Supporters of the Muslim Brotherhood attend a protest in support of ousted Egyptian president Mohammed Morsi outside the Rabaa Al Adawiya mosque in Cairo.
Supporters of the Muslim Brotherhood attend a protest in support of ousted Egyptian president Mohammed Morsi outside the Rabaa Al Adawiya mosque in Cairo.

Egyptian protesters set to defy ultimatum to clear camps



CAIRO // Islamist demonstrators were prepared for violent confrontation yesterday as police indicated they could act today to besiege two protest camps as a first step to dispersing them.

There had been widespread speculation that security forces would clear the two major camps occupied by supporters of Mohammed Morsi, Egypt's deposed president, after Eid Al Fitr had passed.

Egyptian police were expected to begin clearing the camps early today, a police source told Reuters.

"I think there will be a conflict," said Zainab Osman, a university professor who regularly demonstrates against the interim government backed by a military that removed Mr Morsi from the presidency. "We are waiting and crying for God to help us to find a solution."

She said she anticipated that both the army and interior ministry forces would act to break up two sit-ins, one close to Cairo University and one by the Rabaa Al Adaweya mosque in Nasr City.

There have been two major incidents of violence since the camps were set up more than a month ago, one involving interior ministry forces and another primarily the army, according to participants in the Rabaa Al Adaweya sit-in. More than 130 people were killed in the onslaughts.

The interim government has issued a succession of warnings to the pro-Morsi protesters to go home or face police action and repeated the warning five days ago, when the presidency issued a statement saying that international mediation efforts - led by the UAE, EU, Qatar and the US - had failed, laying the blame squarely on Mr Morsi's Muslim Brotherhood group.

The delay, said Mazen Hassan, a professor of political science at Cairo University, may be because the security forces are trying to plan a way of dispersing the tens of thousands of people, including women and children, without killing large numbers of people.

He said they might try to operate gradually, employing measures such as the cutting off of water and electricity, which camp residents reported on Saturday night.

However, he sees a violent showdown as coming eventually.

"As ironic as it might sound, both sides might find it more suitable to their interests to resort to the worst-case scenario," he said.

"The Muslim Brotherhood would find it better for them if the sit-ins were cleared violently because this will fuel their claims that the military-back government is using violence against peaceful protesters.

"And the government has been given a mandate by millions of people ... they don't want to be seen to be appeasing the Brotherhood," Mr Hassan said, referring to the mass demonstrations in support of the new authorities.

After the sit-ins are cleared, he said that the supporters of the detained Mr Morsi would likely try to undermine the political system by continuing to refuse to participate in it - and that talks planned to start today overseen by Al Azhar, Sunni Islam's highest seat of learning, will probably not achieve much.

Al Azhar lost much of its credibility in the eyes of the Brotherhood when it backed the military in their removal of Mr Morsi. Although international figures such as Catherine Ashton, the EU's foreign policy chief, have called the inclusion of the Brotherhood vital in the planning of Egypt's next political step, the prospect seems unlikely in the highly polarised environment.

In a report by the Brussels-based International Crisis Group think tank, two members of the National Salvation Front, a mostly secular political bloc led by interim vice president Mohamed ElBaradei, spoke starkly of the perceived need to excise the Brotherhood from politics.

"The Muslim Brotherhood will be crushed by the army. There is no room for them in the new phase. The sooner they realise this, the better," said a member of the Front. Another said that although the crackdown could radicalise Islamists, "we are ready to confront that and pay the cost for it".

An adviser to the interim president who is working on national reconciliation said in the report, "we will need to remove the tumour that is the Muslim Brotherhood".

"I don't know what is going to be next," said Mrs Osman, the demonstrator. "But I think that we will go into the streets, all the streets of Egypt, and we are not going to surrender, because they took our democracy and they destroyed the revolution."

afordham@thenational.ae

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Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

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Tomato and walnut salad

A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.

Badrijani nigvzit

A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.

Pkhali

This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.

Japan 30-10 Russia

Tries: Matsushima (3), Labuschange | Golosnitsky

Conversions: Tamura, Matsuda | Kushnarev

Penalties: Tamura (2) | Kushnarev

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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While you're here

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.”

The biog

Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.

His advice to anyone starting out in business is to have no fear as life is about taking on challenges.

“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.

"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”

Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.

He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.