Police stand guard in the eastern Cairo suburb of Matariya, where two protesters were killed in clashes on  November 28, 2014. Asmaa Waguih / Reuters
Police stand guard in the eastern Cairo suburb of Matariya, where two protesters were killed in clashes on November 28, 2014. Asmaa Waguih / Reuters

Clashes in Cairo leave four dead



CAIRO // Two people were killed on Friday as Islamist protesters and police clashed in Cairo just hours after two soldiers, including a senior officer, were shot dead in the Egyptian capital.

The army and police had fanned out across Cairo and other cities in anticipation of rallies called by an Islamist group that opposes the military’s removal of president Mohamed Morsi last year.

Hours before the marchers left from mosques, gunmen in a car killed a brigadier general outside a hotel in the east of the city in an attack that also left another soldier dead and one wounded, the military and health officials said.

The assailants fled and were not identified, but protests by Islamists are increasingly giving way to armed attacks following a security crackdown that has killed hundreds of people and left thousands in jail.

In Cairo’s working class district of Matariya, at least two people were killed when protesters clashed with police, officials said.

A health ministry official said one, identified by a friend as Mohammed Hassan, was shot in the chest.

Hassan was apparently an Islamist who had regularly attended anti-government demonstrations.

“The police fired randomly at the protesters,” the friend said.

However, the interior ministry said police came under fire from the protesters, and officers arrested one of them carrying a shotgun.

In all 224 people were rounded up by police, the ministry said, for planning or carrying out acts of violence during the protests. Nearly half of them were arrested before the demonstrations got under way.

Smaller marches, quickly dispersed by police, were reported elsewhere.

In Cairo’s Haram district, only about 20 protesters turned up and fled at the sight of police. Officers frogmarched one suspected demonstrator left behind to a waiting police car.

The protests were called by the little-known Salafi Front, part of a loose network of Islamists who oppose the army’s removal of the Islamist president in July last year.

The interior ministry said police experts had defused eight rudimentary bombs across the country.

Also on Friday, an army officer and a policeman were wounded in an exchange of gunfire with unknown assailants in the Mediterranean city of Alexandria, a security official said.

Islamists, particularly Mr Morsi’s Muslim Brotherhood movement, were the strongest political bloc in Egypt before the military toppled him, following mass demonstrations demanding his resignation.

Mr Morsi’s ouster led to a deadly crackdown on his supporters that has killed hundreds. Thousands have also been arrested and jailed.

The Brotherhood has also been blacklisted as a terrorist group, making mere membership of the 86-year-old organisation punishable by a prison sentence.

Abdel Fattah El Sisi, the former army chief who won a presidential election earlier this year, has pledged to eradicate the group.

The Brotherhood insists it is peaceful, but the crackdown that has caused it to go underground is believed to have radicalised some of its members.

The deadliest attacks on security forces have been claimed by the militant Ansar Beit Al Maqdis group that is spearheading an insurgency in the Sinai Peninsula.

The group has killed scores of policemen and soldiers and recently pledged allegiance to the Islamic State group that controls parts of Iraq and Syria.

After an October ambush killed more than 30 soldiers, the government declared a state of emergency in part of Sinai and razed hundreds of homes to create a buffer zone along the border with Gaza.

* Agence France-Presse

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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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