Full disclosure of Egypt revolution needed



Egyptians need to know just what happened on the last day of Hosni Mubarak's time in office

For the Egyptian revolution to be complete, Egyptians must know what happened exactly on Hosni Mubarak's last day in power, wrote Maamoun Fandi, a columnist with the London-based newspaper Asharq Al Awsat, in a two-part article.

"What happened between Mubarak and the Field Marshal [Hussein Tantawi] in the last few days of the revolution must be disclosed with the utmost transparency. It is a necessity for legitimacy to be instilled in Egypt."

Many Egyptians still view the Supreme Council of the Armed Forces (Scaf), the ruling authority in Egypt ever since street protests unseated President Mubarak last February, as a remnant of the fallen regime. Field Marshal Tantawi is the chief of Scaf, making him the de facto head of the Egyptian state.

"So for the revolution to really be called a success, the remnants of the old regime must be removed," the writer added.

Other Egyptians, conversely, maintain that the army "protected" the revolution from the "bloodbath" that Mr Mubarak was going to unleash.

In other words, the Scaf stands with one foot in the legacy of the old regime, and the other in the Egyptian revolution, the writer observed.

Until the day Field Marshal Tantawi decides to speak out on everything that happened in the early days of February leading up to Mr Mubarak's stepping down on February 11, the Egyptian people will remain suspicious about how their country's affairs are run, he noted.

"All we've been hearing so far is a bunch of conflicting anecdotes and leaks, and the resulting uncertainty causes the current regime's legitimacy to fray - and with it the legitimacy of the cabinet, the forthcoming elections and the country's constitution."

One such anecdote says that Omar Suleiman, Mr Mubarak's top aide and intelligence chief, informed President Mubarak on February 4 that a large crowd of protesters was headed from Tahrir Square to the presidential palace, and advised him that standing down would spare Egypt "a disaster scenario", the writer reported.

In this version of events, Mr Mubarak purportedly agreed to resign and said he needed to coordinate everything with "Hussein" (Field Marshal Tantawi) to make sure chaos did not ensue.

Another version, from a "very close source", says that Field Marshal Tantawi was the one who got in touch with Mr Suleiman: "Hey Omar," he ostensibly said, "the people will be moving in on the palace and you ought to tell the man that it's over and that he must give up power."

In the disparity between these two stories, and many others versions thereof, the Egyptian people are left to doubt what the actual position of the army was on that February 11 when Mr Mubarak relinquished his 30-year-grip on the presidency.

Bullying is natural in totalitarian regimes

Youssef Al Ahmed, Syria's ambassador to the Arab League, appeared frantic during the press conference he held on Saturday in the wake of the League's decision to suspend his country's membership, Abdulrahman Al Rashid commented in the London-based daily Al Sharq Al Awsat.

He showered the League and those who voted against Syria with offensive language and accusations in a tirade delivered shortly after he spat at the Arab ministers at the end of the ministerial meeting and called them "traitors".

"This sums up the behaviour of the Syrian regime that doesn't stop at murdering children. It adopts a policy of defamatory statements and terrorisation media against officials and Arab governments, just as the Qaddafi regime did before it."

"We realise that the Syrian ambassador and all other Syrian government officials feel that they are sinking ever deeper and the only response they know is to intimidate their opponents, a method that may have worked in the past but not anymore."

Representatives of oppressive, totalitarian regimes often resort to derogatory speech because this is exactly how they operate internally. These are regimes that recruit people whose main skill is bullying. It is for this reason that the representatives of these authorities exaggerate in defending them and criticise others, lest they be accused of negligence.

Syrian crisis remains in Arab boundaries

The West will not consider the Arab League's decision to suspend Syria's membership as an invitation to prepare for interference to resolve the stubborn crisis, columnist Satea Noureddin suggested in the Lebanese daily Assafir.

It will however seize the opportunity to exercise maximum pressure on Damascus, which could embarrass Moscow and Beijing and lead to an extraordinary international consensus that the Arabs could use to get to their objective of ending the bloodshed.

"The crisis is still within Arab boundaries and it can still be resolved among Arabs, although time is running short and the possibility of civil war is getting ever bigger.

"As for the threat that the crisis poses to stability in the region, it is still virtual, limited and doesn't call for tensions or foreign mobilisation, contrary to what the Syrian regime and its allies would have us believe."

The hours leading to the Arab ministerial meeting in Rabat today will gauge the Arabs' readiness to press ahead with isolating and de-legitimising the Syrian authority as well as Syria's preparedness to accept its ousting from the pan-Arab body.

"There are many alternatives to military interference that can be more potent than any no-fly zone or raids on military positions."

* Digest compiled by The Translation Desk

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Europe’s rearming plan
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The Brutalist

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If you go...

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Spending an excessive amount of time on the phone.

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Losing interest in other activities or hobbies that were once enjoyed.

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Experiencing sleep disturbances or changes in sleep patterns.

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Under 18 months: Avoid screen time altogether, except for video chatting with family.

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Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
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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.”

TOUR DE FRANCE INFO

Dates: July 1-23
Distance: 3,540km
Stages: 21
Number of teams: 22
Number of riders: 198