India's Prime Minister Narendra Modi (R) shakes hands with President of the Arab Republic of Egypt Abdel Fattah El Sisi. AFP
India's Prime Minister Narendra Modi (R) shakes hands with President of the Arab Republic of Egypt Abdel Fattah El Sisi. AFP
India's Prime Minister Narendra Modi (R) shakes hands with President of the Arab Republic of Egypt Abdel Fattah El Sisi. AFP
India's Prime Minister Narendra Modi (R) shakes hands with President of the Arab Republic of Egypt Abdel Fattah El Sisi. AFP


The historic significance of the Egypt-India partnership


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January 24, 2023

On Thursday, Egypt and India's strong ties will be on display for the world to see, as Indian Prime Minister Narendra Modi hosts Egyptian President Abdel Fattah El Sisi in New Delhi for India’s Republic Day and to commemorate the 75th anniversary of the establishment of diplomatic relations between Cairo and Delhi.

While modern-day issues will be discussed, the visit is of significant historic importance, too. Both powers' strong bilateral relations can be traced back to the Cold War. The era was characterised by a fundamental irony: while no fighting broke out between its two main rivals − the US and the USSR − there has probably never been a more dangerous time in history, with both powers possessing apocalyptic nuclear arsenals.

But during that time the US and USSR were not the only two powers shaping the world. Post-colonial states, many of them newly independent, were starting to see the value of building ties between each other, wielding real influence in the process.

In 1946, Jawaharlal Nehru, a former prime minister of India and an important figure in the emerging Non-Aligned Movement summed up the prevailing sentiment among them: "We propose as far as possible to keep away from the power politics of groups aligned against one another, which have led in the past to world wars and which may again lead to disasters to even vaster scale."

India's Jawaharlal Nehru, Ghana's Kwame Nkrumah, Egypt's Gamal Abdel Nasser, Indonesia's Sukarno and Yugoslavia's Josip Broz Tito kickstarted the Non-Aligned Movement in the 1960s. Getty Images
India's Jawaharlal Nehru, Ghana's Kwame Nkrumah, Egypt's Gamal Abdel Nasser, Indonesia's Sukarno and Yugoslavia's Josip Broz Tito kickstarted the Non-Aligned Movement in the 1960s. Getty Images

In the 1950s he met the leader of one of the largest non-aligned states, Egypt. Concrete measures such as military co-operation were discussed, but the meeting was most significant for its symbolism. When Gamal Abdel Nasser met Mr Nehru, it was not a normal meeting of national leaders, rather of two 20th-century titans that were emerging with the independence of their countries and the growing self-confidence of developing non-western states.

That confidence can be seen in the 21st century, too. India is the second-largest country in the world by population and Egypt remains a hugely important player in the Middle East and the Mediterranean.

It is the Egyptian leader's third visit to the country, and by far the most significant. This one will be a historic celebration of the strength of the relationship, which improves lives in many quarters. The volume of bilateral trade between Egypt and India rose from $4.55 billion in 2018-19 to $7.26 billion in 2021-22. That makes India the third largest export market for Egypt.

Security is also an important field of co-operation. The trip comes as India is increasingly working with Egypt and Gulf allies to deal with maritime tensions. Naval and air units from both states have conducted joint war games. Negotiations for Cairo's purchase of Indian Tejas light combat aircraft have been underway for months. The two also share intelligence to fight terrorism.

These and the many other avenues of co-operation can be read as two rising and geopolitically significant regions coming together to build stability in a chaotic world order, one in which old Cold War rivalries appear to be re-emerging.

Neither Egypt nor India takes this stabilising bilateral relationship for granted, and nor should the world. When its emblematic post-colonial leaders met in 1950s, they travelled to Yugoslavia, another key non-aligned state. That country no longer exists, after the chaos of the collapse of the USSR. Terrible violence ensued, and there are fears that the Balkans are about to destabilise once again.

As this important trip approaches, there are plenty of facts from history and today that show why all countries interested in global stability should celebrate this partnership, and hope that it thrives for another 75 years and beyond.

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

Ashes 2019 schedule

August 1-5: First Test, Edgbaston

August 14-18: Second Test, Lord's

August 22-26: Third Test, Headingley

September 4-8: Fourth Test, Old Trafford

September 12-16: Fifth Test, Oval

THE BIO

Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.

Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.

Personal motto: If something’s meant for you it won’t pass you by.

Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

Cedric Alexander retained the WWE Cruiserweight title against Kalisto

Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus

Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20PlanRadar%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2013%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EIbrahim%20Imam%2C%20Sander%20van%20de%20Rijdt%2C%20Constantin%20K%C3%B6ck%2C%20Clemens%20Hammerl%2C%20Domagoj%20Dolinsek%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EVienna%2C%20Austria%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EConstruction%20and%20real%20estate%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E400%2B%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20B%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Headline%2C%20Berliner%20Volksbank%20Ventures%2C%20aws%20Gr%C3%BCnderfonds%2C%20Cavalry%20Ventures%2C%20Proptech1%2C%20Russmedia%2C%20GR%20Capital%3C%2Fp%3E%0A
Ticket prices
  • Golden circle - Dh995
  • Floor Standing - Dh495
  • Lower Bowl Platinum - Dh95
  • Lower Bowl premium - Dh795
  • Lower Bowl Plus - Dh695
  • Lower Bowl Standard- Dh595
  • Upper Bowl Premium - Dh395
  • Upper Bowl standard - Dh295
World Cup warm up matches

May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff

May 25 England v Australia, Southampton; India v New Zealand, The Oval

May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff

May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval

May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

The Florida Project

Director: Sean Baker

Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe

Four stars

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.”

The Facility’s Versatility

Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
 
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
 
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
 
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
 
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
 
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Updated: January 24, 2023, 3:00 AM