An image grab taken from a handout video released by the official Facebook page of Egypt's Military Spokesman on December 8, 2020 shows an Egyptian army pickup trucks and humvees (High Mobility Multipurpose Wheeled Vehicles - HMMWVs) driving in the desert. Residents of Egypt's restive North Sinai region ran for their lives when an Islamic State group affiliate occupied their villages. Now, they are returning to find their homes booby-trapped. The IED attacks that have multiplied in the vast, remote and sparsely populated region which authorities have declared off-limits to journalists recall those the IS launched to sow terror in Iraq and Syria. - RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / EGYPTIAN DEFENCE MINISTRY" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS / AFP / EGYPTIAN DEFENCE MINISTRY / - / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / EGYPTIAN DEFENCE MINISTRY" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS
An image grab taken from a handout video released by the official Facebook page of Egypt's Military Spokesman on December 8, 2020 shows an Egyptian army pickup trucks and humvees (High Mobility Multipurpose Wheeled Vehicles - HMMWVs) driving in the desert. Residents of Egypt's restive North Sinai region ran for their lives when an Islamic State group affiliate occupied their villages. Now, they are returning to find their homes booby-trapped. The IED attacks that have multiplied in the vast, remote and sparsely populated region which authorities have declared off-limits to journalists recall those the IS launched to sow terror in Iraq and Syria. - RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / EGYPTIAN DEFENCE MINISTRY" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS / AFP / EGYPTIAN DEFENCE MINISTRY / - / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / EGYPTIAN DEFENCE MINISTRY" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS
An image grab taken from a handout video released by the official Facebook page of Egypt's Military Spokesman on December 8, 2020 shows an Egyptian army pickup trucks and humvees (High Mobility Multipurpose Wheeled Vehicles - HMMWVs) driving in the desert. Residents of Egypt's restive North Sinai region ran for their lives when an Islamic State group affiliate occupied their villages. Now, they are returning to find their homes booby-trapped. The IED attacks that have multiplied in the vast, remote and sparsely populated region which authorities have declared off-limits to journalists recall those the IS launched to sow terror in Iraq and Syria. - RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / EGYPTIAN DEFENCE MINISTRY" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS / AFP / EGYPTIAN DEFENCE MINISTRY / - / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / EGYPTIAN DEFENCE MINISTRY" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS
An image grab taken from a handout video released by the official Facebook page of Egypt's Military Spokesman on December 8, 2020 shows an Egyptian army pickup trucks and humvees (High Mobility Multip

In pictures: Egyptian military's ongoing battle with ISIS in Sinai


Hamza Hendawi
  • English
  • Arabic

Egypt’s military says its troops killed at least 40 militants in the tense northern region of the Sinai Peninsula in the past three months.

It said troops also raided and destroyed 437 hideouts, ammunition and explosives depots belonging to militants fighting government forces under the banner of ISIS. It said six explosives-laden, all-terrain vehicles were destroyed during that period.

Additionally, it said 159 roadside bombs were detected and safely detonated along with 32 motorcycles used by the militants.

Of the militants killed, 15 were shot dead during commando raids. Twelve others were detained.

Egyptian security forces have for years been battling militants in the Sinai Peninsula. The enduring insurgency in the mountainous region bordering Israel and the Gaza Strip gained momentum after the removal by the military in 2013 of Islamist president Mohammed Morsi with a series of high-profile terrorist attacks in Sinai and the mainland shaking the nation of more than 100 million people.

But security forces have, over the years, prevented the militants from holding on to any significant territory as their counterparts in Iraq and Syria once did.

Stepped-up operations, moreover, have significantly reduced the number and deadliness of attacks in the past two years.

The military's statement, issued on Tuesday, included mentions of operations in Egypt’s mostly desert western region bordering Libya, where militant groups are based in the North African nation’s eastern region.

It said the air force, with help from border guards, destroyed 21 all-terrain vehicles as they tried to cross the border into Egypt while laden with explosives and weapons.

Libya-based militants have in the past crossed the border to wage deadly attacks against security forces and Christian pilgrims heading to remote desert monasteries.

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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 Little Things

Directed by: John Lee Hancock

Starring: Denzel Washington, Rami Malek, Jared Leto

Four stars

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks'%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A
How Beautiful this world is!
Skoda Superb Specs

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UAE currency: the story behind the money in your pockets
THE BIO

Favourite author - Paulo Coelho 

Favourite holiday destination - Cuba 

New York Times or Jordan Times? NYT is a school and JT was my practice field

Role model - My Grandfather 

Dream interviewee - Che Guevara

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
ON%20TRACK
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Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5