CAIRO // Scores of protesters gathered in front of the Appeals Court in downtown Cairo yesterday to mark the fifth anniversary of the first protest against the country's president, Hosni Mubarak, and his family. About 300 demonstrators chanted their trademark slogan "Down with Hosni Mubarak" and "Gamal, tell your father all Egyptian people hate you". Such chanting stunned Cairo on December 12, 2004, when a small group of Egyptians, disillusioned with the regime, gathered at the same place as yesterday's protest, and said it with one word: "Kefaya", the Arabic word for "enough!"
With a series of colourful protests, the demonstrators broke the taboo against criticising the president and his family and opened the door for others disaffected with the regime, but who had long remained silent, to join in. The rare protests that had previously been seen in Egypt were to support Palestinians and Iraqis against occupation or to complain of woes like poverty, high prices and unemployment - but almost never for political reform.
Men, women and some children were in attendance at yesterday's protest wearing yellow stickers bearing "Kefaya" in bold red letters. Mr Mubarak, 81, has been in power since 1981 and there is a widespread belief that he is grooming his youngest son, Gamal, 45, to succeed him. "Gamal Mubarak won't rule us," went one chant. "abu Gamal, we have no food to feed our children," went another. "Egypt is not a family farm" was the motto of yesterday's protest, which was surrounded by plainclothed police.
"Today's protest is the best answer to those who say that Kefaya has died," said Abdel Halim Qandil, a founding member and spokesman of Kefaya, speaking to protesters. "Five years ago, Kefaya knew what it hates: extension of Mubarak's rule and inheriting the power by his son Gamal, which are two faces of the same coin," said Mr Qandil. "Now Kefaya knows what it wants: A plan to end the [Mubarak] family's rule by a coalition of all opposition forces in the country," he added.
Speaking on the sidelines of the protest, Mr Qandil said in an interview that he welcomed the announcement last week by Mohamed ElBaradei, the Egyptian former head of the International Atomic Energy Agency, that he would consider running in the upcoming presidential elections scheduled for 2011. "This is an interesting and radical development," Mr Qandil said. "Greetings to ELBaradei, who doesn't want to be a bit player in the elections."
Mr ElBaradei, 67, stressed that he did not seek this "senior post" for personal gain. He set several conditions for running in the coming presidential elections, demanding they must be under the full supervision of the judiciary and in the presence of international observers from the United Nations to ensure transparency. He also called for the removal of the constitutional requirement that candidates must be members of political parties and not independents.
Mr Qandil said that if Mr ElBaradei's conditions - which the opposition has been demanding for the past few years - were not met, he would call for next year's presidential and legislative elections to be boycotted. In response to the planned anti-Mubarak protests, the youth of the ruling National Democratic Party, launched on Thursday a one week Facebook campaign supporting "Gamal Mubarak: the leader and man behind the rejuvenation revolution" within the party.
@Email:nmagd@thenational.ae
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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.”
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami
6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel
7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
COMPANY%20PROFILE
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