CAIRO // Egypt's military-backed prime minister struck a defiant note in parliament, telling politicians that the nation would not give in to foreign pressure over the case of US non-profit groups accused of fomenting sedition.
The state media, under the sway of the ruling generals, published what both state and independent newspapers said were intelligence reports linking the groups to the CIA.
A cabinet minister who is a holdover from the Hosni Mubarak-era said the groups were part of a US-Israeli plot to prevent post-Mubarak Egypt from political and economic prosperity.
The case of the US non-profit groups has revealed the depth of xenophobia in the Arab world's most populous nation and pointed to the willingness of its ruling generals to engage in brinkmanship, gambling with their close and beneficial ties with the United States to score points against their critics at home.
In the end, Egypt backed down, lifting the travel ban on seven of the 16 Americans accused in the case who were still in Egypt. The generals said they did not order the ban lifted as many in Egypt suspect, and that the entire matter was, and still is, in the hands of the judiciary.
Last week, the judge who was trying the case stepped down, citing "uneasiness". He later said his decision was in response to political pressure.
Politicians said the lifting of the ban humiliated Egypt.
Faiza Aboul Naga, the international cooperation minister who led the campaign against the groups, said she only learnt from the media of the departure on Thursday of six of the Americans. Along with the 16 Americans, 16 Egyptians are on trial as well as Germans, Palestinians, Jordanians and Serbs.
The fallout from the case has been immense, and one thing has become clear: a year after Mr Mubarak's removal from power, Egypt is fast resembling a rudderless ship with an executive branch that often lands the nation in hot water.
The relatively long transition period - the generals have promised to hand over power by July 1, nearly 18 months after they took over - is partly to blame.
Although the country held free and fair parliamentary elections, legislators are powerless in the face of the near absolute powers of the generals and day-to-day business is run by a cabinet beholden to the military.
The case and the anti-US sentiments stoked by the media and politicians were a perfect fit with the generals' months-long campaign against reform groups that helped engineer Mr Mubarak's fall from power and now demand that the generals be brought to justice over the "crimes" of killing protesters, torturing detainees and generally bungling the transition.
Some of these Egyptian groups, the generals said, were following a foreign agenda and seek to "topple the Egyptian state", something the military said it would never permit.
The objective was to discredit pro-democracy groups so they were isolated and viewed with suspicion by the masses who responded to their calls for street protests during last year's uprising against Mr Mubarak and subsequent demonstrations. But the groups, along with the American ones, are widely credited for training hundreds of young people who later spearheaded the uprising, which the generals publicly praise as the "glorious January 25 revolution".
The Egyptian military is indebted to Washington for modernising its arsenal in the late 1970s after years of relying on antiquated Soviet-era weapons.
There are 200 to 300 Egyptian army officers in the United States at any given time attending military schools. The two nations stage joint exercises annually.
Also, the US has promised US$1.3 billion (Dh4.77bn) in military aid and $250 million in economic assistance this year - which Washington threatened to cancel during the crisis over the non-profit groups.
In view of these ties, the crisis over the non-profit groups has led many Egyptians to say the generals manufactured the tension while all along planning to back down after they had harvested all possible gains from a high-profile quarrel.
The military may have gone too far with its gamble.
Lawyers have filed dozens of independent suits against Egypt's military ruler, Field Marshal Hussein Tantawi, and other officials, accusing them of collaborating in helping the six Americans to flee justice.
There have also been calls to question and possibly prosecute Abdel Moez Ibrahim, a top judge who reportedly asked the judge trying the case to lift the travel ban on the Americans at the behest of the generals. Mr Ibrahim denies this.
There have also been calls for the prime minister, Kamal El Ganzouri, to step down over the case.
Mr El Ganzouri, who served under Mr Mubarak as both a cabinet minister and prime minister, will address parliament on the issue on Sunday.
foreign.desk@thenational.ae
MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
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.”
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.