Egypt votes on charter changes


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CAIRO // Egyptians waited patiently yesterday to vote on amendments to change the country's constitution that would limit the president to two four-year terms, remove certain restrictions on presidential candidacies and scrap the emergency law.

Long lines formed outside a voting centre in Cairo from early morning, a taste of democracy after Hosni Mubarak ended three decades in power when he stepped downlast month.

"This is the first time we do not know what will be the result of an election," said Mohammed Gamaa, a 20-year old law student queuing in the courtyard of a school in Imbaba, a working-class Cairo neighbourhood.

For weeks, in the aftermath of the protests that led to Mr Mubarak's resignation, Egyptians have debated proposed constitutional changes on TV talk shows, in the streets, at the hairdressers and in cafes.

On a recent Saturday morning, a group of young women met to study the amendments in a posh coffee shop in the Cairo neighbourhood of Zamalek. Law books lay on the table, between tea cups and cookies. The referendum has divided Egyptians and the once united political forces who crowded Tahrir square, the symbolic centre of the protests.

The secular and liberal youth movements battled to convince the public to vote "no" and refuse the amendments. They argued that Egypt needs a completely new constitution.

"The aim of our revolution was to oust Mubarak and his regime, including its ideology and its constitution," said Bassem Kamel, 40, a representative of the Revolutionary Youth Coalition, an umbrella movement of several political groups close to Mohammed ElBaradei, who helped galvanise the opposition to Mr Mubarak.

"If we accept the amendments, we accept to go back to the old system," said Mr Kamod.

"I'll vote yes," said Ahmad Samir, 31, who was in line to cast his ballot at the Kasr al Dubara primary school, in central Cairo.

"Voting yes is the first step to reorganising the country," said Mr Samir. "Now we need stability. Next, we are going to change the entire constitution."

If the amendments are accepted by the voters, Egyptians will go to the polls again in June for parliamentary elections.

The liberal youth movements have said two months are not enough to create a new political climate and fear the only groups that would benefit from such a short transitional period are the ones representing the old political order: the National Democratic Party and the Muslim Brotherhood.

"They vote 'yes' because they are the only ones ready to go to elections," said Mr Kamel.

"We do not even have a party. How can we be prepared for a national vote in a few months?" he said.

Dalia Nigati, 22, voted yesterday for the first time. "I wrote no on the ballot because I want to see the beginning of a new democratic life," she said showing her ink-stained finger in a classroom of the Kasr al Dubara school.

Ziad El Elaimy, one of the leaders of youth groups, was concerned yesterday over reports of possible illegalities at some polling centres, even though non-governmental organisations, judges and public servants were monitoring the polls. There were rumours that old regime members were paying off voters and that the indelible ink was not so indelible after all, but the accusations didn't appear to be widespread.

"If we do not win, we will get ready for elections," said Mr El Elaimy. "We believe in democracy."

"Today is a great day, I am happy. Look at all these people queuing orderly to cast their ballot," said a smiling George Ishaq, former leader of the Kifaya movement, an activist group for change.

foreign.desk@thenational.ae

The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.

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Red Sparrow

Dir: Francis Lawrence

Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons

Three stars

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

The specs

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Power: 261hp at 5,500rpm

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Ain Issa camp:
  • Established in 2016
  • Houses 13,309 people, 2,092 families, 62 per cent children
  • Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
  • Most from Deir Ezzor and Raqqa
  • 950 foreigners linked to ISIS and their families
  • NGO Blumont runs camp management for the UN
  • One of the nine official (UN recognised) camps in the region

First Person
Richard Flanagan
Chatto & Windus 

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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The Internet
Hive Mind
four stars

England v South Africa schedule
  • First Test: Starts Thursday, Lord's, 2pm (UAE)
  • Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
  • Third Test: The Oval, London, July 27-31, 2pm
  • Fourth Test: Old Trafford, Manchester, August 4-8
PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

CONCRETE COWBOY

Directed by: Ricky Staub

Starring: Idris Elba, Caleb McLaughlin, Jharrel Jerome

3.5/5 stars

PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

The Brutalist

Director: Brady Corbet

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

Rating: 3.5/5

Six large-scale objects on show
  • Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
  • The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
  • A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
  • Frank Lloyd Wright’s 1930s Kaufmann Office
  • A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
  • Torrijos Palace dome