CAIRO // Chanting "persistence" and "justice", thousands of Egyptians poured into Tahrir Square yesterday to rally against the slow pace of reform by the military government, more than two months after Hosni Mubarak was pressured to step down as president.
"The government does not respond without pressure," said Dina Khalil, 27, an economics researcher sitting near Omar Makram mosque at the edge of the square. "We're fed up with having to come to Tahrir every time to get what we want."
Ms Khalil said the protesters'demands included more transparent trials of politicians and businessmen, and postponing September's presidential elections until a new constitution could be drawn up.
But without demonstrations in the square, progress would slow to a near-halt, she said. "We're disappointed."
The return to Tahrir Square came just days after a failed attempt by the government to create a "national dialogue" conference this week with representatives of different political parties.
Dozens of members of youth groups walked out in protest against the inclusion of former National Democratic Party officials tied to the regime of Mr Mubarak.
In a sermon before afternoon prayers in the square, the imam, Mazhar Shaheen, said revolutionaries had returned to Tahrir to demand free and open trials for corrupt officials and speedier reforms.
"Do your job well and you will not find anyone in Tahrir Square," the imam said, addressing his remarks to the Supreme Council of Armed Forces.
He then offered a more conciliatory tone: "We and the army are one hand. Together we will fight corruption."
A major topic of debate among protesters and political groups has been how the country will be ruled until a new government is elected.
Some groups, such as the April 6 Youth Movement and the Popular Committees for the Defence of the Revolution, are calling for a civilian presidential council to take over the government.
Others, including the Muslim Brotherhood, have argued such a council would slow Egypt's path to stability and was not wanted by the Egyptian people.
Mikkawi Meligi, 22, a freelance graphic designer at Tahrir Square, called on the government to provide more jobs and unemployment benefits.
Mr Meligi held a sign addressed to Dr Essam Sharaf, the prime minister: "Sharaf, excuse me. You ran out of credit. Please recharge your government."
"Our demands are not fulfilled," he said, referring to Mr Mubarak being held in custody in a hospital. "We will not rest while Mubarak is still sitting in Sharm el Sheikh. We want a trial."
Youth groups suffered a blow in March when most citizens voted to amend the constitution rather than rewrite it.
The vote was considered a win for the Muslim Brotherhood, which has backed less dramatic reforms for the country before a new president is elected.
If elections go ahead as planned, analysts have said the Muslim Brotherhood is poised to win a large number of parliamentary seats. But there is division among its ranks.
While the official Muslim Brotherhood said it was against yesterday's demonstrations, the youth wing of the group came out in force in Alexandria to show their support for quicker reforms.
Earlier yesterday, four liberal and secular groups issued a joint statement calling for the elections to be delayed, new laws to ensure Egypt is a civil state, and ending military tribunals against protesters who clashed with the authorities during the revolution.
Observers warned this week that the event could lead to clashes with counter-revolutionary groups or the authorities, but the protests yesterday were peaceful and had a carnival atmosphere with music, trinket sellers and speeches from politicians and judges.
Young men and women created makeshift checkpoints around the square as they had done in the more raucous days of the revolution.
The crowd was not as large as some organisers had hoped. The event was originally described as a "million-man march", but estimates on the ground put the number of participants closer to 15,000.
bhope@thenational.ae
AWARDS
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57%20Seconds
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
Killing of Qassem Suleimani
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE currency: the story behind the money in your pockets
RUGBY CHAMPIONSHIP FIXTURES
September 30
South Africa v Australia
Argentina v New Zealand
October 7
South Africa v New Zealand
Argentina v Australia
Killing of Qassem Suleimani
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.