CAIRO // In Heliopolis, an upmarket district of Cairo, deposed president Hosni Mubarak had his villa, his presidential palace and his personal polling station.
This latter place, a public girls' school seared into the collective memory of Egyptians, is now being used by voters in the first election since the fall of the former autocratic.
What was once a backdrop for his charade of democracy is now being used by locals who feel they finally have a stake in the future of their country.
"This office was reserved for Mubarak and his clique," said Mustafa Ahmed, an official from the information ministry, as he pointed to the Girls' School of Heliopolis guarded by four soldiers.
"The roads used to be shut and they used to roll out the red carpet... all for a big show," he said, adding with pride that he had voted for the first time in his life on Monday at the age of 58. "Before, like 90 per cent of the people in Heliopolis, I used to abstain from voting because everyone knew what the result would be," he said.
Mr Mubarak, a former military officer who came to power in 1981, survived 10 attempts on his life during his rule that was maintained through widespread vote-rigging and repression.
The first election since his toppling in February began on Monday in the main cities of Cairo and Alexandria, as well as a handful of other districts, in a peaceful and orderly opening to multi-stage parliamentary polls.
"When I used to see him voting, I'd change channels. It was a complete act," said Medhat, a 49-year-old engineer who voted at the school on Monday.
After Mr Mubarak's fall and the start of his trial for corruption and killing protesters, casting a vote in his former ballot box feels like revenge for many Egyptians.
"He used to say that Egyptians weren't ready for democracy. Here's the proof he was wrong," said Mohammed, a 23-year employee at a bank, pointing to the long queues of people waiting to vote on Monday.
"Before he used to insult our intelligence. We all knew that the people from the NDP [Mubarak's party] were going to win," said Yasser Abdel Wahab, an engineer who voted for the first time.
"All that is in the past now. Today at least there is a bit of suspense, even though the Muslim Brotherhood think they're going to win," he said, referring to the moderate Islamist party banned by Mr Mubarak.
"There won't be another president elected with 99.99 per cent. It's an era of pluralism now," he added.
Nothing in the school offers a reminder of the old regime, but the bustling polling booth is a symbol of the changes of 2011, unimaginable by most this time last year when parliamentary elections were held.
"This place is a disgrace," said Khadiga, 23, a graphic designer, as she left Heliopolis Girls' School. "I'm sad to have voted in the same place as him.
"We didn't used to know when there were elections. We realised after when we read about it in the newspaper or saw footage on television," she said.
Mubarak is in a military hospital where he is being treated for a heart condition, according to the interim government. His lawyer has also claimed he has cancer.
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John Zubrzycki, Hurst Publishers
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
HAJJAN
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UAE currency: the story behind the money in your pockets
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
New Zealand 21 British & Irish Lions 24
New Zealand
Penalties: Barrett (7)
British & Irish Lions
Tries: Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
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Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT)
Tuesday
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Spartak Moscow v Sevilla
Feyenoord v Shakhtar Donetsk
Manchester City v Napoli
Monaco v Besiktas
RB Leipzig v Porto
Apoel Nicosia v Borussia Dortmund
Real Madrid v Tottenham Hotspur
Wednesday
Benfica v Manchester United
CSKA Moscow v Basel
Bayern Munich v Celtic
Anderlecht v Paris Saint-Germain
Qarabag v Atletico Madrid
Chelsea v Roma
Barcelona v Olympiakos
Juventus v Sporting Lisbon
<html><head><meta http-equiv="Content-Type" content="text/html" charset="UTF-8" /></head><body><!--PSTYLE=* Labels%3aFH Label 18 Sport--><p>Beach soccer</p><!--PSTYLE=BY Byline--><p>Amith Passela</p><p /></body></html>
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
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.”
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