Years into Egypt’s war on terror, the conflict rages: in the past six months we have seen the bombing of the St Mark’s Cathedral complex, deadly twin Palm Sunday bombings, an attack on one of the world’s oldest functioning monasteries and weeks of conflict with tribes in North Sinai. This violence has been claimed by ISIL entities in Egypt, with some claims attributing attacks to the “Sinai Province” and others to the “Islamic State in Egypt”.
While the two entities had previously exhibited unique modus operandi, more recent events indicate a convergence in the type of activity across the country. The solidification of jihadism bodes ill for a country struggling to regain a sense of safety and stability after years of turmoil and economic hardship, and which the international community has deemed too big to fail.
In November 2014, Ansar Bayt Al Maqdis, a Sinai-based jihadist group loosely affiliated with Al Qaeda, pledged loyalty to ISIL’s leadership in Syria, emerging as the “Sinai Province” in a slick video highlighting statements from the group’s leadership. According to data we’ve collected at the Tahrir Institute for Middle East Policy, there have been more than 2,000 terror attacks reported across Egypt since then. Of these, “Sinai Province” claimed a third.
In the early morning of July 11, 2015, assailants detonated a parked car packed with explosives in front of the Italian consulate in Cairo, ravaging the mission’s facade and claiming one civilian life. ISIL attributed the attack to the “Islamic State in Egypt”, though the pronouncement came without any of the bells and whistles that accompanied Sinai Province’s debut.
Although ISIL’s branch in Sinai predates the mainland branch by only eight months, the mainland group has claimed only 20 attacks since its inception: until December 2016, the group had not claimed an attack for six months. The period of quiet seemed to allay fears that ISIL would cement its presence in the mainland and gave credence to president Abdel Fattah El Sisi’s narrative that the state was having success in its fight against terrorism, which Donald Trump has praised heavily.
But for some observers, the relative calm stoked concern that the persistent insurgency in Sinai meant the continued potential for spill over into the mainland.
These concerns were confirmed when ISIL claimed an attack on the seat of the Coptic See at the St Mark’s Cathedral complex in December. Not only did this attack kill more than two dozen worshippers, but it also sparked a new wave of violence against Egypt’s embattled Christian minority, carried out simultaneously by both ISIL branches.
With increased sectarian targeting since last year, both groups have adopted a new and explicit focus on the country’s minority Christian population: along with the major attacks on Christian institutions, Christian families in North Sinai were explicitly targeted in their homes, driving families to flee. Up to 10 million of Egypt’s Christians now find themselves squarely in ISIL’s crosshairs. Although Egyptian state officials and the security apparatus made vocal a commitment to securing Christian institutions after the St Mark’s Cathedral attack, and again after the Palm Sunday attacks, continued attacks underscore the urgent need to match promises with action and the difficulty of this task.
Beyond just securing institutions, however, the state will need to address the scourge of extremist violence if it wishes to mitigate the persistent threat of terrorism, to protect its vulnerable population, and to prove it is a safe environment for foreign investment and a return of tourism.
Most of Egypt’s international partners seem to accept Mr El Sisi’s current security strategy, which relies on restricting rights and freedoms and establishing expansive control for the military and security apparatuses, as most recently evidenced in the implementation of an emergency law.
But this approach has been implemented in North Sinai for years, yet has failed to achieve any greater security or stability there. On the contrary, these recent attacks show that violence has only escalated in intensity and has not been contained in area. The Egyptian government is, of course, serious about combating ISIL, but its efforts must be carefully calibrated if it is to succeed.
Jacob Greene is a senior research associate and Allison McManus is research director at the Tahrir Institute for Middle East Policy
The%20Roundup
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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.”
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
The biog
Name: Dr Lalia Al Helaly
Education: PhD in Sociology from Cairo
Favourite authors: Elif Shafaq and Nizar Qabbani.
Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,
She loves the beach and advises her clients to go for meditation.
The specs: 2018 Chevrolet Equinox
Price, base / as tested: Dh76,900 / Dh110,900
Engine: 2.0L, turbocharged in-line four-cylinder
Gearbox: Nine-speed automatic
Power: 252hp @ 5,500rpm
Torque: Torque: 352Nm @ 2,500rpm
Fuel economy, combined: 8.5L / 100km
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
FIGHT INFO
Men’s 60kg Round 1:
Ahmad Shuja Jamal (AFG) beat Krisada Takhiankliang (THA) - points
Hyan Aljmyah (SYR) beat Akram Alyminee (YEM) - retired Round 1
Ibrahim Bilal (UAE) beat Bhanu Pratap Pandit (IND) - TKO Round 1
Men’s 71kg Round 1:
Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The specs: 2018 Audi Q5/SQ5
Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder / 3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Arrogate's winning run
1. Maiden Special Weight, Santa Anita Park, June 5, 2016
2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016
3. Allowance Optional Claiming, Del Mar, August 4, 2016
4. Travers Stakes, Saratoga, August 27, 2016
5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016
6. Pegasus World Cup, Gulfstream Park, January 28, 2017
7. Dubai World Cup, Meydan Racecourse, March 25, 2017
COMPANY%20PROFILE
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
HWJN
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5