Algeria's Riyad Mahrez kisses the trophy after winning the 2019 African Cup of Nations final in Cairo. AP
Algeria's Riyad Mahrez kisses the trophy after winning the 2019 African Cup of Nations final in Cairo. AP
Algeria's Riyad Mahrez kisses the trophy after winning the 2019 African Cup of Nations final in Cairo. AP
Algeria's Riyad Mahrez kisses the trophy after winning the 2019 African Cup of Nations final in Cairo. AP

Egypt’s prosecutor to investigate missing trophy saga


Hamza Hendawi
  • English
  • Arabic

Egypt’s top prosecutor has ordered an investigation into the disappearance of the trophy that the country kept after winning the African Cup of Nations for a third consecutive time in 2010.

The sports ministry on Wednesday said it referred the matter of the missing cup to the prosecutor general.

"The Ministry of Youth and Sports has referred the file of the loss of some important silverware from the warehouses of the Egyptian Football Association to the prosecutor general," it said on its Facebook page.

The investigation was launched last week when celebrated former national goalkeeper Ahmed Shobair said the EFA found the gold trophy had gone missing, along with awards from earlier tournaments.

Officials were preparing to open a museum of Egypt's football memorabilia in time for the EFA's centenary when the loss was discovered, Shobair said on his popular talk show.

Before it disappeared, the cup was kept inside the headquarters of the Egyptian Football Federation in Nile-side neighbourhood in central Cairo.

There has been no word on who might have taken the cup. The federation has not reported a break-in, suggesting that it could have been an inside job.

A seven-time African champion, Egypt has not won the biennial African Cup of Nations since 2010.

The competition was held again in Egypt last year, when the Pharaohs were beaten in the second round.

Two years earlier, the Egyptians finished runners-up to Cameroon.

News of the cup’s disappearance started a storm on social media, with wild speculation on possible culprits and the motives behind the apparent theft.

The federation has been run by a five-member committee since its elected board stepped down last year after the Pharaohs’ humiliating exit from the African cup.

The Sand Castle

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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Indika
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NINE WINLESS GAMES

Arsenal 2-2 Crystal Palace (Oct 27, PL)

Liverpool 5-5 Arsenal  (Oct 30, EFL)

Arsenal 1-1 Wolves (Nov 02, PL)

Vitoria Guimaraes 1-1 Arsenal  (Nov 6, Europa)

Leicester 2-0 Arsenal (Nov 9, PL)

Arsenal 2-2 Southampton (Nov 23, PL)

Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)

Norwich 2-2 Arsenal (Dec 01, PL)

Arsenal 1-2 Brighton (Dec 05, PL)

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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.”

Brief scores:

Manchester City 2

Gundogan 27', De Bruyne 85'

Crystal Palace 3

Schlupp 33', Townsend 35', Milivojevic 51' (pen)

Man of the Match: Andros Townsend (Crystal Palace)

EMERGENCY PHONE NUMBERS

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5