Many Egyptians have rejected a demand by US President Donald Trump that American ships should sail the Suez Canal free of charge.
Mr Trump's comments on Saturday are the latest in a series of proposals for the Middle East that have raised concerns over his policy towards the region. Although there was no official response from the Egyptian government, his remarks have been condemned by members of the country's elite.
Alaa Mubarak, the son of former Egyptian president Hosni Mubarak, asked Mr Trump to “wise up” and told him “enough with this nonsense”. Senior Egyptian media figures known for presenting pro-government talk shows were among those to offer heated responses.
The US leader said in a Truth Social post that American ships "should be allowed to travel free of charge through the Panama and Suez canals". His comments that “those canals would not exist without the United States of America” were met with particular disdain.
Lamees El Hadidi, one of Egypt's most recognisable pro-government journalists, suggested on Sunday someone should remind Mr Trump that “the Suez Canal was officially inaugurated in 1869 when you had just ended your civil war, you still owned slaves and you barely had an operational railway”.
Another pro-state media personality, Ahmed Moussa, said that Mr Trump’s comments amount to a “dangerous transgression”. He said US-Egyptian relations were mutually beneficial and “no US president can sacrifice" them.
The Suez Canal is a national symbol in Egypt, representing its success in supplanting the British colonial rulers who once controlled the waterway and its revenue. The digging of the canal by forced labour, resulting in the deaths of tens of thousands of peasants, has become a deeply personal part of how many Egyptians conceive of their nation.
Widespread anger
The US President’s comments have also drawn the ire of regular Egyptians, many of whom have observed Mr Trump’s attitude towards the Middle East with increasing concern.
“Trump has proven himself to be another American tyrant who has no regard for Arab lives or sovereignty," said Saeed Abdelhay, 57, the manager of an organic vegetable farm in Cairo. "It is more important than ever that we as a nation stand up to his madness and prove that we will not be ordered around or give up our wealth and dignity so easily,”
Mahmoud ِAmer, who owns a plumbing business, expressed concerns that Mr Trump's tariffs would drive up already high costs of living in Egypt.
“You have no idea how many Egyptians, particularly in construction and various kinds of factories, have their lives upturned by fluctuations in import costs and tariffs," he said. "Factories will lay off dozens of workers until expensive parts arrive. Trump needs to understand that his decisions don’t just affect Americans, they affect everyone in the world.”
Egypt’s import-heavy economy is susceptible to shifts in global markets, Prime Minister Mostafa Madbouly said in a speech this month.
Trump worries
Meanwhile, other Egyptians have been angered by Mr Trump’s clearly pro-Israel stance on the war in Gaza, which has claimed the lives of more than 52,200 Palestinian civilians since the war started on October 7, 2023.
Mr Trump’s repeated proposals to displace Palestinians to Egypt and Jordan also drew concern from many Egyptians.
In a speech on Friday marking Sinai Liberation Day, when Israel ended its occupation of the peninsula in 1982, Egyptian President Abdel Fattah El Sisi called on Mr Trump to play his “expected role” in ensuring Palestinians remain in their homeland. Egypt has maintained that position since the October 7 attacks renewed calls from Israel for neighbouring Arab countries to take in the Palestinian people.
However, Mr Trump’s rhetoric has only raised tension with Egypt, whose armed forces are currently conducting a joint military exercise with China, expected to last until early May.
The start of the exercises on April 19 showed off several items of Chinese military equipment, including J-10C fighters and Y-20 transporters touted as strong competitors to the mostly western-made models Egypt has in its fleet.
The launch of the exercise, particularly against a backdrop of what Mr Madbouly called an “all-out trade war” between China and the US, has drawn widespread concern in Washington and Tel Aviv that Cairo is looking to other global powers to pursue its interests.
Mr Madbouly also warned a drop in Suez Canal revenue was one of Egypt’s main concerns, especially with its economy suffering from record levels of debt, as outlined by the country’s latest budget.
The canal is one of Egypt’s main sources of foreign currency but its traffic has fallen by almost half and revenue cut by 61 per cent since 2023, the canal chief said on Saturday. The severe drop in revenue was a result of tension in the Red Sea where Houthi rebels, acting in solidarity with Gaza’s Palestinians, have launched attacks on ships crossing the waters.
Since the early stages of Israel’s war on Gaza, international shipping companies have been forced to reroute vessels round Africa, a much longer and more expensive journey.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The five pillars of Islam
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
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COMPANY%20PROFILE
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LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
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COMPANY%20PROFILE
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
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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.”
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
The%20Roundup
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UAE currency: the story behind the money in your pockets