Thousands of riot police deployed across Cairo


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CAIRO // Egyptian activists today used social networking sites to call for a fresh wave of demonstrations, a day after they staged the biggest protests in years in Egypt to demand the end of President Hosni Mubarak's nearly 30-year rule.

However, the interior ministry warned that police would not tolerate any gatherings, marches or protests, suggesting that security forces would immediately crack down at the first sign of protesters gathering.

Across the Egyptian capital today, thousands of riot police were deployed in anticipation of fresh anti-government, Tunisia-inspired protests. A day earlier, tens of thousands demonstrated in Cairo and several other Egyptian cities to call for Mr Mubarak's departure and a solution to rampant poverty, rising prices and high unemployment.

Security officials, meanwhile, said up to 200 protesters were detained early today during clashes between police and protesters in Cairo and elsewhere in this Arab nation of some 80 million people.

More were likely to be detained as authorities review police video tapes of the protests, the officials said.

Two protesters and a policeman were killed in Tuesday's protests and some 250 were wounded, including 85 policemen, when riot police used tear gas and batons to disperse protesters shortly after midnight. Medical officials said a third protester died Wednesday from injuries sustained a day earlier.

In the southern city of Assiut, eyewitnesses said riot police set upon some 100 activists staging an anti-government protest today, beating them up with batons and arresting nearly half of them.

Activists had organised yesterday's protests, dubbed "day of revolution against torture, poverty, corruption and unemployment," on the social networking site Facebook, and demonstrators spread word of where to gather on Twitter.

"All of Egypt must move, at one time," the Facebook group organising the demonstrations said in a posting today in which it listed a number of spots in Cairo and around the country where demonstrators should gather.

Thousands of policemen in riot gear and backed by armoured vehicles took up posts on bridges across the Nile, at major intersections and squares as well as outside key installations like the state TV building and the headquarters of Mr Mubarak's ruling National Democratic Party in central Cairo.

The capital remained quiet in the early afternoon with no sign of fresh protests.

Egypt's benchmark stock index tumbled more than 5 per cent early today, the first concrete sign that the demonstrations have impacted the country's economy. The EGX30 index was down almost 5.3 per cent to 6,367.27 points by about 1.30pm local time. The drop was the sharpest since May, when the index fell slightly over 6 per cent.

The protests were Egypt's biggest in years and are likely to fuel dissent in a presidential election year. Mr Mubarak, 82, has yet to say whether he plans to run for another six-year term in office. He is thought to be grooming his son Gamal to succeed him, a prospect that is opposed by many Egyptians.

The European Union on today said Egyptian authorities should listen to their people, deal with their problems and respect their right to demonstrate.

The office of the EU foreign affairs chief, Catherine Ashton, today urged "Egyptian authorities to respect and to protect the right of Egyptian citizens to manifest their political aspirations."

A less assertive reaction came from Washington yesterday, when the secretary of state, Hillary Clinton, said Egypt's government, a key US ally in the Middle East, was stable and Egyptians have the right to protest, though she urged all parties to avoid violence.

Nearly half of all Egyptians live under or just above the poverty line, set by the UN at $2 a day. The widespread poverty, high unemployment and rising food prices pose a threat to Mubarak's regime at a time when tensions between Muslims and Christians are adding to the nation's woes.

"I support change," said Sami Imam, 53, a retired teacher and father of four who took part in yesterday's protests. "The police cannot kill us because we, to all practical purposes, are already dead," Mr Imam said as he clutched Egypt's red, white and black flag. "I have not visited the butcher in six months," he said, in a reference to Egypt's rising meat prices.

The protests also follow a parliamentary election marred by allegations of widespread fraud that saw Mr Mubarak's ruling National Democratic Party win all but a small number of the chamber's 518 seats.

In recent weeks, Mr Mubarak and his son have repeatedly promised to ensure that ambitious economic reforms engineered by the younger Mubarak over the past decade filter down to the poor. But that has not happened and there has been a marked increase in the frequency of street protests over the economy.

In another parallel with Tunisia, the Egyptian protests drew energy from the death of a single young man - Khaled Said, whose family and witnesses say was beaten to death by two policemen in Alexandria last year. His death has become a rallying point for Egypt's opposition.

Tunisia's protests were also sparked by a single death, that of a poor Tunisian vegetable seller who set himself on fire to protest against corruption. That act has been copied by at least six people in Egypt

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RACE CARD

5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m

Top New Zealand cop on policing the virtual world

New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.

The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.

Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.

“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.

"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."

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It Was Just an Accident

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Rating: 4/5

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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match details

Wales v Hungary

Cardiff City Stadium, kick-off 11.45pm

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

AUSTRALIA SQUAD

Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Glenn Maxwell, Ben McDermott, Kane Richardson, Steve Smith, Billy Stanlake, Mitchell Starc, Ashton Turner, Andrew Tye, David Warner, Adam Zampa

Match info

Uefa Champions League Group B

Barcelona v Tottenham Hotspur, midnight

The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

Du Football Champions

The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.

Jawan
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UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million