Nearly four months after taking power, the Egyptian military is slowly losing the public affection it enjoyed in the days immediately after Hosni Mubarak was driven from office.
The military has enjoyed public support since army officers seized power in a coup in 1952, toppling the monarchy.
Until now, it has enjoyed a reputation for being the ultimate guarantor of the nation's interests, the country's protector against outside threats and guardian of the people. It has given Egypt all its four presidents since 1952 and fought Israel in three wars.
But the military grew to become a secretive organisation. News about the armed forces could be published only after careful scrutiny by military censors. No criticism was allowed.
In recent years, it made quiet inroads into business, winning lucrative government contracts to build roads, dams and hotels, presenting formidable competition to the country's powerful businessmen, some of whom were closely linked to the Mubarak regime.
Generals took over after Mr Mubarak was forced to step down on February 11. Their ascent to power amounted to a "soft coup" that evolved over many days. Mr Mubarak himself helped to spur it when he called out troops to restore order on January 28.
Passionate chants of "the people and the army are one hand" defined an alliance between the protesters and the soldiers. A pledge by the military not to use violence cemented that partnership and further endeared the armed forces to the protesters and the population. When the armed forces finally took over on February 11, the protesters had nothing but praise for the generals.
There were party-like street scenes that spoke of unity between the people and their armed forces. The jubilation went on for days after Mr Mubarak stepped down.
But with popular expectations running high after nearly 30 years of Mr Mubarak's authoritarian rule, the generals came under the microscope, with every decision scrutinised.
In a poor and corrupt country of 82 million people, the military inevitably made decisions that upset some. The military, after all, is an institution that is by its nature right-wing, conservative and patriarchal, characteristics that place it on a collision course with the liberal and leftist youth groups behind the revolt.
The first sign of serious discord between the military and the "revolutionaries" came in March when military police broke up a protest at Tahrir Square, arresting dozens of protesters. Activists say the soldiers administered "virginity tests" on the women they detained, sparking an outcry at home and abroad.
The accusations were followed by charges made by a member of the Supreme Council of the Armed Forces that male and female protesters were sharing tents and using drugs in their encampment.
"There were girls with young men in one tent. Is this rational? There were drugs; pay attention!" General Ismail Etman, the chief Supreme Council spokesman, said at the end of March.
An unidentified general confirmed that the virginity tests were administered to refute possible allegations that the 18 women detained on March 9 were raped in military custody. Another army general, also unnamed, later denied that the tests were ever carried out.
However, one of the women gave a detailed account of her ordeal. She said she was ordered to strip naked in a room with the door and window open, that a soldier photographed her and a male doctor, not a female one as is customary, examined her to determine whether she was a virgin. She also claimed she was beaten and given electric shocks.
The intense and negative publicity surrounding the virginity test allegations, also documented by Amnesty International, clearly angered the military and, significantly, led to comparisons between their methods and those of Mr Mubarak's security bosses. Amnesty said in its report that one of the women told her jailers she was a virgin but was beaten and given electric shocks when the test supposedly proved otherwise.
"Forcing women to have 'virginity tests' is utterly unacceptable," the Amnesty report said. "Its purpose is to degrade women because they are women."
More importantly, the allegations led many to ponder whether Mr Mubarak has been replaced by about two dozen Mubaraks: the generals who sit on the ruling Supreme Council of the Armed Forces.
Running the country when no one and nothing is spared scrutiny meant that the military could no longer remain the untouchable institution it has been for close to 60 years. The generals began to strike back, using a mix of diplomacy and intimidation.
Statement after statement posted on their Facebook page warned the media against publishing rumours and unconfirmed reports. Journalists have been summoned by the military for a "chat", then given thinly veiled warnings not to write negatively about the military.
Some were asked to sign statements pledging not to publish news about the military that is false or sensational. More seriously, the military has paid no heed to repeated calls by rights groups to stop trying civilians before military tribunals. Three judges who criticised the military in comments made to the media are being investigated by the Justice Ministry.
Activists say there are indications that the generals may be trying to enshrine their elevated status in the country's new constitution.
For example, a member of the Armed Forces' Supreme Council has said that he wanted the new constitution to strip from the head of state the authority of having the final word on the affairs of the armed forces.
Many in the youth groups behind the uprising also see the generals, particularly the defence minister, Mohammed Hussein Tantawi, as essentially remnants of the Mubarak regime. They charge that the generals are not moving fast enough to make good on their promises for reform.
The youth groups made their displeasure known when at least 20 of them turned down an invitation from the generals for a "national dialogue" meeting last week, arguing that it was hastily arranged.
"The way revolutionary groups were invited to the dialogue indicates lack of seriousness in dealing with them," the groups said. "We can't accept this dialogue in light of the military trials of revolutionaries, violations of military police, and lack of investigations into those."
Curiously, a growing number of prominent media personalities are rushing to the defence of the military, effectively campaigning for the armed forces to be placed above criticism or questioning. Others are delivering an identical but much more subtle message: make sure your facts are correct and your sources reliable before you write anything about the military.
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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.”
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Mohammed bin Zayed Majlis
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
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Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
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- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
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AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Zayed Sustainability Prize
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Rating: 4.5/5
