TEL AVIV // Israeli officials yesterday appeared anything but jubilant over the resignation of the Egyptian president, Hosni Mubarak.
For Israel, Mr Mubarak has symbolised the stable relationship that the country has maintained with Egypt, with which it had fought four bitter wars, since clinching a historic peace agreement in 1979 - Israel's first with an Arab state.
Israel has reacted cautiously to the news, with Benjamin Netanyahu, the Israeli prime minister, ordering his cabinet ministers to refrain from publicly commenting on Mr Mubarak's fall from power.
Former top Israeli officials were more open about Israel's concerns.
Zvi Mazel, the former Israeli ambassador to Egypt, predicted a downgrade in Egypt's regional status and a new hostility that would have to be faced by Israel.
"It's over - Egypt is no longer a regional superpower. Egypt has completely lost its standing in the Middle East, while Turkey and Iran are gaining power," he said. "Strategically, Israel remains in a hostile situation. There is no one to lead the pragmatic and moderate countries in the region."
Benjamin Ben-Eliezer, a former Israeli defence minister who has been in close touch with Mr Mubarak for years, told Israeli media that he had a 20-minute conversation with Mr Mubarak on Friday, in which the Egyptian leader warned that his country's regime might be taken over by Islamists.
Mr Ben-Eliezer, a member of the centrist Labor party who has served in various Israeli coalition governments, said in reference to Mr Mubarak: "He gave me a lesson in democracy and said: 'We see the democracy the United States spearheaded in Iran and with Hamas, in Gaza, and that's the fate of the Middle East. They may be talking about democracy but they don't know what they are talking about and the result will be extremism and radical Islam."
Israeli officials fear their country may no longer have Egypt as its best friend in the Middle East. Indeed, in the past few years, the alliance with Egypt has tightened as relations with Jordan, the only other Arab country at peace with Israel, have cooled amid Jordanian criticism of Israel's approach towards Palestinians. Turkey, a former close ally of Israel, has also distanced itself from the country after Israel's three-week onslaught in the Gaza Strip more than two years ago.
The governments of both countries have developed a close relationship since the peace pact was clinched, especially in co-ordinating security issues. Last week, secret memos leaked to the whistleblower website WikiLeaks from the US embassies in Tel Aviv and Cairo showed that the two countries had co-ordinated their decisions on the Israeli-Palestinian peace process, arms smuggling into Hamas-ruled Gaza and Iran's nuclear ambitions. Israel also relies on Egyptian natural gas supply to fulfil about 40 per cent of its electricity needs.
Israeli officials are also worried that the upcoming changes in Egypt could mirror those that took place in 1979 in Iran, where the revolution that year replaced a pro-American shah with a theocratic Islamic republic that Israel now considers its arch enemy.
Indeed, Israeli officials appear to have little sympathy for the democratic aspirations of citizens in Arab states. As Gabi Ashkenazi, the outgoing Israeli army chief, was quoted by Israeli media as saying last week: "In the Middle East, stability is preferable to democracy."
In a possible bid to allay Israeli fears, Admiral Mike Mullen, the senior military adviser of the US president, Barack Obama, is scheduled to arrive in Tel Aviv today to hold talks with Israeli officials, including Mr Netanyahu and President Shimon Peres, on the co-ordination of a new approach towards Egypt. Admiral Mullen, the chairman of the joint chiefs of staff, is also scheduled to stop in Amman for meetings with Jordanian officials today, including King Abdullah II.
Palestinian officials in the West Bank, in possible anticipation of calls for democratic reform among Palestinians after the Egyptian protests, yesterday announced that presidential and legislative elections would be held by September. The vote had been put off since last year amid a split between the Palestinian Authority in the West Bank, dominated by the secular Fatah movement, and the government in the Gaza Strip, run by the Islamist group Hamas. However, Hamas said yesterday that it would not participate.
In Gaza, jubilation erupted with the resignation of Mr Mubarak, with thousands of people filling the streets, shooting in the air and beeping car horns, Agence France-Presse reported.
The celebration suggested that Hamas expected the new Egyptian regime to become more lenient towards the enclave's Islamist rulers. The Hamas spokesman, Sami Abu Zuhri, called on Egypt's new leaders to immediately open the Rafah terminal between Gaza and Egypt, which has been closed since January.
foreign.desk@thenational.ae
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.”
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
EA Sports FC 24
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The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Company%20profile
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The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight Championship AJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
Zayed Sustainability Prize
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
The%20Crown%20season%205
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Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
The permutations for UAE going to the 2018 World Cup finals
To qualify automatically
UAE must beat Iraq.
Australia must lose in Japan and at home to Thailand, with their losing margins and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
To finish third and go into a play-off with the other third-placed AFC side for a chance to reach the inter-confederation play-off match
UAE must beat Iraq.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.