Among the scenarios in place for the future Egypt is a one- to two-year interim rule. This involves two options: either the Muslim Brotherhood and the Islamists will be part of it, or not. "Any wise person who loves this country must fight to preclude isolation of Islamists or others from the scene, because this would led us to the Algerian scenario," observed Emad Eddine Hussein in an article in the Cairo-based newspaper Al Shorouk.
"Disagree as you wish with the Islamist trend; but don't forget they are an authentic component in Egyptian society," he wrote. "They won a majority in the parliament and they won the presidential elections. No person in their right mind should think of excluding this component."
Democracy, as US president Barack Obama told ousted president Mohammed Morsi, is about more than elections; it is also about ensuring that the voices of millions on the streets are heard.
The Brotherhood have failed in government, and they got their comeuppance. Yet isolating them will run the risk of turning them into wounded tigers.
They are not going to acknowledge failure easily; they will keep blaming the holdovers from the old regime, the counterrevolution and foreign conspiracy. Still, they should not be driven into a corner.
On Tuesday night, a massacre took place in Bein Al Sarayat district near Cairo University where pro-Brotherhood demonstrators were. 18 people were killed and hundreds were left injured, the writer reported, adding that whoever gave the order to fire at protesters must be brought to justice. Failure to do so will send a message that this is the method awaiting members and supporters of the Brotherhood, or any other opponents.
Amid conflicting accounts, what exactly happened is still unknown. But such criminal acts must absolutely not be justified or pass unnoticed.
Fahmi Huwaidi wrote in Al Shorouk that Egypt now faces two serious threats: hatred engulfing society and the propensity for destructing the state's pillars.
Rejection of the Hosni Mubarak regime was driven more by anger than by hate. And the desire to right his wrongs overwhelmed the zeal to destroy what he built. This was the case although Mr Mubarak insulted Egypt and Egyptians during his rule.
In the year-long rule of Mr Morsi, the main factor leading to mass protests was failure to meet people's expectations, not humiliation, the writer noted. Whether failure was due to inexperience, the short period, mishandling, or the heavy legacy, the fact of the matter is that mistakes are not comparable to the major sins of the old regime.
Succumbing to sentiments of hatred runs the risk of unleashing a civil war; and political exclusion of Islamists is not only practically impossible, it is detrimental to the national interest.
The epic collapse that ended Morsi's reign
As anti-Morsi protests seemed to be gaining in momentum in the past few days, Khairat Al Shater, deputy leader of the Muslim Brotherhood in Egypt, reportedly said: "If Mohammed Morsi falls, the Muslim Brotherhood will not reach power in Egypt again, not even in 50 years."
In comment, the columnist Rajeh Al Khoury wrote in the Lebanese daily Annahar: "This indicates that the Brotherhood decided to risk everything and stand not only against the Egyptian people who filled streets and squares clamouring 'Leave', but also against the Egyptian army, the protector of the revolution."
Hence, when Mr Morsi chose to address the 30 million Egyptians gathered in squares on Tuesday night with a disillusioned speech filled with redundant slogans, he seemed rather naïve.
The Muslim Brotherhood was persecuted in Egypt since the Nasser era in the 1950s. They remained marginalised until they pounced on the revolution in 2011, which they now seem to have lost for good due to their foolish policies.
"There was something comical about a man challenging 30 million of his countrymen," the writer observed.
Mr Morsi and the Brotherhood forgot that the legitimacy they clung to, and which Mr Morsi mentioned 37 times in his last speech, is given only by the people… and the people finally decided to take it back, the writer said.
Brotherhood missed historic opportunity
The Muslim Brotherhood has two groups, hawks and doves. But the upper hand has always been with the hawkish members. Their mantra is: "We do not make concessions because concessions threaten the organisation."
And that is the message conveyed to Mohammed Morsi, the Egyptian president who was ousted in a military coup on Wednesday, wrote Abdulrahman Al Rashed in for the London-based Asharq Al Awsat.
The Brotherhood's deputy, Khairat Al Shater, advised Mr Morsi against accepting the army's call for a political solution with the opposition before the situation becomes worse.
The second view within the Brotherhood is conciliatory. Members who hold this view asked the ousted president to accept the opposition's demands, Al Rashed wrote.
Other Islamist groups asked him to cooperate with the opposition. Rashed Al Ghanouchi, the leader of Tunisia's Ennahda Party, reportedly told Mr Morsi to reconcile with the opposition groups, saying "we've become old as we waited for this historic opportunity".
The Brotherhood has lost this moment. They have lost the largest Arab country, which was handed over to them on a silver plate.
* Digest compiled by the Translation Desk
translation@thenational.ae
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
OPTA'S PREDICTED TABLE
1. Liverpool 101 points
2. Manchester City 80
3. Leicester 67
4. Chelsea 63
5. Manchester United 61
6. Tottenham 58
7. Wolves 56
8. Arsenal 56
9. Sheffield United 55
10. Everton 50
11. Burnley 49
12. Crystal Palace 49
13. Newcastle 46
14. Southampton 44
15. West Ham 39
16. Brighton 37
17. Watford 36
18. Bournemouth 36
19. Aston Villa 32
20. Norwich City 29
'Of Love & War'
Lynsey Addario, Penguin Press
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
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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
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.”
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')