A voter inspects a list of candidates before voting in the Shubra neighbourhood of Cairo yesterday.
A voter inspects a list of candidates before voting in the Shubra neighbourhood of Cairo yesterday.

Egyptians extol the 'best elections in 60 years'



CAIRO // The sense yesterday was that Egypt, for the first time, was holding credible elections.

In orderly lines, citizens waited patiently to cast their vote in the first poll since demonstrations and clashes with security forces led Hosni Mubarak, the president for nearly three decades, to step down in February.

"I came because it's time for a better Egypt," said Al Shaimaa Mohammed Seifiddin, 34, a music teacher waiting outside a polling station in Sayeda Zeinab. "It's important that a person feels they have a voice ... I feel like an Egyptian, a human in a democracy."

The elections for the 498-seat People's Assembly, parliament's lower chamber, came after violence flared last week in Tahrir Square as protesters demanded the military caretaker government cede power to civilian rule. At least 43 people died and 2,000 were injured.

"So far, it is the best election that Egypt has witnessed in the last 60 years," said Saad Eddin Ibrahim, the Egyptian-American sociologist leading a group of 9,000 election observers across the country under the guidance of the Ibn Khaldun Centre for Studies and Research. "There is a very impressive turnout and equally impressive is how people are behaving in a very civil way."

There were several incidents of ballot papers being unstamped and parliamentary candidate names missing, but Mr Ibrahim said that the Higher Electoral Commission was quick to right any errors. Each voting station was overseen by a judge, some of whom ordered hours of voting at their stations to be extended in cases where voting had a delayed start or where errors were found.

After standing in long queues in Cairo, Alexandria and a handful of rural governorates, Egyptians placed votes for political parties and individual candidates in the first of three rounds of elections that will see the whole country vote by mid-January. The same process will begin for the upper house, or Shura Council, in January.

Results for the People's Assembly will be announced by January 13, but individual candidate winners, comprising one third of the seats, will be announced as results are tallied in the weeks to come.

Last year's parliamentary elections were riven with accusations of deliberate miscounting and intimidation.

"Before the revolution, if I didn't come to vote, my name would still appear on the votes for the National Democratic Party," said Esmat Mansour, a manager at the InterContinental Hotel in Abu Dhabi who returned to Cairo to vote.

The NDP, now banned, was the political party of Mr Mubarak.

“Now, I know my vote is being counted correctly,” Mr Mansour said.

The streets of the country were festooned with campaign banners and political organisers rushed to hand out pamphlets urging voters to choose their candidates and parties.

By far, the most organised party in yesterday’s elections was the Freedom and Justice Party, which is controlled by the Muslim Brotherhood and forecast to win at least 40 per cent of the seats.

Representatives from the party, wearing yellow vests with the party’s logo, set up laptop kiosks at voting stations across the country to help citizens figure out at which station they were to vote.

While voters who were asked yesterday said the Freedom and Justice Party had broad support, many also said they were choosing candidates based on their organisation and commitment to improving the country.

“We want the revolution to achieve its goals,” said Hani Fawzi, 49, a scriptwriter waiting outside the voting station in the Shubra Masry neighbourhood.

“If we didn’t come, a large number of seats would go to people who do not want to achieve these demands.”

Some also saw the chance to vote for the potential implementation of a stricter interpretation of Islamic law.

Outside the Sayeda Zeinab mosque in central Cairo, Mahmoud Farouk, 65, said he had voted for candidates from the Salafist Al Noor Party to ensure Egypt would be governed according to Sharia law.

Salafism is an ultraconservative strain of Islam that is practised in Saudi Arabia and has a growing following in some other Muslim countries.

“It doesn’t mean we will be Iran,” Mr Farouk said. “But we must apply Allah’s law.”

The first day of elections came as protesters continued to occupy Tahrir Square in a bid to pressure the Supreme Council of the Armed Forces (Scaf) to hand control of the country to a civilian leadership.

The generals in charge of Scaf conceded in the days before the election to appointing a new prime minister and holding presidential elections next June, but many saw this as half-hearted and were pushing for more changes.

Several protesters said they would boycott the parliament elections because they were “illegitimate”.

Hisham Kassem, a former publisher of Egypt’s largest, independent newspaper, Al Masry Al Youm, said that some Egyptians had rejected the attempts by Tahrir Square protesters to influence the country without a popular mandate.

“This is the end of Tahrir today,” he said. “The [protesters] that are trying to hijack political will … now they are a minority.”

While Egyptians were “novices” at transparent and credible elections, Mr Kassem said the important thing yesterday was the turnout.

“This is a vote of confidence,” Mr Kassem said.

bhope@thenational.ae

* With additional reporting by Farah Halime and Zaineb Al Hassani in Cairo and Erin Cunningham in Alexandria

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

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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Trippier bio

Date of birth September 19, 1990

Place of birth Bury, United Kingdom

Age 26

Height 1.74 metres

Nationality England

Position Right-back

Foot Right

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Countries offering golden visas

UK
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Tentative schedule of 2017/18 Ashes series

1st Test November 23-27, The Gabba, Brisbane

2nd Test December 2-6, Adelaide Oval, Adelaide

3rd Test Dcember 14-18, Waca, Perth

4th Test December 26-30, Melbourne Cricket Ground, Melbourne

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Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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Flying

Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.

 

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Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com 

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars