Love him or loathe him, Gamal Abdel Nasser is a figure who remains a polarising force in Egypt. The way people in Cairo speak of Nasser will betray their politics immediately - or if not their politics, then an element of their cultural and family background.
The same can be said of Anwar Sadat, Egypt's third president. While Nasser's legacy was the birth of an Arab nationalism, Sadat, an even more polarising figure, is responsible for establishing peace with Israel.
That has either been something Egyptians have found hard to swallow over the past 30 years or something they have hailed as a brave step to end a festering conflict.
This week marked the deaths of both presidents - Nasser died due to a heart attack on September 28, 1970, and was buried on October 1, while Sadat was assassinated on October 6, 1981.
Newspapers and the media have been running special reports on the death of each president, reminding Egyptians of their importance and legacies. Pro-Nasser writers hail their leader as the last "real man" to live in the Arab world, while Jihan Sadat, the late president's widow, has been on television speaking of the day her husband died, and talking to the press about her visions for Egypt.
Nasser was born in 1918 in Alexandria to parents originally from upper Egypt. To many Egyptians, this alone was enough to make him their beloved leader. Upper Egyptians have a special place in Egyptian culture, although more often than not as the butt of jokes.
When this strong leader from a southern family rose to prominence, Upper Egyptians felt they owed him the loyalty due to a man who lent their culture the ultimate honour. He led the Egyptian Revolution in 1952, which saw the birth of Egypt as a republic, and rallied forces during the Suez crisis.
His leadership ushered in a new era of industrialisation, but with it came sweeping nationalisation projects which absorbed much of Egypt's wealth.
Speak to my landlady and others who owned businesses and property in Egypt, and the way they say the name Gamal Abdel Nasser, is laced with bitter poison.
Although Nasser brought in an era of modernisation, for "old money" families or those who owned several businesses, this was not necessarily good news. To this day, bitterness is rampant among the old Cairene families who saw their businesses and properties taken into public ownership.
"We had to just keep selling all our buildings," my landlady told me when I first moved to her flat. "Nasser ... it was all because of Nasser." Yet, speak to the office boys at work and they will tell you that he was the last "real man" of the Arab world. He stood up for the Palestinians, he gave dignity to the Arabs and provided them with a voice after years of oppression and colonisation.
His picture is everywhere in Cairo, gracing shops, cafes and restaurants. It is more common to see Nasser's picture above the cash register than that of the president Hosni Mubarak's.
Born in the same year as Nasser, Sadat was a man whose presidency will always be defined by one achievement - his daring peace with Israel. This legacy has steered Egypt through the 30 years since it was formed, and niggles at the minds of the country's intellectuals and journalists.
While playing an important role as a mediator in the region, Egypt is always asked to transfer intelligence and information between Palestinians and the Israelis during negotiations. Egyptians have never really been able to reconcile the peace Sadat forged with Israel with their loyalty to the Palestinian cause.
When speaking to people on the street, many will go as far as saying that they have no problems with the accord - people in Israel want to live just as they want to live in Egypt. But they remain suspicious of Israel's motives. Do they really share a "live and let live" attitude?
This was seen in the fallout from Farouk Hosni, the Egyptian culture minister's failure to secure Unesco's director general title. His sure-fire answer to why he was defeated: an Israeli conspiracy.
Two men being commemorated this weekend will always be remembered as men of power and dignity. Love them or loathe them, every Arab knows where he or she was when each man died. Love them or loathe them, they left overpowering legacies that Egyptians still grapple with today.
Hadeel al Shalchi is a writer for the Associated Press, based in Cairo
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UAE currency: the story behind the money in your pockets
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Klipit%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Venkat%20Reddy%2C%20Mohammed%20Al%20Bulooki%2C%20Bilal%20Merchant%2C%20Asif%20Ahmed%2C%20Ovais%20Merchant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Digital%20receipts%2C%20finance%2C%20blockchain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%244%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Privately%2Fself-funded%3C%2Fp%3E%0A
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Our legal consultant
Name: Dr Hassan Mohsen Elhais
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The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
ITU Abu Dhabi World Triathlon
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
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.”
Tuesday results:
- Singapore bt Malaysia by 29 runs
- UAE bt Oman by 13 runs
- Hong Kong bt Nepal by 3 wickets
Final:
Thursday, UAE v Hong Kong