Proposal to solve Syrian crisis indicates new Egypt is regaining its leading regional role
It seems that Egyptian president Mohammed Morsi is regaining Egypt's role in the region - inactive for the past 40 years - faster than many have expected, wrote Abdel Bari Atwan in the pan-Arab newspaper Al Quds Al Arabi.
"After he took control of the armed forces and the media, brought down the Supreme Council of the Armed Forces, and reclaimed the executive and legislative powers, President Morsi has started to act regionally," the writer said.
At the Mecca emergency summit, Mr Morsi presented a new proposal to solve the Syrian crisis and stem the bloodletting. He has suggested the formation of a contact group of four Muslim countries - Turkey, Iran, Saudi Arabia and Egypt.
This move "came to affirm this new Egyptian modus operandi which seeks to revive Egypt's leadership", the writer argued.
Only these four heavyweights, collectively, can settle the Syrian issue after all other plans have failed, he went on.
Except Egypt, all these countries are directly involved in the Syrian crisis either through supplying weapons and funding to the warring parties (Iran and Saudi Arabia) or through logistic and operational support (Turkey).
The fact that Egypt is not involved in the Syrian crisis allows it to be a neutral party accepted by both the regime and the opposition, although the Syrian regime was hasty and undiplomatic in attacking Mr Morsi following his support of the revolution's demands.
"This proposal seems to have much better chances of success because it admits the facts on the ground and the regional players, and it does not incorporate the foreign parties behind these [regional players]," the writer noted.
The Egyptian initiative is workable because the solution to the crisis must be regional, and any role of the UN or even the Arab League should be just "auxiliary and from a distance".
Although some Arab and western states have imposed a "veto" on any Iranian participation in efforts to find a way out of the Syrian conflict, the warm embrace that Iran's President Ahmadinejad received from King Abdullah in Mecca is supposed to have abolished this veto.
It is in the interests of the neighbouring countries to find a political settlement to the Syrian issue accepted by all parties. This solution should bring the bloodshed to an end, restore the legitimate rights of the Syrian people, and prevent Syria from becoming a chaos-ridden failed state, the writer added. And the "Egyptian proposal could be a lifeline for Syria against ethnic and sectarian divisions".
The strategic deficiency which has frozen the region for 40 years due to the absence of Egypt is clearly on the wane, he said.
Egypt is confidently regaining its leadership position and building a new Arab project able to fill the void, the writer concluded.
An all-powerful Morsi may be a good thing
Many sceptics approach the recent decisions by Egyptian president Mohammed Morsi from the perspective of "too good to be true", while others criticise the absolute powers he has regained following the nullification of the constitutional declaration, wrote columnist and human rights activist Nawara Negm in the Cairo-based Al Tahir.
Mr Morsi controlling all powers is much less worse than the "youth-killers" doing so, she said.
There is a significant difference between Mr Morsi and the junta. The former is democratically elected while the latter "had imposed itself on us".
True, there is a risk in Mr Morsi holding all these powers, but there is also an asset. Now that the "deep state" is abolished, the president alone can be held accountable.
Today, Mr Morsi cannot find excuses for failing to release all political prisoners. Egyptians can also stake their claim to social justice, and hold the president liable for disruptions to power and water supplies without members of the Muslim Brotherhood using the pretext of the "deep state".
"Now, we can ask the president, 'Please silence the Brotherhood'," she said.
The real danger in the president having all powers exists only if Egyptians fail to stay on guard.
Now that there are no barriers between the people and the president, they must watch him, hold him responsible and never make him a "new pharaoh".
Sitting under the tree of memories for Eid
Digging through old pictures can sometimes indicate a nostalgia disorder. But escaping the fast pace of modern life, now and then, and sitting peacefully in the shade of the memory tree, is paramount to keeping psychological balance, wrote Saleh Bin Sabaan in the Saudi paper Okaz.
"After I had finished receiving well-wishing relatives and friends on the morning of Eid, I suddenly found myself under that tree," he said.
"I remembered how all the doors were merrily open to host well- wishers, with real and hearty laughs and smiles."
The children to whom all doors and arms were festively open filled the streets, and it was they who would give presents to the adults by spreading joy and "beautiful noise" in homes and streets.
Back then, people celebrated people more than new clothing. The financial assets were more or less similar, and all holiday attire looked beautiful irrespective of the cost. Adults had ethics. The wealthy would stand in awe before their elders, even the poorest of them.
The Eid prayers removed the distance between the old and young, the educated and the illiterate, the poor and the rich. They welded everyone together to make the neighbourhood like one festive tent, the writer said.
* Digest compiled by Abdelhafid Ezzouitni
AEzzouitni@thenational.ae
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
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
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
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.”
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
UAE%20Warriors%2045%20Results
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FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
More from Rashmee Roshan Lall
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
World%20Food%20Day%20
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