Haters of Egypt exploit Gaza crisis



Egypt's pro-government Al Ahram daily ran an opinion piece by Morsi Atallah saying "the haters of Egypt" are competing to exploit the suffering of the Palestinians in the Gaza Strip to attack Egypt, while ignoring those who are really responsible on the Palestinian scene and in Israel. "These voices of hatred are intentionally disregarding the fact that it is in Egypt's strategic interest to see stability in the Gaza Strip in order to reach a just and comprehensive peace that will restore the Palestinian people's legitimate rights," he wrote.

"Egypt, which is currently exerting massive efforts to support the Palestinian cause at the international level, is the same Egypt which previously gave its wealth and the blood of its sons under the banners of war and armed struggle to liberate its land." What it has done - whether through peace or through war - has stemmed from its wish to reach a just, comprehensive and permanent peace.

Saudi Arabia's pro-government Al Watan daily carried an opinion piece by Abdullah Nasser al Fawzan saying Oil Minister al Nueimi had given a couple of statements on the Kingdom's plans to develop its oil facilities after oil prices dropped. "I was surprised to hear the statement of our oil minister who said that the global crisis will not affect the Kingdom's plans to increase its production," he wrote.

The Kingdom will continue to raise the production levels to reach the targeted ceiling in accordance with programmes set out before the crisis, the minister also said. "What is the message he wanted to deliver and to whom?" al Fawzan asked, calling the statements "odd". "These statements will negatively affect the prices, so why would we issue statements harming our interests? Why would we produce more oil since that would lead to a decrease in prices?"

Syria's state-controlled Al Watan daily ran a report by Alwan Amineddin about Russia's donation of fighter planes to Lebanon last week. "Diplomatic sources wondered: 'Why does the Lebanese army need attack-fighter aircraft, knowing that its role is limited to playing the policeman on the domestic scene?'" If the goal is to allow Lebanon to confront Israel, the Russian deal looks "pathetic in the face of the hostile arsenal", he reported.

"If the goal is to enhance the army's role in the face of terrorism, this does not require aircraft but the enhancement of the intelligence and special combative capabilities," the sources added. Some observers saw the Russian donation as being in line with their "deep wish to activate any international presence, other than the American one, on the Lebanese arena, to restore the lost balance and therefore thwart Washington's permanent attempts to monopolise Lebanon."

Muhammad al Dalal, a regular columnist for Kuwait's independent newspaper Al Rai al Aam, wrote about the formation of the new Kuwaiti government, expected within a few days. "Many Kuwaitis share my opinion that reforming the government is not a solution to the recurring political crises, but more akin to a sedative that soon wears off and allows the real ailment to resurface," he wrote.

"It is unacceptable that we should continue in this manner with temporary solutions with unknown repercussions, such as dissolving the parliament and calling for new elections, because these solutions are no better than forming the government over and over again. We are all responsible for finding the cure because Kuwait is the responsibility of all Kuwaitis, from the ruling family to the government, parliament and citizens."

* Compiled by Mideastdigest.com

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

Company profile

Name: Fruitful Day

Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie

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Pakistan v New Zealand Test series

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New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner

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Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am

CABINET OF CURIOSITIES EPISODE 1: LOT 36

Director: Guillermo del Toro
Stars: Tim Blake Nelson, Sebastian Roche, Elpidia Carrillo
Rating: 4/5

Country-size land deals

US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:

Louisiana Purchase

If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.

Florida Purchase Treaty

The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty. 

Alaska purchase

America's spending spree continued in 1867 when it acquired 1,518,800 km2 of  Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".

The Philippines

At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million. 

US Virgin Islands

It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.

Gwadar

The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees. 

1971: The Year The Music Changed Everything

Director: Asif Kapadia

4/5

The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
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MATCH INFO

Newcastle United 2 (Willems 25', Shelvey 88')

Manchester City 2 (Sterling 22', De Bruyne 82')

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

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if you go

The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to ­Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/

LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

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MATCH INFO

Bangla Tigers 108-5 (10 ovs)

Ingram 37, Rossouw 26, Pretorius 2-10

Deccan Gladiators 109-4 (9.5 ovs)

Watson 41, Devcich 27, Wiese 2-15

Gladiators win by six wickets

Joy Ride

Director: Adele Lim
Stars: Ashley Park, Sherry Cola, Stephanie Hsu, Sabrina Wu
Rating: 4/5

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

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Ferrari

Director: Michael Mann

Starring: Adam Driver, Penelope Cruz, Shailene Woodley, Patrick Dempsey

Rating: 3/5

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

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.”

A Prayer Before Dawn

Director: Jean-Stephane Sauvaire

Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai

Three stars

The Year Earth Changed

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Narrated by: Sir David Attenborough

Stars: 4

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