Mohammed ElBaradei, the former IAEA head, during his interview. "I am not a saviour. I can be a leader if I have people behind me. I can't bring about change single-handedly."
Mohammed ElBaradei, the former IAEA head, during his interview. "I am not a saviour. I can be a leader if I have people behind me. I can't bring about change single-handedly."

Mohammed ElBaradei, Egypt's wake-up caller



It's the big question, so we get it out of the way. Does Mohammed ElBaradei want to be the president of Egypt? The answer - "This is not necessarily, frankly, my goal" - merely invites another attempt: is there anyone who would not want to be president?

ElBaradei, the former head of the International Atomic Energy Agency (IAEA) who returned to Egypt in February as something of a hero, says: "It's myself. I'm serious. I have got as much recognition as I've ever dreamt of." To prove the point, he leads the way to a room in his villa on the outskirts of Cairo, on the road to Alexandria. "I don't want to talk about myself," he says, with a shy smile, "but I'm the most decorated living Egyptian."

The room is full of his awards. They include the Nobel Peace Prize he won in 2005, the Greatest Nile Collar, Egypt's highest civilian award, bestowed upon him by President Mubarak in 2006, and, endearingly, the certificate recording his finishing first in his primary school in 1950, when he was eight. Collectively, in a country looking for change and leadership, they make the case persuasively that he is perhaps also the living Egyptian most qualified for the job.

In the four months since his return, ElBaradei has taken Egypt by storm, voicing criticism about "the authoritarian regime" and "the divided opposition". He has even criticised the Egyptian people for yearning for change but not being prepared to act to achieve it, content to sit back and wait for a saviour. He is not, he says, that saviour, but he is willing to help the people to achieve democracy.

Since February 19, much of the initial euphoria that greeted his return has evaporated, but he remains a prominent if enigmatic figure in Egyptian politics - his way of thinking and doing things seems to baffle both detractors and supporters. I first met ElBaradei in 2002 in Baghdad where, as the IAEA director general, he was heading inspection teams searching for weapons of mass destruction. At press conferences, he repeatedly stressed that, in his view, Iraq had no such weapons.

Then, he had seemed like the archetypal Egyptian father figure, an impression that came back to me as I followed his recent tours in and around Cairo. ElBaradei, who turned 68 this month, is a busy man. After a series of inconclusive e-mails I finally approached him for an interview in April. He smiled, put his arm on my shoulder, and said: "I would like to give you an interview, I just need to clone myself into five to be able to do all the things I want to do."

I finally got the interview this week. His wife, Aida el-Kashef, who greeted me at their villa, said I could have only half an hour, but in the end we spent almost an hour and a half in a room decorated with purple orchids overlooking the garden and the pool. ElBaradei welcomed me warmly and sat cross-legged in a big orange chair. Serious but frequently smiling, he moved his hands as he spoke, speaking in English throughout.

So what, I asked, was going on in Egypt? The ongoing nationwide fight between lawyers and judges, triggered by a personal dispute; the anger in the Coptic church over a court ruling allowing the divorced to remarry; mounting concern over the alleged killing in Alexandria of Khaled Said, 28, by undercover police ? his smile disappeared. "What we see are just symptoms of a total chaos and total confusion and lack of vision and clarity as to where we are heading," he said.

"It's very depressing ? The authority of the state is becoming less respected and the legitimacy of the regime is becoming questionable. They resort to stuff like torture which is Middle Ages practice, like [the] Inquisition ? this can't continue." He spoke about his intention to travel yesterday to Alexandria to share in the moment of silence for Said, which would be the first time he had taken to the streets with his fellow Egyptians. Many have been urging him to join them, and some have been critical because, until yesterday, he hadn't.

"I decided to go because this is the most egregious humanitarian violation and lack of sanctity of human life," he said. "This is not a political issue. I'm going there for a moment of silence to express my total indignation at this kind of torture and other inhuman practices that we see here in Egypt, and to condemn this and make it clear that this should be the last time we see such practice." He said he hoped Egyptians would show up in substantial numbers in Alexandria to condemn "not being treated like human beings" by a regime which was "betting on its security".

"Alexandria could be a test of whether Egyptians are ready to wake up and smell the coffee and ready to move," he said. While most Egyptians agreed on the need to change, he says, they've done little to achieve it. His National Association for Change, formed on his return to Egypt, had published a petition calling for a constitutional amendment allowing independents such as himself to run for president, to reinstate judicial supervision of elections, and to give the five million Egyptians living abroad the right to vote.

While ElBaradei had hoped for a million signatures, only 70,000 signed. It bodes ill for his hopes that tens of thousands will take to the street in protests and that the political opposition will take a unified stance in boycotting the legislative elections this autumn and next year's presidential vote. "That process," he says, "is going slow because of the tremendous culture of fear." Such protests as there are, on which the police crack down, still attract only a few hundred, at best, and only the Democratic Front Party officially agreed to boycott the elections.

"My view is that anyone who will participate in this charade will be giving legitimacy or pseudo-legitimacy to a regime desperate to get legitimacy," says ElBaradei. "This is not a democracy, let's call things by their real name; this is a single-party system, an authoritarian regime, and you don't play the game." From the outset, ElBaradei said he wouldn't join any of the existing parties and would not seek approval from the parties committee, headed by Safwat el-Sherif, a long-time stalwart of the administration and the secretary general of the ruling National Democratic Party, led by the president, Hosni Mubarak.

President Mubarak, 82, has been in power since 1981 and, despite his failing health, hasn't shown any sign of wanting to relinquish it. In 2007, he said that he would rule Egypt until his "last breath". To someone of ElBaradei's background as an international lawyer who has lived abroad for the past 30 years, Egypt's culture of a ruling elite, that has held sway since the 1952 revolution and which has seen four presidents from the army, is anathema.

Egyptian society is prone to "a lot of myth and very little contact with reality", he says. "I started from a pragmatic, realistic and rational-thinking approach, and in Egypt it's mostly emotions, you know, raw emotions, and emotional reactions to issues that are not emotional." This is compounded by "a high level of apathy and despair that anything is going to change". He complains that Egyptians are calling for change without acting, deflecting responsibility onto others and "heaping criticisms without presenting alternatives", but he is not, he says, "the one who is going to deliver their salvation ... I'm doing as much as I can to help for change, but I made it also very clear that people need to mature and understand that I'm not the Messiah, this is illusion. I can be a leader if I have the people behind me. I can't bring about change single-handed."

He says he will continue to speak out on these issues "because it's something I do for myself. I'm doing it because I think this is the right thing to do. People who agree with my way of doing things are welcome to join me, people who have different views I respect". He has certainly displeased the administration, whose state-owned media has been vilifying him. He shrugs at this: "It backfired," he says.

In fact, his way of doing things has also upset leaders from other political parties, as well as senior members within his own NAC who have gone public with their differences. He says, however, that the so-called divisions within NAC are "a fiction" because of a fundamental misunderstanding about the organisation's purpose. It is, he says, a framework for all Egyptians who sign the petition, not a party for the 30 or so people who happened to be at his place when it was born. It wasn't his idea, he says, but they supported his seven demands.

Besides, "people having different views on tactics doesn't mean a division", he says. He does not try to hide his admiration for the "young volunteers who I see are making a difference on the ground, and they understand me more, and they don't have hidden agendas and [are] not very keen on having their pictures in the newspapers. They know that what is at stake is their future." One of the things he has done that angered people both in and outside the NAC was going to visit Muslim Brotherhood legislators at their headquarters earlier this month, but he defends his decision. "The Muslim Brotherhood is the largest organised opposition group in Egypt and my attitude is always that you'll never go anywhere without getting support of a coalition and society.

"They have to be part of the political process; I don't necessarily agree with their doctrine, but it doesn't mean they don't have the right to participate in the political process in a peaceful manner." This view is, of course, one of the major sticking points with the regime, which banned the group in 1954. On its website, the NDP characterised his talks with the group as "ElBaradei's alliance with the devil".

It was, he says, all about getting signatures on the petition. "I went to the Church before I went to the Muslim Brotherhood. The Copts are still supporters of what I do, both here and abroad. I also met with the Left." What if he does not get enough signatures? What if he does, and the regime refuses to succumb to the pressure? "Fine," he says, "maybe it won't. Do you have an alternative?" He says he does not see a peaceful alternative to boycotting elections and drafting petitions. So is there a Plan B?

"Obviously Plan B would be formulated depending on the outcome of Plan A. I still believe that, if we do these two things, you put much pressure on the regime and then of course we will have every justification to go to the street." He will be watching closely to see what happens over the next three to six months, he says. At the end of June he will leave the country again, until September, to take care of prior commitments. Even this has angered some of his supporters but, as he says with a grin, "people don't understand that I have to earn a living".

What has been achieved in the past four months, he says, is "not bad. After more than 50 years of repression, the culture of fear is melting, people have started talking politics." The challenge for the people, and for people like him, is to maintain this. The challenge for the regime is to recognise that change is inevitable because the situation in Egypt has become "unsustainable". If it does not, he fears the worst: "I hope the regime will understand that if they continue to kill the prospect of peaceful change, the prospects will be dire."

nmagd@thenational.ae

UAE medallists at Asian Games 2023

Gold
Magomedomar Magomedomarov – Judo – Men’s +100kg
Khaled Al Shehi – Jiu-jitsu – Men’s -62kg
Faisal Al Ketbi – Jiu-jitsu – Men’s -85kg
Asma Al Hosani – Jiu-jitsu – Women’s -52kg
Shamma Al Kalbani – Jiu-jitsu – Women’s -63kg
Silver
Omar Al Marzooqi – Equestrian – Individual showjumping
Bishrelt Khorloodoi – Judo – Women’s -52kg
Khalid Al Blooshi – Jiu-jitsu – Men’s -62kg
Mohamed Al Suwaidi – Jiu-jitsu – Men’s -69kg
Balqees Abdulla – Jiu-jitsu – Women’s -48kg
Bronze
Hawraa Alajmi – Karate – Women’s kumite -50kg
Ahmed Al Mansoori – Cycling – Men’s omnium
Abdullah Al Marri – Equestrian – Individual showjumping
Team UAE – Equestrian – Team showjumping
Dzhafar Kostoev – Judo – Men’s -100kg
Narmandakh Bayanmunkh – Judo – Men’s -66kg
Grigorian Aram – Judo – Men’s -90kg
Mahdi Al Awlaqi – Jiu-jitsu – Men’s -77kg
Saeed Al Kubaisi – Jiu-jitsu – Men’s -85kg
Shamsa Al Ameri – Jiu-jitsu – Women’s -57kg

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

Results

Stage 2:
1. Soudal–Quick-Step - 18’11”
2. EF Education – EasyPost - 1"
3. Ineos Grenadiers - 3"
General classification:
1. Lucas Plapp (AUS) Ineos Grenadiers
2. Remco Evenepoel (BEL) Soudal–Quick-Step - ST
3. Nikias Arndt (GER) Bahrain Victorious - 3"

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

Director: Paul Weitz
Stars: Kevin Hart
3/5 stars

ASHES FIXTURES

1st Test: Brisbane, Nov 23-27 
2nd Test: Adelaide, Dec 2-6
3rd Test: Perth, Dec 14-18
4th Test: Melbourne, Dec 26-30
5th Test: Sydney, Jan 4-8

Race card

6.30pm: Handicap (TB) $68,000 (Dirt) 1,200m

7.05pm: Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m

7.40pm: UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m

8.15pm: Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m

9.50pm: Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m

9.25pm: Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m

MATCH INFO

Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')

Mrs Chatterjee Vs Norway

Director: Ashima Chibber 

Stars: Rani Mukerji, Anirban Bhattacharya and Jim Sarbh 

Rating: 2/5

UAE SQUAD

Ali Khaseif, Mohammed Al Shamsi, Fahad Al Dhanhani, Khalid Essa, Bandar Al Ahbabi, Salem Rashid, Shaheen Abdulrahman, Khalifa Al Hammadi, Mohammed Al Attas, Walid Abbas, Hassan Al Mahrami, Mahmoud Khamis, Alhassan Saleh, Ali Salmeen, Yahia Nader, Abdullah Ramadan, Majed Hassan, Abdullah Al Naqbi, Fabio De Lima, Khalil Al Hammadi, Khalfan Mubarak, Tahnoun Al Zaabi, Muhammed Jumah, Yahya Al Ghassani, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

The Sandman

Creators: Neil Gaiman, David Goyer, Allan Heinberg

Stars: Tom Sturridge, Boyd Holbrook, Jenna Coleman and Gwendoline Christie

Rating: 4/5

The specs

BMW M8 Competition Coupe

Engine 4.4-litre twin-turbo V8

Power 625hp at 6,000rpm

Torque 750Nm from 1,800-5,800rpm

Gearbox Eight-speed paddleshift auto

Acceleration 0-100kph in 3.2 sec

Top speed 305kph

Fuel economy, combined 10.6L / 100km

Price from Dh700,000 (estimate)

On sale Jan/Feb 2020
 

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat
COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

UAE set for Scotland series

The UAE will host Scotland for a three-match T20I series at the Dubai International Stadium next month.
The two sides will start their Cricket World Cup League 2 campaigns with a tri-series also involving Canada, starting on January 29.
That series will be followed by a bilateral T20 series on March 11, 13 and 14.

The specs

Powertrain: Single electric motor
Power: 201hp
Torque: 310Nm
Transmission: Single-speed auto
Battery: 53kWh lithium-ion battery pack (GS base model); 70kWh battery pack (GF)
Touring range: 350km (GS); 480km (GF)
Price: From Dh129,900 (GS); Dh149,000 (GF)
On sale: Now

MATCH INFO

Alaves 1 (Perez 65' pen)

Real Madrid 2 (Ramos 52', Carvajal 69')

'Fantastic Beasts: The Secrets of Dumbledore'

Rating: 3/5

Directed by: David Yates

Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law

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 UAE Today

The latest news and analysis from the Emirates

      By signing up, I agree to The National's privacy policy
      The UAE Today