Egyptian boys cover their mouths as protesters clash with security forces near Tahrir Square in Cairo.
Egyptian boys cover their mouths as protesters clash with security forces near Tahrir Square in Cairo.

Egypt 'on the brink of collapse', military chief warns



CAIRO // Mohammed Morsi has no choice but to call a new presidential election after the head of the military warned that political strife is pushing Egypt to the brink of collapse, a leading pro-democracy activist said yesterday.

Saad Eddin Ibrahim, who was jailed with Mr Morsi during the Mubarak regime for criticising the government, said the president was no longer a tenable head of state.

"The only option left is to announce early presidential elections," said Mr Ibrahim, head of the Ibn Khaldun Centre for Development Studies. "But the problem is that the Muslim Brotherhood have been waiting for more than 80 years for the opportunity to take power. They fear if they give an inch, it will lead to the end of their political existence."

Even support from the military appeared to be tenuous yesterday. Col Gen Abdel Fattah Al Sisi, head of the armed forces, warning Mr Morsi that "the continuation of the struggle of the different political forces … over the management of state affairs could lead to the collapse of the state".

An early election is possible because the new constitution ratified by a referendum in December specified new roles and responsibilities for the president, he said.

After six days of street battles, a death toll of at least 50 and growing dissatisfaction with the government, the president's options for calming the situation are dwindling.

Col Gen Al Sisi, who is defence minister and chairman of the Supreme Council of the Armed Forces, said the army would remain "the solid and the cohesive block" on which "the foundation of the state rests".

His comments were all the more remarkable because two years ago, as the Mubarak regime struggled to regain control of the country, the military distanced itself from the presidency and eventually took power when Mubarak resigned after 18 days of protests.

The army ruled Egypt for one and a half years, when they were criticised by protesters for ineptitude and heavy-handed governance. However, there was growing unhappiness in the military with Mr Morsi's handling of the situation in recent months, said Sameh Seif Al Yazal, a retired army major-general and an adviser to Scaf.

The opposition, led by the National Salvation Front, has refused Mr Morsi's calls for dialogue unless he appoints a unity government and suspends the constitution. The Front has also said it will boycott parliamentary elections in April.

That would leave the president with the possibility of a legislature dominated by Islamists, cementing the impression that his supporters were taking over all arms of the government and casting doubt on his mandate.

The anger fuelling clashes and protests over the past several days comes from a range of sources: the sentencing to death of 21 men for their role in a football riot last year in which 79 people died, the worsening economic situation and fears that the Muslim Brotherhood is taking over all elements of the state and restricting freedoms.

The president's supporters have argued that he had no control over the judges in the Port Said football case and blamed the economic problems on decades of neglect by the Mubarak regime and two years of tumultuous democratic transition. But many Egyptians, fuelled by deeply partisan newspapers and media, have come to see the president as responsible for the state of disarray and believe that he is ultimately taking orders from the Supreme Guide of the Brotherhood, not the Egyptian people.

Mr Ibrahim, of the Ibn Khaldun Centre, said he got along well with Mr Morsi in Tora Prison but believed that he was foremost a devoted soldier of the Brotherhood.

"He's a decent fellow, a good engineer," he said. "But at the end of the day, he is not the president for all Egyptians. He's basically an agent of the Muslim Brotherhood. He has been socialised for 30 years to listen and obey commands from the Supreme Guide."

Mr Ibrahim said it became clear to him in conversations in his centre with members of the Brotherhood that its secretive strategising was carried out by older officials who were not reconciled to the transparency and consensus-building needed for a successful political party.

"What stops any compromise is this feeling that they have been building up to this for decades," he said.

"All the arrests of their members, the secrecy, the struggle, were for the chance to show they could run the country. They will not give up power easily."

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UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil 
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South Africa World Cup squad

South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.

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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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.”

Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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Company%20profile
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The bio:

Favourite holiday destination: I really enjoyed Sri Lanka and Vietnam but my dream destination is the Maldives.

Favourite food: My mum’s Chinese cooking.

Favourite film: Robocop, followed by The Terminator.

Hobbies: Off-roading, scuba diving, playing squash and going to the gym.

 

COMPANY%20PROFILE%20
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Western Region Asia Cup Qualifier

Results

UAE beat Saudi Arabia by 12 runs

Kuwait beat Iran by eight wickets

Oman beat Maldives by 10 wickets

Bahrain beat Qatar by six wickets

Semi-finals

UAE v Qatar

Bahrain v Kuwait

 

TYPES%20OF%20ONLINE%20GIG%20WORK
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COMPANY%20PROFILE
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Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.9-litre%20twin-turbo%20V8%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E620hp%20from%205%2C750-7%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E760Nm%20from%203%2C000-5%2C750rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1.05%20million%20(%24286%2C000)%3C%2Fp%3E%0A
SRI LANKS ODI SQUAD

Perera (capt), Mendis, Gunathilaka, de Silva, Nissanka, Shanaka, Bandara, Hasaranga, Udana, Dananjaya, Dickwella, Chameera, Mendis, Fernando, Sandakan, Karunaratne, Fernando, Fernando.

The specs: 2017 Maserati Quattroporte

Price, base / as tested Dh389,000 / Dh559,000

Engine 3.0L twin-turbo V8

Transmission Eight-speed automatic

Power 530hp @ 6,800rpm

Torque 650Nm @ 2,000 rpm

Fuel economy, combined 10.7L / 100km