Since Egyptian president Gamal Abdel Nasser died in 1970, competition has been fierce to claim pan-Arab leadership. But no contender has been successful in replacing Nasser, wrote columnist Hazem Saghiya in the London-based daily Al Hayat.
After Nasser’s death, several Arab presidents from Saddam Hussein of Iraq to Hafez Al Assad of Syria to Muammar Qaddafi of Libya have had their sights set on Arab leadership.
The chief of the Palestine Liberation Organisation, Yasser Arafat, had ambitions, too. And even lesser known leaders like Algeria’s Houari Boumediene and Sudan’s Gaafar An Nimeiry aspired for a greater role.
“Nasserism nationwide died in 1970. Each of the wannabes would use its legacy in the belief that it would strengthen his power at home,” the writer said. And organisations that called themselves Nasserist were as good at dead.
In Egypt, Nasser’s successor, Anwar Sadat, soon became out of line in foreign policy and economic orientation. Egypt’s Nasserists started to shrink in number and within a few years, they were among the weakest parties.
Against this backdrop, almost everything changed. The Camp David Accords of 1978 put an end to the Egyptian-Israeli conflict. Later, the Soviet Union collapsed, marking the end of the Cold War. The idea of pan-Arab union became a joke with Libya’s Qaddafi, and Damascus-Baghdad enmity turned it into a scandal.
Recently there has been talk about Nasserism being revived after a long period of deep hibernation. Some have said that Egypt’s army chief, Abdel Fattah El Sisi, has brought back memories of Abdel Nasser.
Yet Nasserism cannot be revived by songs, slogans and bragging. Nor can it be done by deeming Gen El Sisi “an immortal leader” in current-day Egypt. For that to happen, a minimum of actions that neither Gen El Sisi nor any one else can dare take at this point. On top of this is standing up to the Israeli occupation and negotiating as equals with the West.
That Gen El Sisi dared evokingthe memory of Nasser songs suggests two things. The first is that Gen El Sisi has sought to derive legitimacy from a historical experience marked by a military coup, which is tantamount to an apology for the January 25 revolution. The second is that Nasserism is used only as a means to an end, much like the Palestinian cause for the Syrian regime and Hizbollah.
The biggest irony is that Gen El Sisi is actually reviving the Muslim Brotherhood that have been returned the victimhood on which they thrived before, the writer said. And the fear is that they will become the real seekers of democracy and political meaning in the country.
Will Iran sabotage the Geneva 2 conference?
Abdel Rahman Al Rashed, editor in-chief of pan-Arab daily Asharq El Awsat has been considering the chaos around Geneva 2. He wrote that the goal was to prevent it from taking place, thus impeding any agreement towards an alternative to Bashar Al Assad and keeping the opposition trapped in Istanbul, on the other side of the border.
Russians, Iranians and Mr Al Assad had plotted disruptions to the conference in various ways. The Russians exercised considerable pressure to allow Iran to participate in the conference, which would have tipped the scales in favour of the Syrian delegation, the writer said.
The Russians had sought to pre-establish conditions including overturning the decisions of the previous conference, which advocated a regime comprising the Opposition and a part of the Assad regime, but removing Mr Al Assad. It also explicitly called for the withdrawal of foreign troops on Syrian territory.
“It is in Iran’s and Mr Al Assad’s best interest to see the Geneva conference cancelled,” Al Rashed wrote.
“Geneva 2 may be doomed before it even starts, should the resolutions of Geneva 1 not be ratified. It would be an option to completely bury these resolutions. Another option would be to hold the conference without the Opposition delegation and without any obligation on the part of the Syrian-Iranian-Russian triangle,” he concluded.
Egypt’s uprisings don’t contradict each other
Al Shorooq columnist Imad Eddin Hussein, has looked into the sizeable problem arising between the supporters of the January 25 Revolution and those of the June 30 Revolution.
The first Egyptian revolution gathered all Egyptians – with the exception of Hosni Mubarak’s men – and brought Mubarak’s regime to an end. The second revolution included all Egyptians – with the exception of Muslim Brotherhood members – with the same demands of social justice.
“Looking closely into these two revolutions, the Egyptian people seem to have isolated any influential group and voiced their will to live in a pluralistic, democratic civil state,” he remarked.
Interestingly, the army was the common factor that led to both victories. Sadly, part of those who were vanquished by the second revolution thought it was payback time and decided to eat all the cake instead.
Egypt has witnessed a disastrous trend where current leaders repeat the mistakes of their predecessors. One of the current movements tried to convince people that the two revolutions contradict each another.
What Egypt needs goes beyond referendums, elections and a constitution. It needs work and productivity. Egypt must reappropriate its youth and gather it under the umbrella of consensus.
* Digest compiled by The Translation Desk
translation@thenational.ae
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.”
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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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.
SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
The five pillars of Islam