CAIRO // Crowds thronged Cairo's iconic Tahrir Square on Friday as Islamist Mohamed Morsi prepared to address supporters on the eve of his swearing-in as Egypt's first civilian president.
Hundreds gathered from mid-morning braving the searing heat, hours before Morsi was expected to arrive in the huge central plaza that was the epicentre of the protest movement that ousted veteran strongman Hosni Mubarak last year.
Chants against the ruling military which took over on Mubarak's overthrow rang out from among the crowd.
Even after taking the oath, Morsi will still have to contend with the Supreme Council of the Armed Forces, headed by Mubarak's longtime defence minister Field Marshal Hussein Tantawi, which will retain broad powers after it formally transfers power.
The liberal Wafd newspaper reported that Tantawi will stay on as defence minister in Morsi's new government.
"Down with the power of the military," the demonstrators chanted. "Field marshal, tell us the truth -- is Morsi your president or not?"
The slogans dented hopes expressed in an editorial in the flagship state-owned daily Al-Ahram Friday that announcement of the details of Morsi's swearing-in would end speculation about the military's real intentions.
"The swearing-in should dispel once and for all the doubts raised by those who have used every means to question the military's readiness to hand over power," the paper said.
Morsi spokesman Yasser Ali told state MENA news agency the president-elect would "make a speech to the great Egyptian people" in which he would speak about "efforts to launch his programme for the rebirth of Egypt."
The Muslim Brotherhood, from which Morsi resigned after winning the presidency, had called for a huge demonstration in Tahrir, under the slogan: "Day of the transfer of power."
The presidency announced late on Thursday that Morsi would be sworn in Saturday before the Constitutional Court, after differences with the army over the transfer of power to the nation's first civilian president.
Morsi "will go at 11 am (0900 GMT) Saturday to the Constitutional Court to take the oath before the Court's general assembly", said a statement released by MENA.
Traditionally the president takes the oath in parliament, but Egypt's top court has ordered the disbanding of the Islamist-dominated legislature.
The military subsequently assumed legislative powers and also formed a powerful national security council headed by the president but dominated by generals.
By agreeing to be sworn in by the Constitutional Court, Morsi is effectively acknowledging the court's decision to dissolve parliament.
The SCAF also reserves the right to appoint a new constituent assembly should the one elected by parliament be disbanded by a court decision expected on September 1, even though though the Brotherhood insists that only parliament can appoint the assembly.
Media reports said Morsi was consulting a cross-section of Egyptian society before appointing a premier and a cabinet mostly made up of technocrats.
In a meeting with Egyptian newspaper editors reported by most dailies on Friday, Morsi pledged there would be "no Islamisation of state institutions" during his presidency.
Morsi has already met the SCAF chief, as well as a delegation from the Sunni body Al-Azhar, and another representing Egypt's Coptic church.
Ahead of his speech, Morsi attended the main weekly Muslim prayers at Al-Azhar, Sunni Islam's highest seat of learning. Its imam, who served as religious endowments minister in the outgoing government, called in his sermon for an inclusive Egypt.
"This must be the homeland of all its citizens with equality between individuals in a true democracy in which all can express themselves while respecting morality," Mohammed Abdel Fadil al-Qawsi said.
"No to discrimination between individuals, groups or communities. The leader should be everyone's leader."
The Brotherhood and Al-Azhar, whose imams are named by the Egyptian government, had strained relations under Mubarak, and Qawsi called on Morsi to maintain the institution's privileged position under his presidency.
"I am sure that Mr President is among those who believe in the role of Al-Azhar and who want it to remain an institution that unites Muslims around the world and provides a protection against terrorism," he said.
MANDOOB
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THREE
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The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
COMPANY%20PROFILE
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
BELGIUM%20SQUAD
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Elvis
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KILLING OF QASSEM SULEIMANI
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.”
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
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