A computer screen shows Gamal Mubarak, son of Egyptian President Hosni Mubarak and head of the leading NDP party, speaking on a panel on a web stream in an internet cafe in Cairo.
A computer screen in an internet cafe in Cairo shows Gamal Mubarak, son of the Egyptian president Hosni Mubarak, speaking on a streamed video forum.

Mubarak's son reaches out to youths



CAIRO // The son of Egypt's president - and the man who is widely thought to be the heir apparent to the country's leadership - answered questions from Egyptian youths last night in an online video forum. The forum was aimed at endearing Gamal Mubarak, whose father, Hosni Mubarak, has been the president of Egypt for 27 years, to young Egyptians. But by reaching out to youths over the internet, the younger Mr Mubarak appears ready to embrace a typically youthful medium that his father's regime has consistently treated with suspicion and even hostility.

For the man many believe will be Egypt's next president, it was something of an Obama-moment, said Hussein Amin, a professor of communications at the American University in Cairo. "I think [US President Barack] Obama set a new standard for those who are the young leaders in the world by really scoring a point of using new media in his campaign. And I see that it is happening now," said Mr Amin. "Everyone is talking about the new media in general and social media in particular. It is part of the media scene, so we cannot really separate the social media as one of the players next to the mass media, which is of course television, radio and newspapers."

In front of a small audience in a slick, round-table-style studio, Mr Mubarak strode back and forth confidently, taking questions from a youthful audience of students and professors who had submitted their queries online in the days preceding the forum. The topics touched on a laundry list of Egyptian woes: the outdated educational curriculum; inequality stemming from the government's ambitious programme of economic reform; fears of declining food subsidies and welfare benefits for the poor and corruption in the highest levels of government.

Mr Mubarak's responses amounted to an articulate defence of his National Democratic Party's (NDP) previous policies, particularly with regard to the liberalising economic reforms that have resulted in unprecedented growth in the past three years. But he was careful to acknowledge that the nascent reform programme has not yet benefited all levels of society, particularly young people. "It's true that not all of the people have benefited from what happened. In the past five years, 90 per cent of the Egyptian economy is now in the private sector. This happened because we opened the door for national and international enterprises," said Mr Mubarak. Nevertheless, he said, unemployment among 18 to 30 year olds remains at nearly 20 per cent - nearly twice the rate among the population at large.

"So it's not strange that the youth are sharper in their anger and their pessimism," he said. Despite his efforts at outreach, Mr Mubarak, who serves as the general secretary of the powerful Policy Committee of the ruling National Democratic Party, remains a polarising figure among many Egyptian youth. To his fans, Mr Mubarak is a dynamic young liberal whose background in banking reflects the ambitions and growing entrepreneurial spirit of Egypt's well-educated, English-speaking youth. Some hope that his progressive mentality and business savvy will give him the wherewithal to lift Egypt out of the malaise the country inherited from decades of centralised economic planning.

"The majority of Egyptians are young, and he has focused on the youth. This reflects intelligence," said Amr Ahmed Hamdy, a 23-year-old medical student. "What I like most is that he selects people according to their real qualifications or thoughts, not because they are sons of X or Y. I know a lot of simple people who were selected by Mubarak to work for the policy committees. That's why I think that his policy with youth is very good."

And in a Mr Mubarak presidency, many supporters also see a historical first for Egypt: Mr Mubarak would be the first civilian leader since the military-led revolution of 1952 ousted the Egyptian monarchy. But to his opponents, Mr Mubarak's rapid rise from political obscurity - he was an investment banker until the NDP abruptly seated him on the Policy Committee in 2000 - was little more than a cynical power play by a regime that will stop at nothing to maintain its hold on power.

For those who do not support Mr Mubarak, the main concern is that his presidency may usher in a monarchical dynasty in everything but name. Beyond that, critics say, he is weak, untested and aloof, having spent most of his formative years hob-knobbing with wealthy foreigners. "It's not true that Mr Mubarak is a leader. He didn't move up the hierarchy to become a leader, he just parachuted into political life," said Mohammed Abdel Aziz, 23, a leader of the 6th of April Youth Movement, which has used Facebook to organise a "Day of Anger" against the government for the past two years.

"As for a dialogue with youth, Mr Mubarak doesn't have one. He's a leader in a party whose government arrests opposing youth all the time and represses the opposition." Indeed, Egypt's ruling regime has taken pains to show that the internet's anonymity will not protect dissidents. Several bloggers have been detained, even convicted, over the past several years. In April, the US-based Committee to Protect Journalist ranked Egypt last on its list of the 10 Worst Countries to be a Blogger, behind China and Turkmenistan. According to the organisation, the Egyptian government detained about 100 bloggers in 2008.

mbradley@thenational.ae

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

Company Profile

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

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.”

A Dog's Journey 

Directed by: Gail Mancuso

Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott

3 out of 5 stars

The Bio

Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride

She is the eldest of 11 children, and has four brothers and six sisters.

Her dream is to meet with all of her friends online from around the world who supported her work throughout the years

Her favourite meal is pizza and stuffed vine leaves

She ams to improve her English and learn Japanese, which many animated programmes originate in

Biog:

Age: 34

Favourite superhero: Batman

Favourite sport: anything extreme

Favourite person: Muhammad Ali 

RIVER SPIRIT

Author: Leila Aboulela 

Publisher: Saqi Books

Pages: 320

Available: Now

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

MATCH INFO

Asian Champions League, last 16, first leg:

Al Jazira 3 Persepolis 2

Second leg:

Monday, Azizi Stadium, Tehran. Kick off 7pm

The Continental: From the World of John Wick

Created by: Greg Coolidge, Shawn Simmons, Kirk Ward
Stars: Mel Gibson, Colin Woodell, Mishel Prada
Rating: 3/5

THE DETAILS

Solo: A Star Wars Story

Director: Ron Howard

2/5

TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)

What is THAAD?

It is considered to be the US's most superior missile defence system.

Production:

It was created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out  ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

To protect high-value strategic sites, such as airfields or population centres.

Range:

THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.

Creators:

Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.

UAE and THAAD:

In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.

MATCH INFO

Uefa Champions League quarter-final second leg:

Juventus 1 Ajax 2

Ajax advance 3-2 on aggregate

Abu Dhabi traffic facts

Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road

The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.

Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.

The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.

The highest levels of traffic were found on Sunday, November 10.

Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019

 

THREE

Director: Nayla Al Khaja

Starring: Jefferson Hall, Faten Ahmed, Noura Alabed, Saud Alzarooni

Rating: 3.5/5

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."