Sitting in front of a microphone in an upper-class Cairo cafe, the amateur comedian Mohammed Shaheen strums his guitar while dryly informing the audience he wants one day to be a business owner.
"I have a shop that sells 'We're Closed' signs. We've been open for a month," he said, pausing for a beat. "But no one believes us." The audience rewards him with cheers and Shaheen continues: "I want to open a shop called De Ja Vu. Then open another one a few blocks later."
When an audience member laughs loudly and noticeably later than the rest, Shaheen smirks and asks, "Did you just get it now?"
The 31-year-old engineer is just one of a number of young Egyptians who are ready to take comedy seriously. Performing stand-up and musical acts in English and Arabic under the name Al Hezb El Comedy (The Comedy Party), the young comedians draw in a largely English-speaking Arab crowd. But the sense of humour is distinctly Egyptian.
Shaheen, who delivers one-liners over the guitar, says that comics are still finding their voice in a nascent scene.
"It's tricky here. It really depends on what kind of comedy you perform," says Shaheen. "One-liners are still an alternative kind of comedy in a place where comedy is new."
Though Egyptians pride themselves on their sense of humour, stand-up is a relatively new art form in the region. It was a group of American comedians of Middle Eastern descent that jump-started the stand-up comedy scene in Egypt in 2007 with their Axis of Evil tour. When the Axis of Evil made it to Egypt, it was at auditions to open the show that Shaheen met Hashem El Gahry, Rami Boraie and a handful of hopefuls who have since pushed the local comedy scene forward.
"We all lost and, as losers, we came together and practised, practised, practised," says Boraie, a doctor.
Egypt's promoters continue to bring in famous foreign names and put them onstage with local talent. But such shows are few, and the local acts have launched their own events to help develop their craft.
Started as an informal weekly meeting for friends to develop their jokes, Al Hezb El Comedy works to promote the stand-up scene, along with sketch and musical comedy through near-monthly open mics.
"We have all these talented people and we wanted a platform for them to perform in a supportive environment that will nurture their growth," says El Gahry, a 25-year-old marketer and a founder of the comedy group.
Though the group is only a year old, its comedians have been organising shows since 2008 and drawing in huge crowds. The first show gathered a sold-out crowd of 750 people.
"I had just done a show in Toronto and the comedian told me the largest show he'd ever done was 60 people, so you realise, this is kind of ridiculous to get 700 people out for amateur hour," says Boraie.
Even a Monday night show during Ramadan draws an audience of nearly 200 people.
"It shows there is a real desire for something new," he says.
In the 2008 show, performers trod carefully around politics and religion. Now, though taboos remain, El Gahry says there is a lot more freedom to address previously forbidden topics. During last month's show, the comics addressed the daily woes of Egyptian life, from traffic to sexual harassment to marriage. But they also lampooned the newly elected president, the former Muslim Brotherhood member Mohammed Morsi - a topic that would have been off limits before last year's uprising.
Boraie, who says he never used to write political jokes, now targets Morsi's pledge to fix a hundred problems during the first hundred days of presidency.
On Morsi's promise to solve the security vacuum, Boraie affects a heavy Arab accent and tells the audience: "I was going to fix that but, yanni, I was stuck in traffic on the Sixth of October Bridge."
On the promise to clear the roads of traffic jams: "Well, I was working on that but my brother got sick, so I had to be with him," he says to uproarious laughter.
Such home-grown talents offer audiences something big names from abroad never can: fresh insight into the business of life in Egypt.
"The appeal is somebody talking about something that relates to your life, in the language you speak," says Boraie.
"Egypt is a hard place, the streets are always crowded. Politically, things haven't been the greatest; it's not the happiest country to live in. You need a break from it and you want to go and hear someone poke fun at it."
The next open mic event featuring Al Hezb El Comedy will be held on August 23.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
COMPANY%20PROFILE
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
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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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more