An Egyptian man carries a banner in support of President Abdel Fattah El Sisi ahead of this year's presidential election. Reuters
An Egyptian man carries a banner in support of President Abdel Fattah El Sisi ahead of this year's presidential election. Reuters
An Egyptian man carries a banner in support of President Abdel Fattah El Sisi ahead of this year's presidential election. Reuters
An Egyptian man carries a banner in support of President Abdel Fattah El Sisi ahead of this year's presidential election. Reuters

El Sisi tells Egyptians to 'make do with less' as criticism mounts ahead of elections


Hamza Hendawi
  • English
  • Arabic

The climate of relative freedom inspired by Egypt’s upcoming presidential election has emboldened many to deliver harsh judgments of President Abdel Fattah El Sisi’s nine years in office, mainly related to his handling of the economy and style of governance.

A former army general first elected to office in 2014, Mr El Sisi is yet to announce whether he will run for a third term, but it is almost certain that he will.

Barring unforeseen circumstances, a win is virtually certain for the 68-year-old leader. But the nation’s worst economic crisis in living memory, mounting criticism of his policies and a string of embarrassing revelations abroad are chipping away at the invincibility he once enjoyed.

Ramping up pressure on Mr El Sisi, the new chairman of the US Senate Foreign Relations Committee Ben Cardin threatened over the weekend to block military aid to Egypt – which runs at $1.3 billion annually – if it does not take concrete steps to improve human rights in the country.

US Senator Bob Menendez was indicted last month over allegations he took bribes. Reuters
US Senator Bob Menendez was indicted last month over allegations he took bribes. Reuters

The threat follows last month’s indictment of his predecessor, Democratic Senator Bob Menendez, over embarrassing allegations that he wielded his influence to aid Egypt’s government in exchange for bribes.

Mr El Sisi and his government have publicly remained silent on Mr Menendez's case, which has been unconvincingly dismissed by pro-government commentators as part of the rivalry between the Democrats and Republicans in the US.

Neither have they commented on the findings of North American researchers that authorities have spied on the phone of the most outspoken critic of Mr El Sisi, former MP Ahmed Tantawy, after he declared his intention to run against the president in the December election.

However, the Egyptian leader’s reaction to criticism of his policies at home has been described as dramatic.

“This is what we have done, but you have a chance to effect change in the next election. I am serious!” Mr El Sisi said on Saturday after his Prime Minister, Mostafa Madbouly, spoke at length of the government’s achievements in the nine years since the president took office.

Calling his detractors “liars, saboteurs and wicked”, the Egyptian leader sought to rebuff criticism of the multibillion-dollar infrastructure projects he has undertaken since taking office, which are described by critics as unnecessary, extravagant and major contributors to Egypt’s economic crisis.

An Egyptian man carries a rack full of bread in the Abdeen district of Cairo, Egypt. EPA
An Egyptian man carries a rack full of bread in the Abdeen district of Cairo, Egypt. EPA

“Don’t you Egyptians dare say you would rather eat than build and progress,” Mr El Sisi said. “If the price of the nation’s progress and prosperity is to go hungry and thirsty, then let us not eat or drink.

“Don’t undermine the cause of our nation and make us the world’s laughing stock. Stand fast and transform the cruel circumstances we are going through into a gift. The harder you stand fast, the sooner it (economic crisis) will pass,” he said on Saturday, the first day of a three-day forum during which, according to Mr El Sisi, the story of Egypt since 2011 will be told from the state’s perspective.

With most of Egypt’s 105 million people struggling to cope with soaring food prices – inflation was at nearly 40 per cent in August – Mr El Sisi’s message to Egyptians to make do with even less may be seen by some as unrealistic, or even odd.

However, it is somewhat predictable, given Mr El Sisi's persistent narrative that blames his country’s economic crisis entirely on the coronavirus pandemic and the Russia-Ukraine war.

Critics, however, contend that the president’s argument is designed to shift the blame away from his government’s overspending and excessive borrowing – foreign debt stands at a staggering $160 billion – to finance dozens of mega projects, including a new capital in the desert east of Cairo, a resort city on the Mediterranean and expensive and cutting-edge commuter trains and a monorail.

“What kind of country do you want to live in? Do you want to build Egypt and make it a nation of note, or not? Do you consider building an adventure? Do you consider reform an adventure?” Mr El Sisi said on Saturday.

The president's message that Egyptians should make do with less for the sake of the nation is being repeated, in different phrasing, by dozens of content creators across social media pages that have popped up in recent weeks to support Mr El Sisi in the December vote.

A billboard in Cairo supporting Egypt's President Abdel Fattah El Sisi reads "Yes to stability!". Reuters
A billboard in Cairo supporting Egypt's President Abdel Fattah El Sisi reads "Yes to stability!". Reuters

One of those pages – “Admirers of President Abdel Fattah El Sisi” – berated Egyptians who are complaining of how inflation eroded their purchasing power, even of basic food items.

“There are people who judge things in terms of cooking oil, sugar and yoghurt, but I see Egypt as a nation, a secure nation, a worthy entity, even if I go to bed hungry.”

Another similar page – “The Road to the New Republic” – also shared messages of support for the president.

“Why are you linking your love for Egypt to your standard of living? Will you hate your parents if they have a limited income?”

Mohamed Anwar Al Sadat, a former MP and a nephew of the late Egyptian president Anwar Al Sadat. AFP
Mohamed Anwar Al Sadat, a former MP and a nephew of the late Egyptian president Anwar Al Sadat. AFP

Others would try to strike fear in the heart of Egyptians, warning, as Mr El Sisi himself has done countless times, that political instability would plunge Egypt into a fate similar to that suffered by other countries in the region, like Syria, Iraq, Libya and Sudan.

“Eating a plain piece of bread while living in dignity in my own country is better than bread filled with everything that I eat while living at a refugee camp.”

Other pages simply label critics of Mr El Sisi as treasonous, supporters of the outlawed Muslim Brotherhood, or power-hungry.

These Facebook groups, as well as the narrative adopted by Mr El Sisi himself, pander to the aversion to change and fear of instability many Egyptians feel, particularly after the years of turmoil that followed the uprising that forced long-serving autocrat Hosni Mubarak to step down in 2011.

But opposition politicians who do not wish to see Mr El Sisi stay in office for another six years are insisting that it is change that Egypt needs the most now.

“Egypt cannot endure the continuation of the present policies and we don’t want to return to the days of chaos,” said Imad Gad, a spokesman for the opposition Liberal Trend, a coalition of opposition parties.

“Egypt needs a new president. El Sisi has done everything he can to protect Egypt and must be offered our thanks. Ten years are enough.”

Another senior politician, former MP Mohamed Anwar Al Sadat, warned that Egypt could be divided or even plunged into chaos because of the economic crisis and the lack of genuine democratic rule.

“We need free and fair elections that are not engineered in advance. A vote that guarantees a just political environment. An election with results that are not known in advance and which are held in a competitive framework,” Mr Al Sadat said.

Company%20profile
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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.

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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.”

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

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What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

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%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.0-litre%20twin-turbo%20V8%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E680hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E800Nm%20at%202%2C750-6%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ERear-mounted%20eight-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E13.6L%2F100km%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Orderbook%20open%3B%20deliveries%20start%20end%20of%20year%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh970%2C000%3C%2Fp%3E%0A
The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

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Updated: October 02, 2023, 3:31 AM