Egyptian President Abdel Fattah El Sisi on Sunday pleaded with his 100 million people to show more “commitment, responsibility and discipline” in battling the coronavirus outbreak over the next two weeks.
“I don’t want to scare you but I am saying to all Egyptians that we want to get through the next 14 days with as little damage as possible so that, God willing, we are out of this critical stage,” Mr El Sisi said in a televised address.
He said Egyptians must do more to prevent the virus from spreading widely, warning that failing to limit social interaction could lead to thousands of infections in days.
Mr El Sisi urged his people not to hoard goods, reassuring them that there would be no shortages.
The president on Saturday appointed an adviser for health and preventive medicine.
Mr El Sisi also sought to put to rest rumours that the government was concealing the true number of people infected and dying.
“We never kept anything from you right from the start of the crisis, but there was still scepticism," he told a gathering of women at the Presidential Palace in the Cairo suburb of Heliopolis.
"Why would we keep anything from you? Is it something that’s unique to Egypt?
"No, it’s all over the world and its impact is felt across the globe. We are not an exception. We are dealing with the crisis with complete transparency."
Egypt had reported almost 300 cases of Covid-19 by Saturday, along with 10 deaths, which are relatively small numbers given its population and modest healthcare system.
Without mentioning it by name, Mr El Sisi blamed the rumours on the now-outlawed Muslim Brotherhood, the group whose stalwart Mohammed Morsi was elected president in 2012.
Morsi was in office for a year when the military, then led by Mr El Sisi, removed him amid mass protests against his divisive rule. Mr El Sisi was elected president the following year.
He has since adopted a hands-on approach to nearly every facet of life in Egypt, holding near-daily meetings with his prime minister and cabinet members.
Mr El Sisi has discussed on live television the minute details of the dozens of mega infrastructure projects he has launched.
But until Sunday, he opted to orchestrate the government’s response to the coronavirus from behind the scenes.
Over the past week, Mr El Sisi has ordered university and school classes to be suspended, banned large gatherings, halted international air travel and set aside 100 billion pounds (Dh23.34bn) to battle the coronavirus.
His government also announced a stimulus package to avoid an economic downturn at a time when the country’s economy was finally showing signs of recovery after years of turmoil.
On Sunday, Mr El Sisi announced a 14 per cent rise in pensions effective from the new fiscal year starting on July 1.
He ordered the central bank to boost the badly hit stock market with 20bn pounds.
Last week, the government reduced power charges for industries, suspended taxes on stock market transactions and allocated one billion pounds to help exporters.
It cut interest rates by 3 per cent to encourage investment and gave business borrowers defaulting on loan repayments a grace period.
Authorities also closed mosques for two weeks, with calls to prayers to urge the faithful to pray at home, a first in living memory.
That decision was announced on Saturday shortly after Egyptian churches said they were cancelling all services.
“We hope to emerge from this with the least amount of damage,” Mr El Sisi said.
He said he was as worried about the human cost of coronavirus as much as the economic fallout.
“Our people are dear to us and we are also keen to see every human on this planet living in peace and security," Mr El Sisi said.
"We have a moral and religious commitment to see that the Egyptian people are not harmed. Help the state with your steadfastness and resolve.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
MORE ON CORONAVIRUS & THE ECONOMY
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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.”
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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THE%C2%A0SPECS
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The specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
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Killing of Qassem Suleimani
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace