CAIRO // At least 11 civilians were killed and more than 100 wounded yesterday in early-morning clashes in Cairo.
A gang of men alleged to be paid thugs attacked a group of protesters who had been camping for several days outside of the ministry of defence in Cairo's Abbaseya district.
The initial attack began around 1am with bloody battles continuing on and off until midmorning.
Police and military forces deployed in the early afternoon, bringing calm to the area more than 12 hours after the clashes began.
There appeared to be widespread use of firearms. Tarek Shalaby, a Cairo activist who visited the scene yesterday at dawn during one of the lulls in the violence, said he saw "so much blood splattered everywhere" and empty shell casings littering the ground.
The identity of the attackers remains a subject of intense speculation. Several protesters said they were either plain-clothed security officers or paid thugs, but their claims could not be verified.
The sit-in outside the defence ministry began on Friday evening, when supporters of the ultraconservative Salafist politician Hazem Abou Ismail protested at his disqualification from the presidential race on the ground that his late mother had US citizenship.
Almost immediately, the protest encampment ran into trouble. A smaller assault on Saturday, again by unidentified attackers, left one protester dead and dozens injured.
In response to that violence, many Egyptian activists rallied to the cause. They turned the Abbaseya sit-in into wider protest against the Supreme Council of the Armed Forces (Scaf), the senior generals who have run the country since Hosni Mubarak was forced out of power by a popular uprising last February.
Since assuming power, the Scaf has gradually alienated most of the country's political forces. Mr Shalaby said that by yesterday the Abou Ismail supporters in Abbaseya numbered about 30 per cent of the protesters, with the rest being hardcore anti-Scaf activists.
In the past few weeks large Friday protests in Tahrir Square have resumed, with protesters demanding that the Scaf stick to its promise to cede executive power by June 30, once Egypt's first post-Mubarak presidential elections are concluded. Egyptians are scheduled to vote on May 23-24, with runoffs, if necessary, set for mid-June and a winner to be announced on June 21.
Campaigns are in full swing with the former foreign minister Amr Moussa, the moderate Islamist Abdel Moneim Aboul Fotouh and the Muslim Brotherhood candidate Mohammed Moursi regarded as the front-runners.
Yesterday's violence prompted Mr Aboul Fotouh and Mr Moursi to announce a temporary suspension of their campaigns in protest.
"We hold the Scaf and the security forces fully responsible for the protection of the protesters," said Yehia Ahmed, a spokesman for Mr Moursi's Freedom and Justice Party.
Tonight's highly anticipated televised presidential debate, the first of its kind in Egypt, was postponed until next week. And a meeting scheduled for yesterday between the Scaf and political party leaders to discuss ways to restart the process of drafting a new constitution fell apart when more than half the party representatives boycotted in protest.
Yehia Ahmed, a spokesman for Mr Moursi's campaign, said there were "looming rumours that the Scaf is leaning toward delaying the elections".
Even before the latest violence broke out, Mr Moursi warned in a Tuesday night rally that 30 million people would take to the streets if the Scaf didn't hand over power on June 30.
Nevertheless, Egypt has already proven proficient at holding reasonably successful elections amid continuing outbreaks of violence. Last winter, the Scaf oversaw complex multiround parliamentary elections that had a robust voter turnout and were generally regarded as legitimate. Violent clashes broke out in Tahrir square a week before the first round of the regionally staggered votes, and then again in between the first and second round.
In a possible attempt to allay those fears, state media reported yesterday afternoon that the Scaf was considering handing over power immediately after the May 23-24 vote, provided there is a clear-cut winner and no run-off is necessary.
foreign.desk@thenational.ae
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
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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.”
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