• A woman casts her ballot at a polling station during the first round of Egypt's parliamentary elections in Giza, Egypt. EPA
    A woman casts her ballot at a polling station during the first round of Egypt's parliamentary elections in Giza, Egypt. EPA
  • A man casts his ballot at a polling station in El Ayyat, south of the Egyptian capital, during the first stage of the lower house elections. AFP
    A man casts his ballot at a polling station in El Ayyat, south of the Egyptian capital, during the first stage of the lower house elections. AFP
  • A voter holds his identification card and face mask as he enters a polling station in El Ayyat, south of the Egyptian capital, during the first stage of the lower house elections. AFP
    A voter holds his identification card and face mask as he enters a polling station in El Ayyat, south of the Egyptian capital, during the first stage of the lower house elections. AFP
  • A man flashes the victory sign while riding a donkey outside a polling station in El Ayyat during the first stage of Egypt's lower house elections. AFP
    A man flashes the victory sign while riding a donkey outside a polling station in El Ayyat during the first stage of Egypt's lower house elections. AFP
  • Woman voters, some mask-clad due to the Covid-19 coronavirus pandemic, wait before entering a polling station in El Ayyat, south of the Egyptian capital, during the first stage of the lower house elections. AFP
    Woman voters, some mask-clad due to the Covid-19 coronavirus pandemic, wait before entering a polling station in El Ayyat, south of the Egyptian capital, during the first stage of the lower house elections. AFP
  • A woman casts her ballot at a polling station in El Ayyat, south of the Egyptian capital, during the first stage of the lower house elections. AFP
    A woman casts her ballot at a polling station in El Ayyat, south of the Egyptian capital, during the first stage of the lower house elections. AFP
  • A man shows his identification card to a policeman as he arrives to vote at a polling station in El Ayyat, south of the Egyptian capital, during the first stage of the lower house elections. AFP
    A man shows his identification card to a policeman as he arrives to vote at a polling station in El Ayyat, south of the Egyptian capital, during the first stage of the lower house elections. AFP
  • A voter casts his ballot at a polling station in Esna, about 55 kilometres south of Egypt's southern city of Luxor, during the first stage of the lower house elections. AFP
    A voter casts his ballot at a polling station in Esna, about 55 kilometres south of Egypt's southern city of Luxor, during the first stage of the lower house elections. AFP
  • A woman voter casts her ballot at a polling station in Esna, about 55 kilometres south of Egypt's southern city of Luxor, during the first stage of the lower house elections. AFP
    A woman voter casts her ballot at a polling station in Esna, about 55 kilometres south of Egypt's southern city of Luxor, during the first stage of the lower house elections. AFP
  • A woman walks out of a polling station past policemen in Esna, about 55 kilometres south of Egypt's southern city of Luxor, during the first stage of the lower house elections. AFP
    A woman walks out of a polling station past policemen in Esna, about 55 kilometres south of Egypt's southern city of Luxor, during the first stage of the lower house elections. AFP

Only 28 per cent of Egypt’s electorate turn out to vote in first phase of elections


Hamza Hendawi
  • English
  • Arabic

Egypt said on Sunday that turnout in last month’s first phase of a staggered parliamentary election stood at 28.06 per cent, a relatively modest figure that could be a reflection of enduring apathy by voters in the most populous Arab nation.

Like its predecessor, the new 598-seat chamber was virtually certain to be dominated by supporters of President Abdel Fattah El Sisi, a career army general who was first elected in 2014 with a promise of stability and improved economy after the years of turmoil following a popular uprising in 2011. The outgoing house offered the government near unconditional support as it pursued a massive drive to overhaul the economy and embarked on a construction frenzy, including more than 12 new cities.

Official figures released on Sunday by the state electoral commission showed only 9.07 million of the 31.71 million Egyptians eligible to vote in the first phase cast their ballots in the October 24-25 vote at home and October 21, 22 and 23 for expatriate Egyptians. Of the cast ballots, at least one million were invalid, according to the commission’s figures. Egypt’s registered voters number a total of 63 million.

No reason was given by the commission for the relatively high number of invalid votes, which could be attributed to a number of reasons, including the complexity of the process or a show of protest.

“The elections for the House of Representatives were held amid extremely difficult circumstances in our world due to the coronavirus epidemic,” said the commission in a statement. “But despite all that, the glorious people of Egypt capably pulled through to show the world that they are able to confront these difficulties regardless of the cost and they went out and cast their ballots in a free election.”

Last month’s balloting took place in 14 of the country’s 27 provinces, including the Mediterranean city of Alexandria, Egypt’s second largest, and the Giza section of Greater Cairo, the Egyptian capital. Voting in the remainder of the country will take place later this month, with expatriate voters casting their ballots on November 4, 5 and 6, while those at home will follow on November 7 and 8.

Final results will be announced in December.

The parliamentary election is the third nationwide vote to take place in Egypt in less than two years. The 28.06 percent turnout in its first phase is about twice the nationwide turnout when elections for a toothless upper chamber, the House of Senators, were held in August. A referendum on a host of constitutional amendments held in April 2019 had a turnout of about 45 per cent.

The amendments allow President El Sisi to stay in office for another 10 years if he chooses to seek re-election in 2024, give the military a supreme political role and the president more control of the judiciary. Parliament’s upper house has also been restored after it was repealed by the 2014 constitution.

A total of 596 deputies sit in the Egyptian parliament, including 28 handpicked by the president. Women will have a 25 per cent quota in the chamber, which will have a five-year term. Half of the remaining 568 seats are elected from candidates contesting the vote as members of “closed lists”, while the other half are either party or independent candidates.

The National List for Egypt’s Sake, a coalition of pro-government parties, was expected to win most or all 284 seats allotted to closed lists. Pro-government party candidates are also expected to win the overwhelming majority of the other 284 seats, with opposition candidates likely to win a small number of seats that mirrors their modest representations in the outgoing chamber.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

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Scoreline

Australia 2-1 Thailand

Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'

Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

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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UAE players with central contracts

Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.

Manchester City (0) v Liverpool (3)

Uefa Champions League, quarter-final, second leg

Where: Etihad Stadium
When: Tuesday, 10.45pm
Live on beIN Sports HD

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