Egyptian demonstrators united in election protest


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CAIRO // Tens of thousands of Egyptians poured into Tahrir Square yesterday in an unusually unified demonstration against what many described as attempts by the military leaders and remnants of the regime of Hosni Mubarak to manipulate next month's presidential elections.

While Islamists were by far the dominant force in the square, they joined with liberals in their criticisms of the Supreme Council of the Armed Forces (Scaf), the group of generals who have been in control of the country since Mubarak stepped down in February last year amid a national uprising.

Rivalries between Islamists and liberals have risen over the past 14 months as each side fought for its vision of the country in parliamentary elections. The Muslim Brotherhood's Freedom and Justice Party and the Salafist Al Nour party won that contest, sweeping close to 70 per cent of the seats.

But yesterday, demonstrators said their political affiliations did not matter; their main concern was saving "the revolution".

"If we don't stand by the revolution now, this military rule will go on," said Amal Seddik Afify, a novelist, as she arrived in Tahrir Square.

Like many others yesterday, she called on Scaf to remove article 28 from a constitutional declaration instated by Scaf after it suspended the country's 1971 constitution following Mubarak's resignation. The article protects decisions by the Supreme Presidential Election Commission, headed by five judges, from appeals in the judiciary.

"If their decisions can't be appealed, then how can we be sure that there is no interfering with the presidential elections," Ms Afify said.

Spec's decision this week to bar 10 of the 23 presidential candidates from running due to technical violations upended the election landscape a little more than a month before Egyptians are scheduled to go to the polls on May 23 and 24.

The commission denied appeals from three front-runners, including Khairat Al Shater, the former deputy leader of the Muslim Brotherhood; Omar Suleiman, Mubarak's former head of intelligence and vice president; and Hazen Abu Ismail, a Salafist lawyer.

After the decision, Mr Al Shater announced his support for Mohamed Morsy - the chairman of the Freedom and Justice Party, who had applied as a candidate as the Muslim Brotherhood's backup candidate.

But Mr Al Shater also criticised Scaf for continuing with Mubarak's style of autocratic governance.

"Mubarak's regime is still ruling even if the names have changed," Mr Al Shater said on Wednesday, calling on his group's members to join protests in Tahrir. "We have to wake up because there is an attempt to hijack the revolution."

Egyptians in Tahrir Square yesterday were for the most part still coming to terms with the new contours of the presidential elections. The disqualifications boosted the campaigns of Amr Moussa, the former foreign minister who has styled himself as the liberal candidate who can unify the country, and Abdel Moneim Aboul Fotouh, a former Muslim Brotherhood member with moderate Islamist views.

Compared to the three front-runners disqualified, they are considered less polarising candidates.

Hassan Omar, 28, whose beard with no moustache is characteristic of the conservative Islamists known as Salafists, said he still supported Mr Ismail and hoped there was a chance for him to re-enter the race. If not, he would support Mr Aboul Fotouh because he has the skills Egypt needs to emerge from instability.

"He makes his own decisions," Mr Omar said. "He entered the race despite the Muslim Brotherhood kicking him out of the group for not following orders. I think he is strong enough to go head-to-head with Scaf and restore the country."

His views suggested a pragmatism among many voters that makes it difficult to predict the outcome of the elections. Gallup polls over the past year have showed that many voters in the parliamentary elections were not certain of their choice until it was time to cast their votes.

Mohammed Hassan, 42, a technician in the Ministry of Electricity and Energy in Damietta, said he would follow the guidance of the Freedom and Justice Party to vote for Mr Morsy, but he was not worried about the possibility of another candidate getting elected.

"What we need is any candidate who is committed to restoring the country," Mr Hassan said. "We came today to protect the revolution, so that it is not allowed to fall down. The old regime and Scaf are working together to create problems in the country, so that we will come begging them to fix them. We won't be deceived."

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PRISCILLA
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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.”

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2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

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By Mark Haddon 

(Penguin Random House)
 

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