Egyptian President Abdel Fattah El Sisi (R) and Prime Minister of the United Arab Emirates (UAE) and ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum (C) view a scale model of the new Egyptian administrative capital (AFP PHOTO / Mohamed Samaaha)
Egyptian President Abdel Fattah El Sisi (R) and Prime Minister of the United Arab Emirates (UAE) and ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum (C) view a scale model of the new Egyptian admShow more

A new Cairo must lead to a new Egypt



For a city as old as Cairo, Egypt’s capital has certainly been reinvented many times. The first attempt in the modern era was Masr El Gedida (“New Cairo” in Egyptian dialect), also called Heliopolis, then a city to the north-west of the centre of the city. Originally envisioned as a district away from the crowded centre, Cairo eventually expanded to consume Masr El Gedida.

At the beginning of this century, Egypt tried again. New Cairo was built not far from Heliopolis; a planned community of wide streets and residential compounds. Now Egypt’s president has proposed an even newer “New Cairo”, to be built far to the east of the current, sprawling capital. It is noticeable that each iteration has reflected the prevailing city model of success. Heliopolis was envisioned as a European city, New Cairo as an American one. But the new capital reflects very clearly the most successful big city in the Arab world: Dubai.

The clues are there. Not only will the new city be built by a company headed by the chairman of Emaar, but the model that was displayed in Sharm El Sheikh over the weekend looked very much like Dubai, a mix of glittering high rises, green spaces and villas. That is as it should be. Where once the Arab world looked to Cairo, now – as surveys of young Arabs repeatedly confirm – they look to Dubai as their ideal city.

There is much to applaud about this new project, with some caveats. It is bold, a statement of intent. It also ties Egypt closer to the Gulf states that have been most supportive of the post-Morsi era. But most of all, it suggests a willingness to think big, an essential component in fixing Egypt’s many woes. A city like Cairo, so vast, so sprawling, cannot easily be turned around. It takes bold thinking to reinvent the city.

At the same time, it is essential that New Cairo does not become a substitute for Cairo itself. The new city is envisioned to house around 7 million Egyptians, out of an urban sprawl that is sometimes estimated at 15 million. It cannot be only the richest 7 million. Developing a new city must be done in tandem with developing Cairo itself and forging close transport links between the two; it cannot be merely a property development for rich Cairenes and foreign speculators. Building New Cairo is only the first step: the real challenge will be building a new Egypt.

RESULTS

5pm: Maiden (PA) Dh80,000 1,600m
Winner: Raghida, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh80,000 1,600m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m 
Winner: Basmah, Fabrice Veron, Eric Lemartinel
6.30pm: Liwa Oasis Group 2 (PA) Dh300,000 1,400m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: SS Jalmod, Richard Mullen, Satish Seemar
7.30pm: Handicap (TB) Dh100,000 1,600m
Winner: Trolius, Ryan Powell, Simon Crisford

THE SPECS

Battery: 60kW lithium-ion phosphate
Power: Up to 201bhp
0 to 100kph: 7.3 seconds
Range: 418km
Price: From Dh149,900
Available: Now

TYPES OF ONLINE GIG WORK

Design, multimedia and creative work: Logo design, website design, visualisations

Business and professional management: Legal or management consulting, architecture

Business and professional support: Research support, proofreading, bookkeeping

Sales and marketing support: Search engine optimisation, social media marketing

Data entry, administrative, and clerical: Data entry tasks, virtual assistants

IT, software development and tech: Data analyst, back-end or front-end developers

Writing and translation: Content writing, ghost writing, translation

Online microtasks: Image tagging, surveys

Source: World Bank

Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

The specs

Engine: 2.3-litre 4cyl turbo
Power: 299hp at 5,500rpm
Torque: 420Nm at 2,750rpm
Transmission: 10-speed auto
Fuel consumption: 12.4L/100km
On sale: Now
Price: From Dh157,395 (XLS); Dh199,395 (Limited)

MATCH INFO

Newcastle United 2 (Willems 25', Shelvey 88')

Manchester City 2 (Sterling 22', De Bruyne 82')

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

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.”

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

The specs

Engine: 4.0-litre, six-cylinder

Transmission: six-speed manual

Power: 395bhp

Torque: 420Nm

Price: from Dh321,200

On sale: now

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices