Across the world, the rising cost of living has made it difficult for many to afford basic goods and services. Crop failures and soaring energy prices are contributing to global rising inflation rates as millions struggle to make ends meet.
Since January, 'The National' has been tracking the prices of food staples in supermarkets across the Middle East and North Africa, as well as in India, the UK and US to see how consumers have been affected.
Fewer Egyptians can afford to buy livestock for sacrifice this Eid Al Adha due to the country's soaring inflation.
Known as the festival of sacrifice, Eid Al Adha is a time when wealthier Muslims typically slaughter livestock to distribute the meat among the less fortunate. It is a practice that emulates the sacrifice of the Prophet Ibrahim.
Butchers in Cairo told The National, customers were buying less locally-sourced meat this year compared with the same period last year and local farms have scaled back their output due to the drop in demand. Last year, the value of the Egyptian pound dropped by 50 per cent, leading to record high prices and making meat prohibitively expensive across the country.
“Ahead of [Eid Al Adha] this year, I sold no more than five sheep, all to rich people who live near my shop. For comparison, last year, during the same period, I sold 56 sheep,” said Mohamed Shalabeya, a butcher in Cairo’s Heliopolis district.
“This is a disaster for us because we were banking on this season to make some money after one of the worst years on record in terms of sales. This Eid season is a bleak one if I can be honest.”
Today, one kilogram of beef is sold for about 370 Egyptian pounds ($11.97), compared to half that price last Eid Al Adha. One kilogram of mutton costs around 380 Egyptian pounds this year, compared to 180 Egyptian pounds in 2022.
Customers looking to buy a cow for slaughter are charged 150 pounds per kilogram, meanwhile live sheep are sold for 170 pounds per kilogram. The prices last Eid were 70 per kilo for live sheep and 65 for live cows.
Data collected by The National in Cairo showed that the cost of local beef has risen by almost 94 per cent since January. As a result, demand for imported meats has skyrocketed.
While Mr Shalabeya’s shop was all but deserted on Monday, buyers were instead crowded around a supply ministry outlet next door that sells fresh and frozen meats imported from various countries for half the cost of local meat.
This month, Egypt’s supply minister Ali Moselhi said the ministry had forged a number of new meat-importing agreements with India, Sudan, Uganda, Djibouti, and Tanzania.
Mr Moselhi said the deals were signed to ensure Egyptians have a supply of meat below market prices. These had sharply risen this year due to rising global food prices exacerbated by the Russia-Ukraine war, he said.
About 1,000 tons of frozen meat from India will arrive this month, Mr Moselhi said, adding that Egypt would also import 25,000 cattle including 5,000 from Sudan and 10,000 from Djibouti.
Egyptian cattle farmers have been forced to raise their prices beyond the reach of most citizens because of a steep rise in the price of animal feed, which is mostly imported from abroad and paid for in US dollars.
However, a dollar crunch has led to limitations being placed on imports and many cattle farmers have chosen to close down operations instead of bear the losses, according to Ibrahim Hussein, whose family runs a whose family owns a ranch in Egypt’s Qalyubia province.
“It’s just simple economics really. A business can’t really keep itself up and running at a loss. So many of us are going to find something else to do. Many of us were waiting for the Eid season to see how we would do. But after this season, I anticipate many local farms to shut down by the end of the year. And with the government importing meat, people have their needs covered for now,” said Mr Hussein.
Though businesses are already struggling, the government has increased taxes on many of them and has become more unyielding in its collection efforts, said Mr Shalabeya, whose taxes have been raised by at least 30 per cent over the past year.
Eid Al Adha is a time when Muslims typically consume dishes made with mutton, a rich meat that is considered a luxury for many. Mr Shalabeya said he expected this year, many families would be cooking with the cheaper imported meat, which he describes as “not good enough to replace the soles of your shoes with”. In his eyes, the kind of meat consumed is a determinant of the spirit of Eid Al Adha.
Despite the perceived lower quality of imported meat, many Egyptians are buying it because they simply have no other choice.
“It’s a bad time for everyone right now, so there’s really nothing to do but forge ahead. We will have to eat imported meat this year because we can’t afford the local kind,” said Manal Habib, 53, a cleaning lady.
Cases of unsold, rotten meat being seized at some restaurants intending to serve the spoiled food have also been reported across the country, according to a recent report issued by Egypt's House of Representatives.
On Monday, Eid Hamad, a member of parliament submitted a formal request to house speaker Hanafi Gabali to tighten inspections on the country's meat suppliers. He warned that with Eid Al Adha coming up, authorities should do more to ensure the meat that Egyptians are eating for the feast is fit for their consumption.
Eid Al Adha starts on Wednesday and ends on Saturday.
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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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.”
2019 ASIA CUP POTS
Pot 1
UAE, Iran, Australia, Japan, South Korea, Saudi Arabia
Pot 2
China, Syria, Uzbekistan, Iraq, Qatar, Thailand
Pot 3
Kyrgyzstan, Lebanon, Palestine, Oman, India, Vietnam
Pot 4
North Korea, Philippines, Bahrain, Jordan, Yemen, Turkmenistan
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
Sholto Byrnes on Myanmar politics
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
UAE currency: the story behind the money in your pockets
'Champions'
Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
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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Who are the Sacklers?
The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.
Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma.
It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.
Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".
The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.
Members of the Sackler family are rarely seen in public.
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Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Our legal columnist
Name: Yousef Al Bahar
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)