We might not know for sure who is Egypt's president until tomorrow, when the election commission overseeing the recent vote will issue the definitive results. But the question is whether that really matters much anymore. Egyptian politics have been upturned over the last four days, and everything one could assume about the country's transition to civilian rule has vanished into smoke.
The Supreme Council of the Armed Forces (Scaf) will not hand over power to civilians on June 30, as it had promised Egyptians multiple times and assured the international community. Instead it will hand over only symbolic control to an elected president whose powers have been largely gutted, while the military will continue as a constitutional power in its own right - alongside the executive, legislative and judiciary - and also hold the powers of the dissolved parliament.
The new president may have some power, but he will have to look hard for it in the interim constitution that Scaf just modified: it does not mention many presidential powers, and who gets to appoint a new cabinet is likely to be at best a responsibility shared with the generals. The new president certainly will not be able to appoint the defence minister and other senior military personnel. Perhaps the most telling move is that Scaf is appointing the chief of staff for the incoming president. In a normal republic, that would be one of the most powerful jobs in the country held by a close associate of the chief executive.
How long will the new president be around anyway? Perhaps no longer than the end of the year, according to some observers close to Scaf.
Although the constitution states presidential terms last four years, it is now probable that the adoption of a new constitution at the end of the year will mean new general elections. Combined with the dissolution of parliament, it is almost as if Scaf was buying time for political forces other than the Brotherhood (and, perhaps, their allies) to prepare for elections.
Speaking of that new constitution: neither a democratically elected parliament nor a democratically elected president will get to choose who sits on the constitutional assembly that will write it. Those people will be chosen, of course, by Scaf. There will be a national referendum on the new constitution, to be sure, and it may very well be acceptable to most parties, at least on hot-button issues such as respect for religion and individual freedoms. But it is also very likely to perpetuate Scaf's role indefinitely as a power that can trump other branches of government. Whether, come the referendum, the Egyptian people will be in a mood to reject the new constitution they have been awaiting since February 11, 2011 is anyone's guess.
On that date, when the Egyptian military shoved Hosni Mubarak gently aside and took formal control of the country, many were ready to give it the benefit of the doubt. For the outside world, Scaf was the only interlocutor representing the state anyway, and a guarantor that revolutionary fervour would not turn into ill-advised adventurism. It also promised the potential for reform within a certain status quo for those powers that fear radical change of foreign policy in the new Egypt - Israel, the United States, Saudi Arabia and others. Inside the country, many revolutionaries and ordinary Egyptians trusted a military that had still not fired upon them. Political factions rushed to embrace the new powers-that-be, more worried about one another than the benevolent custodians the generals appeared to be, with their much-touted disdain for the limelight.
Almost everyone, in other words, accepted a military coup that cleanly delivered them from a decrepit dictator's rule and offered the prospect for a managed transition into a new era. There was domestic and international buy-in for this, which gave both the generals and political factions the time to come to an agreement on how to proceed.
Few countries get this opportunity for a managed transition, and in many respects it was wise to go along with it when the alternative seemed like prolonged chaos. An unmanaged transition, as we see today in Libya, can be an extremely messy thing that takes years to bring under control.
In Egypt, the state did not collapse and that should still be considered a very, very good thing.
The saddest thing about the current Egyptian mess is that the opportunity to achieve a relatively smooth transition is being missed. This is chiefly because of the actions of the custodians of that managed transition. They wrote a terrible rulebook, then wanted to change it all the while continuously undermining the very purpose of the game. Considering that Egypt's uprising in 2011 was a remarkably non-violent one, despite the hundreds who died and the clashes that took place between security forces and protesters, this brinkmanship risks shaming that narrative.
Some defenders of Scaf's recent actions say that things are not so bad, that this offers the opportunity for a clean "reboot" of a transition that was deadlocked by Egypt's Islamist-secular divide. Now the army will impose its own constitution, and by 2013 new elections will give a new parliament and perhaps also a new president. Be patient, these argue, and the military will fade into the background where it prefers to be.
But the definition of a new political order after 30-years of strongman rule is not like the relaunch of the Star Trek or Batman film franchises. This "reboot", more than anything, further erodes trust in public institutions and amounts to an ultimatum backed by the threat of violence against political forces - in particular, against the Muslim Brotherhood, which is facing court cases that could lead to its dissolution. This post-election situation adds uncertainty and the potential for new crises when it should have been a milestone towards the restoration of a proper constitutional order. The global markets were the first to give their reaction by downgrading Egypt's debt rating, and the Egyptian street may soon follow.
Issandr El Amrani is an independent Cairo-based journalist who blogs at www.arabist.net
On Twitter: @arabist
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.”
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Company%20Profile
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Specs%3A%202024%20McLaren%20Artura%20Spider
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Persuasion
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The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Company%20profile
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Cracks in the Wall
Ben White, Pluto Press
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
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