CAIRO // Egyptians were fired to a new level of outrage when live television on Friday showed a demonstrator stripped naked, dragged across the ground and beaten with truncheons by helmeted riot police.
But the anger was compounded with disbelief on Saturday when the prosecutor’s office released a statement saying Hamada Saber, 47, had exonerated the police and denied they had assaulted him. He said his clothes had inadvertently come off while police were shielding him from protesters.
While his daughter told a television station that her father was coerced into changing his testimony, the contradictions illustrate the confused atmosphere in Egypt more than a week into a political crisis in which lawlessness has prevailed and more than 50 people have been killed.
“This shows that state institutions are collapsing, as is the rule of law. We are living in chaos,” said lawyer Achraf Shazly, 35.
“Next thing you know, the martyr killed yesterday will rise from the dead and say he wasn’t shot.”
Late yesterday, Mr Saber again changed his account when prosecutors showed him the video footage, the official Mena news agency reported.
The office of the president, Mohammed Morsi, promised an investigation into the incident, which followed the deadliest wave of bloodshed of his seven-month rule. His opponents say it proves he has chosen to order a brutal crackdown like that carried out by Hosni Mubarak against the uprising that toppled him in 2011.
“Morsi has been stripped bare and has lost his legitimacy. Done,” tweeted Ahmed Maher, founder of the April 6 youth movement that helped launch the anti-Mubarak protests.
Yesterday, a sense of calm prevailed across Egypt with no reports of major protests or clashes with the police. But the damage to the country’s political fabric has already been done and there is no sign yet of whether Mr Morsi will be able to regain his footing in the weeks ahead.
The umbrella opposition movement, the National Salvation Front, has vowed to boycott parliamentary elections scheduled for April unless the president appoints a “unity” government and amends the newly ratified constitution. Mr Morsi, on the other hand, has said he would agree to a national dialogue with the opposition only if there were no “preconditions”.
The violence over the weekend proved that neither political parties nor the government could prevent groups of young men from attacking government buildings and police.
The fighting in front of the presidential palace, where one was killed amid firebombs, tear gas and rock throwing, came a day after a broad spectrum of parties, religious leaders and officials agreed to renounce violence in a special meeting convened by Sheikh Ahmed Al Tayyeb, the head of Al Azhar – the 1,000-year-old mosque and university.
Opposition leaders have maintained that they condone only peaceful protests, but members of the Muslim Brotherhood have increasingly blamed them for instigating violent protests.
"As demonstrations lost their peaceful nature in form and substance, it is no longer sufficient for opposition leaders to watch and condemn," the Brotherhood said on Friday, after the fighting near the walls of the presidential palace. "It is time they took practical action on the ground and stopped giving political cover for acts of violence and lawlessness that we all renounce."
Friday's events were captured by Egyptian TV stations, which zoomed in on details of the fighting as the night progressed. The footage showed a small group of young men throw Molotov cocktails and shoot fireworks over the walls of the presidential palace. They managed to set a small fire next to a tree. In the background, a phalanx of police moved slowly down the road and began firing tear gas. A fire lorry inside the presidential palace walls shot water at the protesters and doused the flames they had ignited.
Echoing the dark tones of a military statement warning of the collapse of the state last week, Mohammed Ibrahim, the minister of the interior, said in a news conference yesterday that, if the police collapsed, Egypt would become a "militia state".
bhope@thenational.ae
* Additional reporting by Reuters
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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.”
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.