The riots in Port Said in February have led to court cases and protests in the streets.
The riots in Port Said in February have led to court cases and protests in the streets.

Shadow of violence refuses to go away in Egypt



Eight months after a deadly stadium riot in Port Said brought domestic football in Egypt to a grinding halt, the spectre of renewed violence looms over the imminent resumption of the Egyptian Premier League.

Ultras Ahlawy, the hard-core supporters group of Cairo's Al Ahly, has issued a series of conditions for accepting a new league season, slated to begin in military stadiums on October 17.

Those conditions include a resolution of the ongoing trial of those implicated in the Port Said deaths, the resignations of the minister of sport and board of the Egyptian Football Association (EFA) and a purge of certain media personalities.

Dozens of Ahlawy members were among the 74 killed last February, when armed thugs invaded the away stands after the final whistle of a match between Al Ahly and Port Said's Al Masry.

The trial, which began in April, has plodded along with no sign of a verdict soon.

One senior member named Rani, 21, issued an ominous warning of what would take place should officials forge ahead with the season.

"Violence, which was the last option," he said. Pressed for specifics, he added, "simply breaking into the stadium." He added that no final decision had yet been taken by the group, but that he could not envision any other course of action, "because it will be the only available way to stop the league".

Ultras Ahlawy have been joined in their opposition to beginning the season by at least four other Ultras groups—Red Devils, an Alexandria-based Ahly supporters group; Zamalek's White Knights; Ismaily's Yellow Dragons and Ittihad's Green Magic.

The government of President Mohamed Morsi has initiated dialogue with the Ultras, who have a history of clashing with police, in an effort to head off any violence.

Mohamed Fouad Gadallah, a legal adviser to the president, hosted representatives from Ahlawy, White Knights and Yellow Dragons at his house a few weeks ago.

Ahmed El Kelaya, 21, a Yellow Dragons member who attended the meeting, described Gadallah as receptive to the Ultras' concerns. The groups' staunch opposition to resuming the league, however, remains a sticking point, though El Kelaya cautioned that Yellow Dragons and others would not necessarily be willing to resort to violence.

"We agree on the same principles and the same mentality," he said, "but we don't have to do everything they do because [Ultras Ahlawy] are the ones involved, not us. They are the ones whose people died, not us."

Ultras Ahlawy have escalated their campaign against the new season in the last month, storming two separate Ahly training facilities, EFA headquarters, and the television studios of a major Egyptian broadcaster.

They also threatened to storm the Egyptian Super Cup match between Ahly and ENPPI in early September, which was held behind closed doors at a military stadium in Alexandria. They backed off amid rumours that the police had hired local Bedouin tribes to confront them outside the stadium, although the sports ministry did postpone the start of the league by a month.

Rani vowed that these actions would continue.

"As long as [the government and media] spread [lies] about us, there will be no mercy," he said.

But EFA spokesman Azmy Megahed insists that the season will begin on time. In his office at an EFA headquarters bearing no sign of the recent attack, he dismissed the prospect that the Ultras would cause a crisis.

"As long as the law is enforced, there will be no problem. As long as there is a state that has laws, I think everything will turn out all right," he argued, pointing out that the military stadiums where the matches will be played are "like barracks".

He urged the Ultras to pursue their demands through peaceful channels. "The case is still in court," he said. "And we have to wait until the court returns its verdict. But they're rushing. They're attempting to rush the courts. And that's something we don't need."

Egyptian football figures are desperate for a return to normal activity. The long hiatus has had debilitating financial consequences for the clubs, players and the thousands of other Egyptians - from stadium workers to souvenir vendors - who rely on football for their livelihood.

Dozens of players demonstrated in front of the sports ministry on Monday to demand the resumption of the league.

In a press conference last Wednesday, national team head coach Bob Bradley also made the case for a prompt return to domestic competition. Forced to rely on repeated training camps in a bid to stay match-sharp, the Pharaohs have struggled, opening World Cup qualifying in June with two wins, but dropping a play-off tie to lowly Central African Republic to miss out on qualification for their second consecutive Africa Cup of Nations.

"The league is very important," said Bradley. "We must be optimistic that the league will start and that the players will be back playing every week."

Ultras Ahlawy held a peaceful protest of their own in front of the sports ministry on Tuesday. They also saw one of their major demands met the next day as former members of Hosni Mubarak's National Democratic Party, Hani Abou-Reida and Ahmed Shobeir, withdrew their candidacies from the upcoming EFA presidential election. But with no verdict in the Port Said trial forthcoming and neither the Ultras nor the EFA willing to budge, confrontation looks increasingly likely.

And El Kelaya fears that whether or not the start of the season ushers in clashes between Ahly's faithful and police, the government's failure to address key Ultras priorities - namely, reforming the loathed ministry of interior, which many blame for the events in Port Said - augurs trouble down the road.

"The ministry of interior is the same - the same people, the same way as before," he said. "They did not change … That's why the revolution was made - because of the police officers, because of what they have done to us, to the Egyptian people. So nothing changed."

He added this grim assessment.

"We believe that an incident like Port Said will happen again in our current atmosphere. That's why we don't want football to be back now."

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- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
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- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

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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.”

The lowdown

Badla

Rating: 2.5/5

Produced by: Red Chillies, Azure Entertainment 

Director: Sujoy Ghosh

Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke

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Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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Young women have more “financial grit”, but fall behind on investing

In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.

While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.

In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all). 

“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”

Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.

"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."

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