been priorities in this revolution. The latest high-profile incident on Friday was a terrible irony. Hundreds of women and men marched in Tahrir Square demanding an end to sexual harassment. They were attacked, overwhelmed, and some women were groped and assaulted.

The outrage that this incident caused was not enough. There seemed to be strains of misogyny, ignorance and brutality in some segments of Egyptian society - as there are in any society in the world - that are accepted by some and, worse, tolerated by the state.

Egypt's liberals may see a hidden hand behind the incident. Victims appeared convinced it was an organised attempt to drive women out of demonstrations and trample on the pro-democracy protest movement.

Others saw the assault as orchestrated specifically by supporters of Ahmed Shafiq, the presidential candidate, former prime minister and Mubarak loyalist, who is campaigning on a platform of security.

The event was far too reminiscent of the infamous camel charge in Tahrir Square in early February 2011, when baltagiya, or thugs wielding clubs and batons, charged protesters who were demonstrating against the regime. They could not save the dictator, but thugs are still in Tahrir.

These increasingly visible assaults are a stain on Egypt's reputation at a time when the country is attempting to banish the inequalities of decades. You can rewrite the constitution, carry out fair elections and elect new leaders. The newly elected parliament should legislate protections of women's rights, giving them greater power in politics and in the workplace. But none of this will matter if there is a prevailing mindset that women can be mistreated so openly.

Many will see the issues of economics, religion and security as more pressing than women's welfare. That is shortsighted. The protection of women's rights is in itself a sign of a healthy society, an integral component of all of the other national priorities.

No doubt, Egypt today is fertile ground for conspiracy theories. Revolutionaries blame hidden hands guided by the old regime loyalists; the military-run government in its last days has hardly helped with its clumsy propaganda.

But the bigger question remains: was the revolution worth the pain? In recent weeks, we have seen several embarrassing, offensive editorials in the regional press questioning the merit of the Arab uprisings. The answer, always, a thousand times, is yes: Egyptians were right to throw off the yoke of decades of dictatorship.

The difficulties we see today were inevitable. Among the endless clichés about postrevolutionary politics, one rings truer than the rest: things will get worse before they get better.

Outsiders who question the revolution must realise that Egyptians are in this for the long haul. People inside Egypt must accept, whether they like it or not, that women will be at the forefront of that struggle.

On Twitter: AliKhaled_

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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.”

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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About RuPay

A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank

RuPay process payments between banks and merchants for purchases made with credit or debit cards

It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.

In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments

The name blends two words rupee and payment

Some advantages of the network include lower processing fees and transaction costs

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