Essam El Erian, pictured in 2010, told the upper house of parliament, the Shura Council, on Monday that 'Egypt has lost its patience' over 11 Egyptians detained in the UAE. Amr Nabil / AP Photo
Essam El Erian, pictured in 2010, told the upper house of parliament, the Shura Council, on Monday that 'Egypt has lost its patience' over 11 Egyptians detained in the UAE. Amr Nabil / AP Photo

Egypt disowns attack on UAE by vice chairman of its own ruling party



ABU DHABI // The Egyptian government and the ruling Freedom and Justice Party yesterday disowned comments about the UAE by the vice chairman of the party, Essam El Erian.

Mr El Erian told the upper house of parliament, the Shura Council, on Monday that "Egypt has lost its patience" over 11 Egyptians detained in the UAE since December while under investigation for threatening the country's national security.

The investigation is believed to have uncovered the names of hundreds of people associated with the Muslim Brotherhood network.

The group are said to have held secret meetings, set up companies for financial support and gathered confidential information about the UAE's defence capabilities.

"Tell the UAE that nuclear Iran is coming, the Persians are coming, not the Egyptians, and you will become slaves of the Persians," Mr El Erian said.

The foreign affairs ministry in Cairo said yesterday Egypt was proud of its deep-rooted fraternal ties with the UAE and its people.

A spokesman, Badr Abdel Aaty, said relations with the UAE were based on mutual respect and joint interests, and would not be affected by any statements.

Mr Abdel Aaty said the ministry was closely following up on the conditions of the detained Egyptians - through the Egyptian embassy in Abu Dhabi - and taking the necessary measures to provide care and legal assistance to them.

The leader of the Freedom and Justice Party said Mr El Erian's comments did not represent the party's official position.

The foreign ministry also criticised similar comments by another Shura Council member, Abdul Rahman Metwally.

"These statements are categorically rejected and should not pass unremarked," the ministry's Mr Abdel Aaty said.

The President, Sheikh Khalifa, ordered the release of 103 Egyptian prisoners in April, a pardon welcomed by the Egyptian ambassador, Tamer Mansour.

Mr Mansour said the gesture would improve relations between the two countries, which became strained after Hosni Mubarak was toppled in 2011.

The initiative was "bound to open all paths of good deeds between Egypt and its sister, the UAE. It will also remove all the harmful residues that had clung to their historic relations in the previous period", he said.

Sheikh Khalifa also pledged to settle the prisoners' financial obligations incurred as a result of their detention.

The pardon "underlines the President's keenness to offer the released prisoners the opportunity to start a new life and alleviate the suffering of their families", the state news agency Wam reported.

Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
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Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

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The Freedom Artist

By Ben Okri (Head of Zeus)

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

UAE currency: the story behind the money in your pockets
Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5

Batti Gul Meter Chalu

Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5


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