Italy demands probe into student’s slaying in Egypt



Rome // Italy on Thursday demanded that Egypt authorise a joint investigation into the violent death of an Italian student who mysteriously disappeared in Cairo last month.

The body of Giulio Regeni was found with signs of torture, including multiple stab wounds and cigarette burns, by the side of a highway on the outskirts of the Egyptian capital, an investigating prosecutor Ahmed Nagi.

Regeni, a 28-year-old Cambridge University PhD student, went missing in Cairo on January 25 – the fifth anniversary of the uprising that toppled longtime autocrat Hosni Mubarak.

His body was found on Wednesday along the Cairo-Alexandria Road and was positively identified by his roommate, said the prosecutor who leads the investigation team on the case.

Mr Nagi said the cause of death was still under investigation but “all of his body, including his face” had bruises, cuts from stabbings and burns from cigarettes. He said it appeared to have been a “slow death”.

Another person with knowledge of the case said that the body was “partially burned” and also said his body was found on the same highway. Italy’s foreign ministry summoned Cairo’s ambassador in Rome saying it expected “maximum cooperation from the Egyptian authorities at every level”.

Italy also told the Egyptian ambassador it wants its own experts to be fully involved in a joint investigation into what happened, and requested that the body be returned to Italy as soon as possible.

Regeni, whose studies included Arabic and Arab literature, was from Fiumicello near Udine in northeastern Italy.

He was in Cairo doing research for his doctoral thesis and was last seen on January 25 when he left his suburban home with the intention of travelling by metro to meet a friend in the city centre.

Cairo was extremely quiet on the day he disappeared as a result of the authorities having ordered a security clampdown on what was the fifth anniversary of the Arab Spring uprising.

Rome said the ambassador, Amr Mostafa Kamal Helmy, had given assurances that the Egyptian authorities would do their utmost to find those responsible for criminal act.

Italian economic development minister Federica Guidi, who was in Cairo when Regeni’s body was discovered, cancelled the final day of a trade mission involving some 60 Italian companies in reaction to the news.

Hours earlier she had, according to the Italian media, urged Egyptian president Abdel Fattah El Sisi to intervene personally in the investigation into Regeni’s disappearance, underlining the potential for the case to disrupt normally close diplomatic ties between Rome and Cairo.

Italian prime minister Matteo Renzi was the first western leader to receive former army chief Mr El Sisi after his 2013 ouster of his predecessor Mohammed Morsi.

* Agence France-Presse and Associated Press

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

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Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

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Length: 315.3 metres

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The specs
Engine: 4.0-litre flat-six
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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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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.”

LIGUE 1 FIXTURES

All times UAE ( 4 GMT)

Friday
Nice v Angers (9pm)
Lille v Monaco (10.45pm)

Saturday
Montpellier v Paris Saint-Germain (7pm)
Bordeaux v Guingamp (10pm)
Caen v Amiens (10pm)
Lyon v Dijon (10pm)
Metz v Troyes (10pm)

Sunday
Saint-Etienne v Rennes (5pm)
Strasbourg v Nantes (7pm)
Marseille v Toulouse (11pm)

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Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km