Egypt’s army and police have lost 3,277 men fighting militants since 2013, President Abdel Fattah El Sisi has revealed.
The Egyptian leader said the police and army also saw 12,280 service members sustain injuries that prevented them from returning to active service.
This is the first time any Egyptian government official has given a figure for the number of army and police personnel killed or injured in the years-long battle against militants based in the northern part of the Sinai Peninsula.
The war against the militants in northern Sinai has been waged with barely any media access to the rugged region bordering Gaza and Israel, with the army the sole source of information on operations there.
The militants have for years fought against the Egyptian government, but the number of attacks spiked after the 2013 ousting of an Islamist president by the military, led by Mr El Sisi, who was defence minister at the time.
The removal of Mohammed Morsi of the now-banned Muslim Brotherhood took place amid mass street protests against his divisive one-year rule.
“I am citing these (casualty) figures lest people forget now that things have quietened down in Sinai,” Mr El Sisi said.
“This country paid a very high price to get to where it is now.”
The army also spent a billion pounds every month on the fight against terrorism from 2013 to 201
The number of attacks in Sinai and elsewhere in Egypt has dramatically dropped in the four years since the army launched a major offensive against militants in Sinai.
“We have settled the issue there, but the cost was very high. We will only declare the end of terrorism in Sinai when we have cleared all the roadside bombs there,” said Mr El Sisi.
The Egyptian leader’s comments were made following an iftar he hosted for several hundred people, including lawmakers, politicians, cabinet ministers and public figures.
A video recording of his comments was released several hours after the event.
Mr El Sisi used the televised event to order the start of a political dialogue on national “priorities” to which representatives of civil society, politicians and youth groups would be invited.
“There will be no exclusion or discrimination (against participants). The findings of the dialogue will be referred to me and I promise to personally attend its final sessions,” Mr El Sisi said.
“I personally wanted this to happen earlier but priorities led to its postponement.”
Mr El Sisi, who has made the economy and security his top priorities since taking office in 2014, gave no details on the aim of the proposed dialogue. He said its recommendations would be referred to parliament to be debated and turned into legislation, if necessary.
Since coming to office, he has led a high-octane and ambitious programme to modernise the country and overhaul its battered economy after years of turmoil in the wake of a 2011 popular uprising.
He has credited his economic reforms for weathering the economic slump caused by the coronavirus pandemic. He has said he is hopeful the economy would also survive the damaging fallout from the Ukraine war.
“We have an economic crisis on our hands, not a problem. The issue greater than the fallout from the Ukraine crisis is stability, security and safety,” he said.
Mr El Sisi’s government has taken a wide range of measures to mitigate the impact of the Russia-Ukraine war which, combined with higher energy prices and supply chain disruptions, has handed Egypt a serious economic crisis.
Egypt relies on Russia and Ukraine for 80 per cent of its vital wheat imports. The war also halted the arrival of visitors from the two warring nations, dealing a body blow to a tourism sector still recovering from the impact of the pandemic.
Dealing with the fallout from the war, Egypt has devalued its currency by 15 per cent against the US dollar, banned the export of several essential foodstuffs and started contacts with the IMF that are likely to produce an agreement on a new set of reforms in exchange for a standby loan.
Egypt’s Gulf Arab allies have spent billions of dollars helping the country, including central bank deposits and investments.
On Tuesday night, Mr El Sisi announced a package of fresh measures to keep afloat the economy, which was shaken by the flight of billions of dollars over the past two months because of the uncertainty created by the Russia-Ukraine war.
He ordered his government to set a programme for the private sector’s participation in state-owned assets, with an annual target of $10 billion for four years, and the listing of army-owned enterprises on the Egyptian stock exchange before the year’s end.
He also ordered stakes in some state-owned companies to be sold.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Company%20profile
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
New Zealand 15 British & Irish Lions 15
New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett
British & Irish Lions 15
Penalties: Farrell (4), Daly
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Shipping%20and%20banking%20
%3Cp%3EThe%20sixth%20sanctions%20package%20will%20also%20see%20European%20insurers%20banned%20from%20covering%20Russian%20shipping%2C%20more%20individuals%20added%20to%20the%20EU's%20sanctions%20list%20and%20Russia's%20Sberbank%20cut%20off%20from%20international%20payments%20system%20Swift.%3C%2Fp%3E%0A
T20 World Cup Qualifier
Final: Netherlands beat PNG by seven wickets
Qualified teams
1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman
T20 World Cup 2020, Australia
Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland
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.”
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900