CAIRO // Whatever happens in tomorrow's national referendum on a package of proposed amendments to the Egyptian constitution, the vote will already be making a bit of history.
For the first time in living memory, Egyptians will hold a national vote uncertain of how it will turn out. To a people long accustomed to stage-managed elections where the result was never in doubt, the process is unsettling.
There is another reason for apprehension. Tomorrow's vote marks the point where, officially at least, Egyptian politics becomes complicated.
Until now, most of Egypt enjoyed the stark and unifying simplicity of the revolution, in which a diverse collection of political forces was able to rally around a one-sentence common cause: President Hosni Mubarak and his regime must go.
Now that Mr Mubarak and his police state have fallen, Egyptians face the daunting and complicated task of rebuilding their government and society. The referendum represents the first step in that transition - and just how long that rebuilding should take seems to be the primary philosophical dividing line in people's feelings towards the proposed amendment package.
Egyptian media has been dominated for the past week by a vigorous back-and-forth debate over the amendments. Given the primitive state of Egyptian polling, it is difficult to predict just which way the vote will go. One poll, conducted by the government-run Information Support Centre, found that 59 per cent of those questioned would reject the amendments.
On the surface, the eight amendments formulated by a military-appointed commission of legal scholars, satisfy many of the basic demands of the protesters who brought the old regime down. The proposed changes to the 1971 constitution would establish presidential limits of two four-year terms, eliminate obstacles to forming political parties and launching independent presidential campaigns, limit the once-dominant powers of the executive branch and make it much harder for future rulers to declare martial law.
Those changes are generally agreed upon by all Egyptian political actors. But there are more controversial amendments as well, including changes that would block anyone holding dual citizenship or married to a foreign citizen from becoming president.
The primary demarcation line between the pro and anti-amendment camps seems to be one of timing. Proponents of the amendments seek the fastest possible transition from military to civilian rule, ending the transitional reign of the Supreme Armed Forces Council and ushering the generals back to their barracks. The longer military rule continues, they argue, the greater threat of renewed public revolt or unrest.
"I want to see a completely new constitution eventually, but right now my priority is ending the rule of the generals," said Ahmed Atallah, 34, an electrician. "Once we have a democratically elected president and parliament, then we can revisit the constitutional file and really take our time."
Opponents of the amendments claim the whole process is happening too fast and say they are willing to endure a longer period of transitional military rule to give time for a complete rewriting of the constitution. "The 1971 constitution fell in the revolution. It has no legitimacy," said Mohammed Salah, a young activist speaking this week at a press conference called by a coalition of secular activist groups that were instrumental in the revolution. "The people want a completely new constitution."
The prospective presidential candidate, Mohammed ElBaradei, has added his voice to those of the dissenters, saying in a long televised interview that the proposed changes were "superficial" and that simply grafting changes onto the existing constitution would be "an insult to the revolution". Mr ElBaradei's presumptive presidential rival, the Arab League chief Amr Moussa, has also come out against the amendments.
The only significant political player that has endorsed the changes is the Muslim Brotherhood, a development that essentially turns the referendum into a test of the venerable Islamist group's street power. Flyers distributed throughout Egypt by the Brotherhood are notably short on the usual religious references, but urge its followers to vote yes "for the sake of Egypt's stability".
Critics of the group charge that the Brotherhood is trying to fast-track the country towards parliamentary elections in September, where its existing grassroots machine would give it a significant advantage before newer political forces have a chance to solidify and organise themselves.
The Brotherhood has worked closely with the Supreme Armed Forces Council since Mr Mubarak's departure, sparking fears in some circles of a nascent Brotherhood-military axis. A former Brotherhood parliamentarian served on the commission that drafted the amendments, and the group was headed by a prominent judge who is viewed as close to the Islamists.
Whatever the outcome, perhaps the most encouraging aspect of the feisty amendment debate is that nobody is pushing for a boycott. It is difficult to see anything but good in Egyptians peacefully and passionately disagreeing about the future of their country.
foreign.desk@thenational.ae
UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Jawan
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The%20US%20Congress%20explained
%3Cp%3E-%20Congress%20is%20one%20of%20three%20branches%20of%20the%20US%20government%2C%20and%20the%20one%20that%20creates%20the%20nation's%20federal%20laws%3C%2Fp%3E%0A%3Cp%3E-%20Congress%20is%20divided%20into%20two%20chambers%3A%20The%20House%20of%20Representatives%20and%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%C2%A0The%20House%20is%20made%20up%20of%20435%20members%20based%20on%20a%20state's%20population.%20House%20members%20are%20up%20for%20election%20every%20two%20years%3C%2Fp%3E%0A%3Cp%3E-%20A%20bill%20must%20be%20approved%20by%20both%20the%20House%20and%20Senate%20before%20it%20goes%20to%20the%20president's%20desk%20for%20signature%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%20218%20seats%20to%20be%20in%20control%20of%20the%20House%20of%20Representatives%3C%2Fp%3E%0A%3Cp%3E-%20The%20Senate%20is%20comprised%20of%20100%20members%2C%20with%20each%20state%20receiving%20two%20senators.%20Senate%20members%20serve%20six-year%20terms%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%2051%20seats%20to%20control%20the%20Senate.%20In%20the%20case%20of%20a%2050-50%20tie%2C%20the%20party%20of%20the%20president%20controls%20the%20Senate%3C%2Fp%3E%0A
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
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.”
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.