The remains of Egypt’s last queen consort, Farida, wife of Farouk I, were moved from Old Cairo’s Imam El Shafei cemetery to the nearby El Rifa’i Mosque on Monday, following a notice from the government that her family’s tomb would be demolished.
The late queen’s grand-nephew Mr Seif Allah Zulficar told The National that the transfer of her remains followed a months-long liaison between her family and the government.
The family received a notice from the government in November of last year that their ancestral tomb would be demolished to make way for a new flyover set to be built in the area, revealed Zulficar.
A petition from the late queen’s grandson to leave the tomb intact was personally given to President Abdel Fattah El Sisi, he said, which started a negotiation between the family and the prime minister’s office.
“Though we weren’t successful in saving the family’s tomb from demolition, the government did open a channel of communication with us, something which they hadn’t done before when they sent the demolition notice,” said Mr Zulficar.
The conversation between the family and the government developed, after which it was agreed that in recognition of her importance as a historical figure, Queen Farida’s remains would be moved to the nearby Al Rifa’i mosque, where her three daughters, princesses Ferial, Fawzia and Fadia are buried, along with the majority of the members of Muhammad Ali’s dynasty is also buried.
The transfer took place after a small ceremony, attended by two of the former queen’s grandchildren.
Before she was transferred, the former queen was buried in her family cemetery in Cairo's famed City of the Dead. Many of the tombs in the Unesco heritage sight are likely to soon be demolished to make way for a new motorway.
Among those buried there are members of some of Egypt's most prominent families. Many are unsure whether their family's graves will be spared in the development of the historic area.
Farida’s family, the Zulfiqars, were descended from the ruling family of a feudal state in the Caucasus.
The family moved to Egypt in the early 19th century, explained Mr Zulficar, during an economic boom the country was witnessing. They became part of the country's aristocracy through marriage, he said.
Farida’s mother, a former lady-in-waiting to Queen Nazli, the second wife of Farouk I’s father, Fuad I, and her father was a prominent judge of Caucasian origin.
The family is still awaiting a response from the Ministries of Antiquities and Awqaf (religious endowments) to a petition that an epitaph bearing the former queen consort’s name be placed over her new tomb.
Though Farida’s remains have been moved, the government has not yet responded to a petition to move 70 other members of the Zulfiqar family to a new location before their graves are demolished by the new development project.
COMPANY%20PROFILE
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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.”
Results
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The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km