Egypt will create thousands of jobs and spend billions of dollars on a revamp of its overcrowded rail system, the government announced this week.
In a speech to members of parliament, Minister of Transport Kamel Al Wazir outlined the ministry’s plans up to 2024, including upgrading roads, bridges and metro lines.
Plans to build new land ports, improve the Nile river transport system, and connecting Egypt with African neighbours through a road from Cairo to Cape Town were also detailed.
Improving the transport sector is key to achieving social and economic development, Mr Al Wazir told the House of Representatives.
A flagship project in the new transport strategy is a $23 billion high-speed electric rail line that in its first phase will run from the Red Sea to the Mediterranean. Egypt signed the deal for its construction with Siemens in January.
The new rail network will eventually comprise four lines covering 1,750 kilometres.
The first 460km route, which will be completed in two years at a cost of $8.2bn, starts from Ain Sokhna on the Red Sea’s Gulf of Suez and ends at New Alamein City on the Mediterranean.
Its 15 stations include the yet-to-be-inaugurated New Administrative Capital, Giza, 6 October City, Alexandria and Mersa Matrouh.
“Projects to connect the different coasts of Egypt are not new – at least in the last 10 years – but they’re constantly part of every new project, every new logistical remaking of the different port cities and different plans for urban development,” said Ingy Higazy, a PhD candidate in politics at the University of California Santa Cruz.
Ain Sokhna port is being upgraded at a cost of $1.27bn over two years. New Alamein City, one of the mega projects of the El Sisi government, was conceived as a centre for tourism, education and government.
It has its own presidential palace and ministry building, and construction is under way for universities, skyscrapers and hotels.
"The logic behind connecting those two spaces … is to attract trade and foreign investment to the Egyptian economy," Ms Higazy said. "The economic logic is emphasised more than the urban logic."
The 200km second line along the northern coast of the Mediterranean will run from El Alamein to Sallum, close to the Libyan border. Mr Al Wazir said this route will be important for the transport of goods to Libya and may be extended to Benghazi, either by road or rail.
The third line connects Hurghada and Safaga on the Red Sea with Qena and Luxor in Upper Egypt, key tourism destinations. The high-speed train, which goes up to 250kph, will cut the journey in half, to two hours.
The final line, 850km, will run north-south between 6 October City on the outskirts of Cairo and Luxor and Aswan. The four-hour trip will help to alleviate pressure on the overcrowded traditional train lines and has the potential to be extended to Sudan.
Siemens chief executive Joe Kaeser said in an interview with MBC Masr that the electric train project will create 15,000 job opportunities in the field of construction in its first phase and 2,000 permanent positions. Orascom Construction and Arab Contractors will also help design and build the rail network.
The goals of such infrastructure projects include easing traffic and enhancing quality of life, but mainly focus on increasing trade, boosting the economy, attracting foreign investment, creating jobs and helping tourism recover from the effects of the Covid-19 pandemic.
The transport sector projects tie in with Egypt Vision 2030, a national agenda launched five years ago with eight objectives that include a sustainable environment and a strong economy.
In an interview with Egyptian TV channel Sada Elbalad, Mr Al Wazir said the electric rail line project is long overdue. The Egyptian rail network began in 1865 with a Cairo-Alexandria line and then Cairo-Assiut to the south. By 1940, there were 9,500km of rail line, but the network has not expanded since.
With the explosion in population to 100 million and a lack of upgrades for dilapidated trains, the system is plagued by overcrowding and accidents. Between 2004 and 2016, an average of 1,041 train accidents occurred every year, according to the Central Agency for Public Mobilisation and Statistics.
Mr Al Wazir began his term in March 2019 with high expectations from the public because he was nominated by President Abdel Fattah El Sisi to replace Hisham Arafat, who resigned after a train crash that killed at least 22 and injured dozens.
Many trains run at 200 per cent capacity and out of 8,500 train cars, 2,500 are not working, Mr Al Wazir said. All trains would be upgraded or replaced by the end of this year, he said.
The high-speed electrical rail line will help to carry more passengers. Before 2011, 800,000 passengers a day rode Egypt’s trains. The goal is to reach 1.5 million passengers by 2024 and two million by 2030, Mr Al Wazir said.
"To achieve this, we need 15,000 kilometres of rail, minimum, instead of 10,000 kilometres," he said.
The decision to go electric will help to protect the environment and keep passengers safe, he said. He noted that Saudi Arabia and Morocco have had high-speed electric trains since 2018, and “it’s shameful” that Egypt has not done the same.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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.”
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
The%20specs
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J%20Street%20Polling%20Results
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
First Person
Richard Flanagan
Chatto & Windus
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
UAE%20Warriors%2033%20Results
%3Cp%3E%3Cstrong%3EFeatherweight%20title%3C%2Fstrong%3E%3Cbr%3EAli%20Al%20Qaisi%20by%20Jesse%20Arnett%20by%20submission%2C%20round%203%3Cbr%3E%3Cstrong%3EWelterweight%20title%3C%2Fstrong%3E%3Cbr%3EJosh%20Togo%20bt%20Tahir%20Abdullaev%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%3Cbr%3EIago%20Ribeiro%20bt%20Juan%20Puerta%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%3Cbr%3EYerkin%20Darmen%20bt%20Tyler%20Ray%20by%20TKO%2C%20round%203%3Cbr%3E%3Cstrong%3EWelterweight%3C%2Fstrong%3E%3Cbr%3EAbdulla%20Al%20Bousheiri%20bt%20John%20Adajar%20by%20submission%2C%20round%201%3Cbr%3E%3Cstrong%3ECatchweight%20232lb%3C%2Fstrong%3E%3Cbr%3EAsylzhan%20Bakhytzhanuly%20bt%20Hasan%20Yousefi%20by%20submission%2C%20round%202%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%3C%2Fstrong%3E%3Cbr%3EAlin%20Chirila%20bt%20Silas%20Robson%20by%20KO%2C%20round%201%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%3C%2Fstrong%3E%3Cbr%3EArvin%20Chan%20bt%20Abdi%20Farah%20by%20TKO%2C%20round%201%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%3Cbr%3EOle-Jorgen%20Johnsen%20bt%20Nart%20Abida%20by%20TKO%2C%20round%201%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%3Cbr%3EOtar%20Tanzilov%20bt%20Eduardo%20Dinis%20by%20TKO%2C%20round%203%3Cbr%3E%3Cstrong%3EStrawweight%3C%2Fstrong%3E%3Cbr%3EColine%20Biron%20bt%20Aysun%20Erge%20via%20submission%2C%20round%202%3Cbr%3E%3Cstrong%3EWelterweight%3C%2Fstrong%3E%3Cbr%3ESoslan%20Margiev%20bt%20Mathieu%20Rakotondrazanany%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%3Cbr%3EBakhromjon%20Ruziev%20bt%20Younes%20Chemali%20by%20majority%20decision%3C%2Fp%3E%0A
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Rafael Nadal's record at the MWTC
2009 Finalist
2010 Champion
Jan 2011 Champion
Dec 2011 Semi-finalist
Dec 2012 Did not play
Dec 2013 Semi-finalist
2015 Semi-finalist
Jan 2016 Champion
Dec 2016 Champion
2017 Did not play
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000