Gamal Abdel Nasser, left, and his secretary Sami Sharaf. Photo: Wikimedia Commons
Gamal Abdel Nasser, left, and his secretary Sami Sharaf. Photo: Wikimedia Commons
Gamal Abdel Nasser, left, and his secretary Sami Sharaf. Photo: Wikimedia Commons
Gamal Abdel Nasser, left, and his secretary Sami Sharaf. Photo: Wikimedia Commons

Sami Sharaf, longtime confidant of Egypt's Nasser, dies at 94


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Sami Sharaf, a confidant of Egypt's late leader Gamal Abdel Nasser, has died. He was 94.

Official media reports said Sharaf died on Monday of an unspecified illness that affected him several months ago.

Sharaf's funeral took place on Tuesday at a mosque that sits on the side of Cairo's famous Salah Salem highway, a thoroughfare named after an army officer and a comrade of Abdel Nasser's. The mourners were led by the late leader's son, Abdel Hakim Abdel Nasser.

Born in 1929 in Cairo, Sharaf was one of six children born to an Edinburgh-trained surgeon who died in 1953. Sharaf was a graduate of Egypt's military academy, where he was instructed by Nasser.

He served in the artillery corps before he became one of the founders of Egypt's General Intelligence Directorate after the 1952 revolution that toppled a 150-year-old hereditary monarchy and turned Egypt into a republic that later embraced a socialist ideology.

Sharaf was named an aide to Nasser in 1955 before he became the Egyptian leader's private secretary and close confidante. He was appointed minister for presidential affairs just months before Nasser died in 1970.

Nasser's successor, Anwar Sadat, arrested Sharaf in 1971, along with dozens of other Nasser loyalists, whom he accused of plotting to overthrow his government. Sharaf was sentenced to life in prison but was pardoned in 1981, only months before Sadat was assassinated at a military parade in Cairo.

Sharaf chronicled his years of service as Nasser's secretary in a seven-volume memoir published after Sadat's death. It contained scathing criticism of Sadat's policies, including the shift into an alliance with the US that replaced Cairo's close ties with Moscow during the Nasser years.

He criticised Sadat for dismantling Egypt's state-controlled economy and replacing it with a system that left the poorer people at the mercy of market forces and gave rise to corruption.

Years and Days with Gamal Abdel Nasser confirmed Sharaf's media nickname as "Nasser's black box", a reference to his place at the heart of the Egyptian leader's inner circle.

The book touches on momentous events such as the 1956 Suez crisis and Egypt's stunning 1967 defeat at the hands of Israel.

The memoir, however, has been seen by many as a biased account of the era, casting Nasser in a positive light although in his later years in power, he oversaw Egypt's national and Arab nationalist dreams being crushed by the 1967 defeat.

Mohammed Fayeq, another former director of Nasser's office described Sharaf’s death as “a huge loss for the Nasserist ideology”.

"What distinguished Sharaf the most was his loyalty and faithfulness to his country and Gamal Abdel Nasser," he added.

"He never left his office to go home before making sure that the president had gone to sleep.”

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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

Fresh faces in UAE side

Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.

Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.

Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.

Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.

Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.

Updated: January 24, 2023, 11:56 AM