CAIRO // Throughout the four-hour presidential debate, the two candidates repeatedly went for the kill.
Amr Moussa, the former foreign minister of Egypt and front-runner in the presidential race, tried to paint his opponent as a political chameleon who says what each audience wants to hear, while keeping his true extremist beliefs hidden.
And Abdel Moneim Aboul Fotouh, a self-styled moderate Islamist and former member of the leadership of the Muslim Brotherhood, called Mr Moussa a former lackey of ousted president Hosni Mubarak who represented the continuation of the old regime.
But while each had his minor coups, the shots on Thursday night failed to find their mark. Neither candidate walked away from Egypt's first televised presidential debate a clear victor.
Although there are 13 candidates in the race, Egypt's TV networks opted to broadcast a debate between the two favourites. The networks have not announced plans for any other debates.
Wearing dark suits and subdued, striped ties, the men shook hands for a moment before disappearing into the shadows of the studio.
The stalemate was to be expected. After the disqualifications of 10 presidential candidates last month by the Supreme Presidential Election Commission, the landscape was altered so dramatically that it appeared as if the race was to be between nobody's favourites.
If the likes of Khairat Al Shater, a millionaire former deputy leader of the Muslim Brotherhood; Omar Suleiman, Egypt's former spy chief; and Hazem Abu Ismail, a Salafist preacher, sparred on television, there is little doubt that the result would have been a thrilling spectacle. But these three men - the most polarising and charismatic leaders to emerge from the turmoil caused by Mubarak's resignation - were all barred for technical violations.
Overnight, the steady, yet unexciting campaigns of Mr Moussa and Mr Aboul Fotouh landed in the centre stage of the most important presidential election in six decades.
Each illustrated how he saw the fault lines of Egypt after 15 months of protests, clashes and general uncertainty over the country's trajectory. Mr Moussa played to the widest audience, portraying himself as a vote for a return to stability who respected the role of religion and had the CV to handle the job. He was Mubarak's foreign minister until 2001, when he became the head of the Arab League for 10 years.
"I call citizens to vote for me because I was tested in different positions and I served in the best way," he said in the second round of the debate, where the talk show host Yosri Fouda was moderating. "Egypt needs a man who understands the political context in the region and internationally … The country is in a very dangerous position."
Mr Aboul Fotouh aimed for a smaller, but more politically active audience. He said he supported the revolutionaries who held protests against the military regime and described how the principles of Islamic law respected all people, no matter their religion, and provided the best road map to justice and equality in a country that lacks both.
But as with the US presidential elections, where televised debates are a tradition, the candidates did not reveal any significant differences in their campaign platforms. Mr Aboul Fotouh called Israel "an enemy" that "doesn't respect international decisions". Mr Moussa, ever the diplomat, said he supported the Palestinian cause.
Strangely, Egypt's rapidly deteriorating economy - arguably the most pressing issue - was hardly mentioned in a debate that largely focused on the role of Islam in the state and political history. Both supported a higher minimum wage and a lower maximum wage for the public sector; both supported progressive taxation; both gave a nod to the need to reduce energy subsidies.
There is no doubt that viewership was high. Many cafes were full of shisha smokers who cheered each flare of emotion as a countdown beeped the final seconds of the allotted time.
But it was a challenge to watch. Not only were viewers subjected to a barrage of advertisements, but it started 30 minutes late and continued past 2am.
The debate failed to establish a heavy favourite in the election on May 23 and 24, when elections are scheduled to take place.
Polls have repeatedly placed Mr Moussa as the front-runner, with Mr Aboul Fotouh trailing by a small margin.
But the more important statistic is the percentage of undecided voters. A poll released Thursday from the government's think tank, the Information and Decision Support Centre, revealed that 39 per cent of respondents have not yet decided who they will support.
With the most magnetic personalities barred from the race, voters will be hard-pressed to figure out which candidate is the pragmatic choice. It could easily swing either way up to the last minute.
bhope@thenational.ae
England's lowest Test innings
- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
- 51 v West Indies in Kingston, February 4, 2009
- 52 v Australia at The Oval, August 14, 1948
- 53 v Australia at Lord's, July 16, 1888
- 58 v New Zealand in Auckland, March 22, 2018
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
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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.”
Company%20Profile
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The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20synchronous%20electric%20motors%20%20%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E646hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E830Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ETwo-speed%20auto%20(rear%20axle)%3B%20single-speed%20auto%20(front)%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh552%2C311%3B%20Dh660%2C408%20(as%20tested)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
RESULTS
Lightweight (female)
Sara El Bakkali bt Anisha Kadka
Bantamweight
Mohammed Adil Al Debi bt Moaz Abdelgawad
Welterweight
Amir Boureslan bt Mahmoud Zanouny
Featherweight
Mohammed Al Katheeri bt Abrorbek Madaminbekov
Super featherweight
Ibrahem Bilal bt Emad Arafa
Middleweight
Ahmed Abdolaziz bt Imad Essassi
Bantamweight (female)
Ilham Bourakkadi bt Milena Martinou
Welterweight
Mohamed Mardi bt Noureddine El Agouti
Middleweight
Nabil Ouach bt Ymad Atrous
Welterweight
Nouredine Samir bt Marlon Ribeiro
Super welterweight
Brad Stanton bt Mohamed El Boukhari
The%20specs
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Brief scores
Barcelona 2
Pique 36', Alena 87'
Villarreal 0
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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