In a ceremony held at Egypt's New Administrative Capital east of Cairo, members of the new Cabinet, headed by Prime Minister Mostafa Madbouly, took the oath of office before President Abdel Fattah El Sisi on Wednesday.
The latest changes were mandated by Mr El Sisi last month, when he instructed Mr Madbouly to form a new government and retain his position as Prime Minister.
The Cabinet aims to bring new perspective and expertise to address Egypt's challenges, the President has said.
While the formation includes 13 new ministers, with prominent changes in key departments, several prominent figures have also retained their positions in the new Cabinet including Interior Minister Mahmoud Tawfik and Transport Minister Kamel El Wazir.
Badr Abdel Aaty, Egypt's former ambassador to the EU, has been appointed Foreign Minister, replacing Sameh Shoukry, while Maj Gen Abdel Meguid Saqr succeeds Mohamed Zaki as Minister of Defence, who has been appointed a Presidential Advisor on Defense.
Ahmed Kojok, a veteran politician and lead negotiator in Egypt's financing deals with the IMF, both in 2016 – when Cairo agreed to receive $12 billion in loans from the fund – and in 2022, when negotiations on the recently approved $8 billion loan were finalised, is now Finance Minister. He replaces Mohamed Maait.
The Tourism Ministry will now be headed by Sherif Fathy Ali Attia, who previously served as Minister of Civil Aviation. He replaces Ahmed Issa, who served for only two years after being appointed in a reshuffle in August 2022, when 13 ministers were replaced.
Kamal El Wazir, formerly Transport Minister, has been elevated to the status of Deputy Prime Minister on Industry.
Mr El Wazir has been one of the most staunch supporters of the reforms of Mr El Sisi, with whom he enjoys a close relationship. Under his leadership, the country’s transport sector underwent significant development, which was funded by hefty loans from foreign creditors.
The Ministry of Petroleum and Mineral Resources will now be led by Karim Badawi, the managing director for Egypt and the East Mediterranean at US oil company Schlumberger. He replaces Tarek El Molla.
Mahmoud Esmat, formerly head of the Public Enterprises Ministry, will take charge of the Electricity and Renewable Energy Ministry at a time when daily power cuts – on account of natural gas shortages – have been met with mounting discontent. He has replaced Mohamed Shaker.
Several ministries have been merged under the new government formation. The Ministry of Planning and Economic Development has been integrated into the Ministry of International Co-operation, led by Rania Al Mashat.
Former planning minister Hala El Said has been elevated to the rank of Presidential Advisor on Economic Affairs.
The Ministry of Emigration and Egyptian Expatriates' Affairs has been dismantled and incorporated into the Foreign Ministry under Mr Abdel Aaty's leadership.
In addition to the Cabinet reshuffle, 16 new governors have been appointed, 11 of whom have military backgrounds. This is a significant change in the leadership of Egypt's 27 provinces.
Several prominent ministers, including Sameh Shoukry (Foreign Affairs), Mohamed Maait (Finance), Hala El Said (Planning), and Ali El Moselhy (Supply), have left their Cabinet posts.
Mr Moselhy in particular has come under fire over the past year amid the country’s continuing economic crisis which was accompanied by the lifting of subsidies on essential food items. He was questioned in Parliament in January amid widespread discontent over rising food prices.
Egypt's new Cabinet, particularly the Foreign Minister, faces a complex set of regional challenges. The Gaza war has strained some of Egypt's relationships in the Middle East and highlighted its limited influence over Israel's actions, despite their growing trade relations.
Additionally, civil wars in neighbouring Sudan and Libya pose significant security and diplomatic challenges.
Domestically, the government's decision to raise subsidised bread prices amid soaring inflation and a weakened currency has left many Egyptians struggling to afford basic necessities.
While the recent EU-Egypt investment conference secured a €1 billion ($1.08 billion) deal and potentially €40 billion in future investments, the country must still navigate a precarious balance between much-needed economic reforms and social welfare.
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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OPINIONS ON PALESTINE & ISRAEL
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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.”
WISH
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The%20specs
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The specs: 2018 Genesis G70
Price, base / as tested: Dh155,000 / Dh205,000
Engine: 3.3-litre, turbocharged V6
Gearbox: Eight-speed automatic
Power: 370hp @ 6,000rpm
Torque: 510Nm @ 1,300rpm
Fuel economy, combined: 10.6L / 100km
Small%20Things%20Like%20These
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
UAE currency: the story behind the money in your pockets
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
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”.