Time for reflection is here for Brotherhood
Amid reports of its triumph in the parliamentary elections, the Muslim Brotherhood in Egypt began sending comforting messages to fellow Egyptians, said Tariq Al Homayed, the editor of the London-based Asharq Al Awsat daily.
"But the reality tells us that the Brotherhood has got itself into a conundrum as a result of its electoral victory. Ahead of it are three crucial issues that need careful handling: the Camp David treaty, the economy and the Salafis."
Politically, the Brotherhood will have look into the Camp David treaty issue on which it based its legitimacy. The moment of truth is near and it has to prove in actions rather than words if it intends to revoke the treaty, which means declaring war on Israel at a time when the Egyptian economy cannot withstand any more tremors.
Egypt isn't an oil producing country and those who rule it must depend on its own version of oil: tourism. This necessitates security and stability, which goes against the plans to revoke the Camp David treaty.
Should the Brotherhood overcome the first two hurdles, it is bound to come face to face with the Salafis, the self-proclaimed authority on all religious matters in Egypt who will become for the Brotherhood what the Brotherhood was for the Mubarak regime, an continuing opposition in every aspect.
Yemen, still in crisis, needs room to breathe
In his opinion article for the Qatari newspaper Al Watan, the columnist Mazen Hammad wrote: "When the Yemeni president Ali Abdullah Saleh finally agreed to sign the GCC-backed initiative last month, we were under the impression that the progressive march towards peace would be immediately set in motion, but the flames of conflict didn't get any cooler in some areas, especially in the city of Taez where bloody confrontations continue to take place between government forces and pro-revolution factions."
It is obvious that the continuing skirmishes are undermining the efforts of the opposition leader and the interim prime minister Mohammed Salem Basindwa, who threatened to review his acceptance to form a new cabinet unless the vice president intervened to stop the bloodshed.
The GCC initiative states that a military committee shall be formed to oversee the transfer of power and the disarmament across Yemen, which must start at the earliest in Taez.
"Yemen has countless problems," said the writer. "All Yemenis, including the revolutionary youth, must cease their demands for Saleh's prosecution as a precondition for stability."
The continuing pressure on all sides in a country which has approximately 50 million weapons will only drive Yemen into the abyss. What Yemen needs now is a chance to breathe.
Egypt upends Israel's "oasis of democracy"
The masses of Egyptian voters who took part last week in their country's first free elections in decades have inadvertently denied Israel the right to repeat a long-trumpeted claim: being the Middle East's lone "oasis of democracy", wrote Ibrahim Al Bahrawi, a professor of Hebrew studies at Cairo's Ain Shams University, in yesterday's edition of the Emirati newspaper Al Ittihad.
Egyptians have long boycotted the elections because they desperately knew the results would be rigged. So when they were given enough guarantees by the ruling Supreme Council of the Armed Forces that the process will be transparent this time around, they came in droves.
Israeli leaders have always capitalised on the Arab voters' apathy to present their country, by contrast, as the region's last bastion of democracy - thus worthy of western sympathy.
But it would be hard for Israel "to ever allege again that it is the only democracy in the region, and that its citizens are the only ones who go in large numbers to polling stations", the writer said.
Egyptians have also been accused by their own of being inadequate for democracy. In 2005, the Egyptian prime minister then, Ahmed Nazif, said in a statement that the Egyptian people were "not yet mature" for democratic practice.
Egyptian voters have just invalidated that claim as well.
Libya needs an army to stop arms smuggling
Every day brings news of cross-border arms smuggling in Libya, the Dubai-based newspaper Al Bayan stated in an editorial yesterday.
The fact that weapons may well be finding their way to Al Qaeda fighters in the Sahara desert makes this Libyan predicament of concern to the wider region of Sub Saharan Africa and North Africa, the newspaper said.
"This serious development is the result of the security vacuum that followed [months of] bloodshed in Libya and brought such an opportunity to Al Qaeda affiliates and arms dealers in the region."
It won't be easy for the still-fragile Libyan authorities to collect all the weapons on Libyan territories. For that, they would need assistance from their North African neighbours and the international community.
"Libya will have to put in some major efforts … to contain this problem of arms proliferation," the newspaper said. "The toughest part is this: building a conventional national army that brings together all the components of the Libyan people, including the various militias and armed groups."
It is a task only a national army, under whose flag all the rebels accept, can accomplish.
* Digest compiled by The Translation Desk
Translation@thenational.ae
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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.”
WHAT%20START-UPS%20IS%20VISA%20SEEKING%3F
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn
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Engine: 5.7L V8
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
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Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
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