Egypt's ex-President Hosni Mubarak lies on a gurney inside a barred cage in the police academy courthouse in Cairo, during a hearing in which he was sentenced to life in prison.
Egypt's ex-President Hosni Mubarak lies on a gurney inside a barred cage in the police academy courthouse in Cairo, during a hearing in which he was sentenced to life in prison.
Egypt's ex-President Hosni Mubarak lies on a gurney inside a barred cage in the police academy courthouse in Cairo, during a hearing in which he was sentenced to life in prison.
Egypt's ex-President Hosni Mubarak lies on a gurney inside a barred cage in the police academy courthouse in Cairo, during a hearing in which he was sentenced to life in prison.

Egypt's Mubarak in 'critical condition'


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CAIRO // Hosni Mubarak is slipping in and out of consciousness a week after the ousted Egyptian leader was sent to prison to begin serving a life sentence, a security official says.

With rumours of the former president's death spreading rapidly, authorities granted his wife, former first lady Suzanne Mubarak, and the couple's two daughters-in-law special permission to visit him in Cairo's Torah prison early yesterday.

"The former president's health is in decline, but now it's stable in its deteriorated state," the official said. Since his wife's visit, Mubarak has suffered from an irregular heartbeat and required assistance in breathing.

The official told The Associated Press that the former president now lives only on liquids and yogurt. He spoke on condition of anonymity because he was not authorised to speak to the media.

Mubarak's health is reported to have collapsed since his June 2 conviction for failing to stop the killing of protesters during the uprising that overthrew him in 2011. His life sentence saw him transferred immediately to a prison hospital, instead of the military hospital and other facilities where he had been held since his April 2011 arrest.

Authorities have turned down several requests by Mubarak's family to transfer the ousted president back to a military facility, the official said.

On Saturday Mubarak's wife was denied access to the Intensive Care Unit where he was placed, as authorities limit family visitations to one a month.

According to security officials quoted by Al Masry Al Youm daily, Mrs. Mubarak lashed out at wardens for not giving her husband permission to seek treatment outside the prison. "You will be responsible for his death," she allegedly said.

Mubarak's two sons Alaa and Gamal are also being held. They were acquitted on June 2 of corruption charges, but still face separate charges of insider trading.

On Saturday, Egypt's state run news agency MENA quoted officials as saying that Mubarak is at risk of stroke, quoting a medical team's report.

Other media reports said that his lawyer Farid al-Deeb informed him that he will soon be transferred back to a military facility in the Cairo suburb of Maadi.

In his last public appearance on June 2, the bedridden Mubarak sat stoned-faced in the courtroom cage. However, officials said that he broke into tears when he learnt that he will be transferred to Torah prison. It took officials hours to convince Mubarak to leave the helicopter that ferried him from the courthouse to the prison.

Media reports quoted Mubarak at the time as saying the military council who took over after his ouster had deceived him. "Egypt has sold me. They want me to die here," he reportedly said.

The verdict sparked a new wave of protests by tens of thousands of Egyptians who allege the verdict was determined by political pressure from the country's military rulers, doing a favor for their former president.

They say the verdict as issued can be easily overturned in an appeal, and that the acquittals of six top security officials mean that killers of the protesters will remain unknown. Many hoped Mubarak or his top officials would be convicted of murder and receive the death penalty.

By Maggie Michael, Associated Press

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.”

Squads

Sri Lanka Tharanga (c), Mathews, Dickwella (wk), Gunathilaka, Mendis, Kapugedera, Siriwardana, Pushpakumara, Dananjaya, Sandakan, Perera, Hasaranga, Malinga, Chameera, Fernando.

India Kohli (c), Dhawan, Rohit, Rahul, Pandey, Rahane, Jadhav, Dhoni (wk), Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Thakur.

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Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months

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Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5