A walk through Cairo’s famous Islamic Quarter today is a different experience to what it was just a few years ago.
The historic neighbourhood has long been a tourist destination, attracting visitors who want to see some of the city's most iconic mosques, sample the bustling markets, and immerse themselves in the winding medieval alleys.
But several years of government development against the backdrop of Egypt's economic crisis have now reshaped the experience.
This is clear to see on Al Muizz street, one of the central arteries of Islamic Cairo known for its vendors and hawkers who display their handicrafts, jewellery and street food against the walls of medieval mosques and madrasas.
The once hectic scene is now much more organised, with security guards patrolling the streets. Since 2016, a private company has been enforcing government laws in the quarter, with men in outfits emblazoned "Al Muizz Security" stationed on the streets.
“Our job is to keep the streets moving and control the number of vendors who are allowed to set up shops and where. Another one of our jobs is to protect tourists from rude sellers. We also step in to stop fights that might happen between one seller and another,” one of Al Muizz’s security guards told The National.
The security scheme is part of the government’s larger development plan for the area, which is still under way.
The plan aims to increase tourism revenue and make the area's many religious sites more accessible, but a major pillar of the plan – to build a flyover aimed at improving access to the quarter – has faced criticism over the demolition of thousands of tombs in a nearby Unesco-certified necropolis.
Alongside the controversy, some local sellers in the area say the development project has put more pressure on them at a time when Egypt's economic crisis has driven up the cost of basic goods and forced many businesses to shut.
Street story
The sprawling streets of Islamic Cairo are now easier to navigate because of the government's Street Story project.
Since 2017, more than 250 signs have been erected across Cairo, including many in the historic quarter.
Like Blue Plaques in London, they highlight buildings of interest that used to be inhabited by famous Egyptians.
The campaign’s characteristic dark blue signs, easily distinguishable amid the age-worn beige relics in the area, have become popular spots for photographs and as meeting points used by tour guides to better map out the area.
“The signs have come in quite handy actually. We often have different tour groups going through the area and the streets are quite narrow so it can be easy to lose people,” Hossam Thabet, a tour guide, told The National.
“Recently, it has been a lot easier to just tell them to meet by the Al Muizz sign or the Darb Qormoz sign. All the signs are accessible through Google Maps so people just use their phones and meet us at the next point on the tour if they get lost.”
The signs have also proved useful for young men hoping to take photographs of tourists for a small fee, a new kind of job that has grown in popularity over the past few years as demand for professionally taken, Instagrammable photos has grown among visiting tourists.
On Thursday, groups of young men, carrying professional cameras could be seen leaning against the walls of various historic mosques and other sites in the area waiting to be hailed by tourists who want their photos taken and sent to them via Bluetooth or Whatsapp on the spot.
“I was born and raised on this street. Our family used to run a handicrafts workshop near the Alley of the Jews, but we closed it down about a year ago, which is when I started doing photography here,” said Mohamed Samir, 27, a street photographer in the area.
“In the beginning I wandered around a lot to find tourists to photograph. After a few weeks, I began to see that they tend to group around these blue signs so I began to walk through the area looking for them. The signs mean there is a famous place in the area, which usually means I’ll find tourists who want their photos taken.
Mr Samir says that he often pays bribes to local security to let him do his job in peace.
Economic woes hit handicrafts
While street signs and more orderly tourism may have brought new opportunities, others in Islamic Cairo have suffered as the economy continues to tank.
Markets selling traditional handicrafts are a central part of Islamic Cairo, but many shops are being forced to adapt to new economic realities and trends.
A recent dollar crunch and subsequent import restrictions have either depleted or driven up the prices of raw materials such as copper and brass. Lanterns, desk lamps, jewellery and other decorative items are fashioned out of such metals by craftsmen who, in some cases, are from families who have been doing so for generations.
In the nearby Khan El Khalili bazaar complex, one of the most visited sites in Egypt where tourists are known to pick up hookahs, Bedouin-style costumes and other handicrafts, a seller told The National that most shops in the area have significantly changed the items they offer for sale.
“A few years ago, we displayed a lot more brass, copper and even silver items. But ever since the dollar became an issue and importing raw materials became more expensive, we have been receiving more supplies from local, smaller scale workshops,” said Ali Hamdy, 39.
Mr Hamdy said that during the past five years, many craftsmen left their professions in the area after their businesses went under, which created a vacuum in the market that has since been filled by more business and tech-savvy operations launched by younger entrepreneurs.
The restrictions on materials combined with changes in trends have given the historic markets a new feel.
Mr Hamdy’s shop, like many others in the area, which in the past might have displayed old-fashioned cloth bags, fashioned in the Bedouin style, now display a majority of fashionable leather and sports bags bearing knock-off Louis Vuitton and Gucci logos.
“There are now a lot more workshops that are making all Egyptian items now, which is good because many use all local materials, they don’t import anything. But they look different,” he said.
“But something that bothers me personally, is that their styles are more western because they want to appeal to current tastes to make money.”
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UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
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England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
RESULTS
5pm: Handicap (PA) Dh70,000 1,400m
Winner: AF Tathoor, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh70,000 1,000m
Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm: Maiden (PA) Dh70,000 2,000m
Winner: Aiz Alawda, Fernando Jara, Ahmed Al Mehairbi
6.30pm: Handicap (PA) Dh70,000 2,000m
Winner: ES Nahawand, Fernando Jara, Mohammed Daggash
7pm: Maiden (PA) Dh70,000 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
Winner: Somoud, Connor Beasley, Ahmed Al Mehairbi
8pm: Handicap (PA) Dh70,000 1,600m
Winner: Al Jazi, Fabrice Veron, Eric Lemartinel
The%20specs
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
RESULTS
Argentina 4 Haiti 0
Peru 2 Scotland 0
Panama 0 Northern Ireland 0
BABYLON
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EGlobal%20Islamic%20economy%20to%20grow%203.1%25%20to%20touch%20%242.4%20trillion%20by%202024%3C%2Fa%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fuk-economy-plunges-into-worst-ever-recession-after-record-20-4-contraction-1.1062560%22%20target%3D%22_self%22%3EUK%20economy%20plunges%20into%20worst-ever%20recession%20after%20record%2020.4%25%20contraction%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EIslamic%20economy%20consumer%20spending%20to%20increase%2045%25%20to%20%243.2tn%20by%202024%3C%2Fa%3E%3C%2Fp%3E%0A
The years Ramadan fell in May
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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.”
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
THE%20SPECS
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F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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