Angry Copts mourn Egypt bus attack victims


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Angry Coptic Christians on Saturday buried relatives shot dead on a bus carrying pilgrims south of the Egyptian capital, the second such militant attack on the country's main religious minority in as many years.

ISIS said it was behind Friday's attack which killed seven Christians returning from a visit to the desert cemetery of Saint Samuel that was also targeted in 2017.

A security source said another seven people were wounded in the shootings near the city of Minya.

Hundreds of angry Copts gathered in and around Minya's Prince Tadros church from dawn for the funeral of six victims, under heavy guard by masked security personnel.

The seventh victim, an Anglican, was buried Friday evening in a village outside Minya.

After Saturday's prayers, the bodies were carried out in white coffins bearing wreaths of white flowers, amid shouts of "with our souls, with our blood, we will defend the cross!"

They were being buried in a nearby Coptic cemetery.

"We will not forget the promises of officials, including the president of the republic, that the criminals will be punished," Bishop Makarios of Minya said in an address to mourners.

Members of the crowd, however, booed as he thanked security officials.

Many Copts accuse authorities for not doing enough to protect them, following a string of attacks that have killed over 100 members of their community since 2011.

Mourners carry a coffin during the funeral of Coptic Christians who were killed in an attack, in Minya, Egypt November 3, 2018. Reuters
Mourners carry a coffin during the funeral of Coptic Christians who were killed in an attack, in Minya, Egypt November 3, 2018. Reuters

Dozens of victims' family members had waited throughout Friday night outside Minya's main hospital to receive the bodies for burial.

An elderly woman wept for her dead son and wailed as she sat on the ground outside the hospital morgue.

"He was the best child... I'll never see him again," she said, as other mourners rushed to carry a coffin to an ambulance to be taken to a church for a funeral.

Security forces remained on the alert outside the hospital for fear of further attacks, while roads were blocked to the scene of the shooting.

Bishop Makarios visited the hospital to try to comfort mourners.

Another Coptic cleric, asking not to be named, said around 24 people had escaped the attack unharmed and spent the night at a church in a nearby village.

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"Should I carry a gun with me when I go to pray or when I'm at home? Because I could die if I go to church," said Michel, a 23-year-old Copt whose neighbour was killed in the attack.

He said three of the victims had been siblings.

"What do these terrorists want? Do they want us to hate Muslims?"

On Saturday, a burned-out four-wheel-drive truck, which witnesses said had been used by a group of militants in white galabeya gowns, stood near the site of the attack.

Residents had attacked the car and handed two of its occupants to security forces, they said.

As Egypt's Christians reeled from the latest attack, President Abdel Fattah El-Sisi called Coptic Pope Tawadros II to offer his condolences and led a minute of silence at a youth forum he was attending.

MINYA-EGYPT
MINYA-EGYPT

Copts, a Christian minority that make up about 10 per cent of Egypt's 96 million people, have in recent years been repeatedly targeted by ISIS.

In May 2017, masked gunmen ordered Christians travelling to Saint Samuel to get off their buses and recant their faith.

The group refused and were shot one by one, leaving 28 people dead in the ISIS-claimed attack.

ISIS also killed more than 40 people in twin church bombings in April 2017, and an ISIS gunman last December killed nine people in an attack on a church in a south Cairo suburb.

Egypt's army launched a major offensive in February 2018 against ISIS in the Sinai Peninsula, where the group has waged a deadly insurgency since the fall of Islamist president Mohamed Morsi in 2013, killing hundreds of soldiers and policemen.

The military offensive – Dubbed "Sinai 2018" – has killed more than 450 militants, according to an army estimate, with around 30 soldiers killed.

"This latest attack shows that the anti-ISIS campaign has not yet succeeded in Egypt, despite obvious efforts by the authorities to tackle it in different parts of the country," said H A Hellyer, senior non-resident fellow at the Atlantic Council and the Royal United Services Institute in London.

Copts have long complained of discrimination in Egypt and ISIS is not the only group to have launched sectarian attacks against the community.

Countries recognising Palestine

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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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