Egyptians begin casting their ballots on Friday for a new legislature that is virtually certain to follow in the footsteps of its forerunners, serving as a tame chamber that essentially acts as a rubber stamp for government policies.
Expatriate Egyptians, who are estimated to number about 10 million, vote on Friday and Saturday. The balloting takes place in 136 Egyptian embassies and consulates in a total of 117 nations around the world.
Expatriates cast their ballots again on November 21 and 22.
The much more crucial vote at home, where 108 million people live, is also staggered over two stages, with voters going to the polls on November 10 and 11 in 14 provinces and again on November 24 and 25 in 13 other provinces.
The final results will be announced around mid-December.
The vote is for 568 seats in the legislature, with President Abdel Fattah El Sisi appointing 28 more. The seats to be contested are divided into two groups of 284 each. The first half is elected through a winner-takes-all system of “closed lists”. The second half is contested by individual candidates, including independent ones.
The election comes after Egyptians in August voted for the chamber's upper house, or the senate. That vote garnered an anaemic turnout of 17.5 per cent, something that revived questions about the purpose of a consultative house that is not mandated to pass laws.
The senate has 300 members, of whom 100 are selected by Mr El Sisi, Egypt's leader of 11 years.
Like those before it over the past decade, this month's election for the Council of Deputies, or Majlis El Nouaab, is expected to produce a chamber that is predominantly loyal to the government.
Pro-government coalitions are expected to sweep the 284 seats available to “closed lists” since they are running unopposed and only need five per cent of the votes cast to win. Allied loyalists are also expected to take most of the 284 other seats set aside for individual candidates.
This forecast, which is identical to those that preceded parliamentary elections in the past decade, has significantly diminished popular interest in this month's vote.
The lack of enthusiasm on the part of nearly 70 million registered voters has left carefully choreographed campaign rallies and giant street billboards bearing images of candidates in their best attire as virtually the only evidence that a nationwide election is soon to take place.
Further dampening interest is the economic crisis gripping the country, with a recent rise in fuel prices causing another wave of price increases that have deepened the economic woes of most Egyptians.
However, Mr El Sisi has been talking up the economy.
In televised comments just days after the government increased fuel prices last month for the 20th time since 2019, he said: “The people can see that our economic conditions are difficult but they also see the government making serious efforts to overcome them.
“We pay heed to public opinion but the challenge facing us is very big and we are doing everything we can … With God's grace, our economy is improving.”
Since the Russia-Ukraine war broke out in 2022, Egypt has devalued its currency three times, suffered double-digit inflation that rose to nearly 40 per cent in late 2023 and endured a shortage of foreign currency that badly afflicted industries reliant on imports.
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Results:
Men's wheelchair 800m T34: 1. Walid Ktila (TUN) 1.44.79; 2. Mohammed Al Hammadi (UAE) 1.45.88; 3. Isaac Towers (GBR) 1.46.46.
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
The five pillars of Islam
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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.”
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