gyptians demand the military relinquishes its power in a protest in Cairo yesterday.
gyptians demand the military relinquishes its power in a protest in Cairo yesterday.

New Egypt takes shape as Islamists win at polls



CAIRO // Islamist parties captured an overwhelming majority of votes in the first round of Egypt's parliamentary elections, setting up a power struggle with the weaker liberals.

A hardline religious group that wants to impose strict Islamic law made a strong showing with nearly a quarter of the ballots, according to results released yesterday.

The tallies offer only a partial indication of how the new parliament will look. There are still two more rounds of voting in 18 of the country's 27 provinces over the coming month and run-off elections today and Tuesday. But the grip of the Islamists over the next parliament appears set, particularly considering their popularity in provinces voting in the next rounds.

The High Election Commission said the Muslim Brotherhood's Freedom and Justice Party garnered 36.6 percent of the 9.7 million valid ballots cast for party lists. The Nour Party, a more hardline Islamist group, captured 24.4 percent.

The strong Islamist showing worries liberal parties, and even some religious parties, who fear the two groups would work together to push a religious agenda. It has also left many of the youthful activists behind the uprising that toppled Mubarak in February feeling that their revolution has been hijacked.

Since Hosni Mubarak's fall, the groups that led the uprising and Islamists have been locked in a fight over the country's new constitution. The new parliament will be tasked, in theory, with selecting a 100-member panel to draft the new constitution.

To add to tensions, the ruling military council that took over from Mr Mubarak has suggested it will choose 80 of those members, and said parliament will have no say in naming a new government.

"The conflict will be over the soul of Egypt," said Nabil Abdel-Fattah, a researcher at the state-sponsored Al Ahram Centre for Political and Strategic Studies, calling the new parliament "transitional" with a "very conservative Islamic" outlook.

The Brotherhood has emerged as the most organised political force in these elections. The party has positioned itself as a moderate party that wants to implement Islamic law without sacrificing personal freedoms, and has said it will not seek an alliance with the more radical Nour party.

The ultraconservative Salafis, who dominate the Nour Party are newcomers to the political scene. They had previously frowned upon involvement in politics and shunned elections. They espouse a strict interpretation of Islam similar to that of Saudi Arabia, where the sexes are segregated and women must be veiled and are barred from driving. Its members say laws contradicting religion cannot be passed.

Egypt already uses or Sharia as the basis for legislation. However, laws remain largely secular as Sharia does not cover all aspects of modern life.

If the Muslim Brotherhood chooses not to form an alliance with the Salafis, the liberal Egyptian Bloc - which came in third with 13.4 percent of the votes - could counterbalance hardline elements.

Turnout of around 60 per cent was the highest in living memory as few participated in the heavily rigged votes under Mr Mubarak.

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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Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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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.”

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

Chinese Grand Prix schedule (in UAE time)

Friday: First practice - 6am; Second practice - 10am

Saturday: Final practice - 7am; Qualifying - 10am

Sunday: Chinese Grand Prix - 10.10am

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

Wallabies

Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.

Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.

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Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

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UAE currency: the story behind the money in your pockets
Brief scores:

Manchester City 3

Bernardo Silva 16', Sterling 57', Gundogan 79'

Bournemouth 1

Wilson 44'

Man of the match: Leroy Sane (Manchester City)