Morsi goes on trial for inciting violence



CAIRO // Mohammed Morsi rejected the court’s legitimacy yesterday on the first day of his trial for incitement to murder, and demanded that those who removed him from office be prosecuted.

Egypt’s Islamist former president was indignant and outraged in his first public appearance since the military toppled him in July. “I am Dr Mohammed Morsi, the president of the republic,” he told the court.

The hearing in a makeshift courtroom at a police academy in east Cairo lasted nearly three hours. Defence lawyers demanded to see all the case files and to be allowed to meet their clients privately.

The trial was adjourned to January 8. Mr Morsi, who had been detained at an undisclosed secret location since July, was flown to Borg El Arab prison outside Alexandria.

He and 14 others are accused of inciting violence and the murder of protesters outside the presidential palace in December. They face the death penalty or life in prison if convicted.

The Islamist leader branded as criminal his overthrow by the army on July 3 after mass protests against his single year of turbulent rule.

“This was a military coup. The leaders of the coup should be tried. A coup is treason and a crime,” he said.

“I cannot accept for the judiciary to become a cover for the military coup. I am here involuntarily, and through force.”

Mr Morsi, wearing a dark blue suit, was driven to the heavily fortified police academy after being brought by helicopter that touched down near by.

State television showed him smiling as he stepped out of a white van, buttoning his blue blazer and entering the dock to applause from the other accused, who were dressed in white prison uniforms.

Essam El Erian and Mohammed El Beltagui, leading Muslim Brotherhood figures on trial with Mr Morsi, chanted “Down with military rule” as Mr Morsi, his greying beard closely trimmed, smiled and waved at his supporters

The judge, Ahmed Sabry Youssef, banned cameras and recording equipment from the courtroom.

Mr Morsi’s supporters accuse the government of fabricating the charges against him. They held anti-military rallies across Cairo, including outside the police academy where dozens brandished posters of Morsi and signs bearing anti-military messages.

Thousands also protested in front of the constitutional court.

Security forces completely closed Nahda Square and Cairo University, and military vehicles guarded police stations.

The authorities deployed 20,000 policemen for the trial, and warned they were ready to deal with any violence.

* Agence France-Presse

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Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

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Investors: Core42
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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.”

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Joseph E. Stiglitz
W. W. Norton & Company

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.

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Tickets start from Dh100 for adults and are now on sale at www.ticketmaster.ae and Virgin Megastores across the UAE. Three-day and travel packages are also available at 20 per cent discount.

Cricket World Cup League Two

Teams

Oman, UAE, Namibia

Al Amerat, Muscat

 

Results

Oman beat UAE by five wickets

UAE beat Namibia by eight runs

Namibia beat Oman by 52 runs

UAE beat Namibia by eight wickets

 

Fixtures

Saturday January 11 - UAE v Oman

Sunday January 12 – Oman v Namibia

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5