Furious and frustrated, Egypt’s President Abdel Fattah El Sisi on Saturday threatened to deploy the army in “every village” to stop what he said was the destructive and rapid encroachment of illegal construction on farmland in the mainly desert nation.
A hands-on general-turned-president, Mr El Sisi said Egyptians were their country’s worst enemy, equating the urban invasion of farmlands with terrorism and describing it as a threat no less serious than the massive dam being built by Ethiopia that Cairo fears will reduce its vital share of the Nile’s waters.
“I have enough engineering machinery to obliterate and remove [illegal buildings] and if people don’t like that, then they can have a referendum [on his leadership] and I just leave,” the visibly angry Egyptian leader said during a live broadcast of his visit to the Mediterranean city of Alexandria to inaugurate a motorway.
Mr El Sisi, who has routinely used such occasions to address the nation, was referring to both urban encroachment on farmland as well as illegal construction in general and the theft of state land.
“I am tortured and pained every day when I see my country being decimated and its own people are destroying it. We are this country’s worst enemies,” he said in a raised voice.
The building of homes on farmland is a chronic problem unresolved for decades in Egypt, where less than 10 per cent of the land is occupied by a population of 100 million that is growing by about 2 per cent every year.
I am telling Egyptians now that I don't know what to do. This is our land, the land that feeds us."
Mr El Sisi made it clear nearly four years ago that the theft of state land, illegal building and the urban spread into farmland must stop. He launched a high-profile campaign to prosecute offenders or make them pay compensation.
The problem threatens Egypt's food security and also complicates government efforts to prevent the emergence of shanty towns while it invests billions of dollars on housing projects for poor and low-income Egyptians.
It has taken added significance with the completion of the Grand Ethiopian Renaissance Dam. Egypt depends on the Nile for nearly all its water needs and has tried unsuccessfully for the past decade to reach an agreement with Addis Ababa on the amount of water the Horn of Africa nation would guarantee during persistent drought and on a mechanism to resolve future disputes. Sudan, another downstream nation like Egypt, also wants an agreement with Ethiopia to ensure the continued operation of its own hydroelectric dams on the Nile.
On Saturday, the Egyptian leader said there were currently 700,000 building violations across the country and that settlements has been reached on only 10 per cent of them since 2016.
“What do you intend to do to your country?” he said. “I am asking because I don’t know what to do … I am telling Egyptians now that I don’t know what to do. This is our land, the land that feeds us.”
Turning to Defence Minister Mohammed Zaki, seated to his left, Mr El Sisi said: “I will not allow the destruction and loss of our country and will order the Egyptian army to be deployed in every village. We either stop [the illegal construction] and we become a proper nation, or I leave my position and walk away and someone else should take over and destroy and ruin it the way things are going now.”
The Egyptian leader implicitly blamed the relevant cabinet ministers, provincial governors and police chiefs for the failure to stop illegal construction on farmland.
“This is a mandate, a challenge and a test for the government,” he said, asking for more diligent application of the law. “It should not be a source of shame for those who cannot tackle their country’s problems to step down.
“It is not the time for those who cannot or who are afraid. If you cannot, then say ‘salamu aleikom,’ but if you chose to stay, then you must carry out orders.”
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.”
The specs
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- Power: 640hp
- Torque: 760nm
- On sale: 2026
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
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Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Neo%20Mobility%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20February%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Abhishek%20Shah%20and%20Anish%20Garg%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Delta%20Corp%2C%20Pyse%20Sustainability%20Fund%2C%20angel%20investors%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
Other IPL batting records
Most sixes: 292 – Chris Gayle
Most fours: 491 – Gautam Gambhir
Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Highest strike-rate: 177.29 – Andre Russell
Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)
Highest average: 52.16 – Vijay Shankar
Most centuries: 6 – Chris Gayle
Most fifties: 36 – Gautam Gambhir
Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
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Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
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