Kamal El Ganzouri, the 78-year old prime minister of Egypt, was still a young man when one of America's greatest war-time soldiers gave his farewell speech before the US Congress. "I still remember the refrain of one of the most popular barracks ballads ... which proclaimed most proudly that old soldiers never die, they just fade away," intoned General Douglas MacArthur as he departed public life.
The year after Gen MacArthur spoke, Egypt was in revolt. One of the most important years in Egyptian history, 1952, saw the overthrow of the monarchy and the beginning of the modern Egyptian republic. Since then, the army has played an essential part in Egyptian society: a member of the military has been president ever since.
The year 2011 is shaping up to be another vital moment in the history of modern Egypt. The largest democratic election in the Arab world is now underway, set against a backdrop of some of the most serious unrest the country has seen since the fall of former president Hosni Mubarak.
The protests against military rule are continuing - today is the 10th day that demonstrators have occupied Tahrir Square in opposition to the polls - but the army generals have made clear that they expect the start of the election this week, and the timetable to presidential elections in the spring, to go ahead.
That, they say, is the only way to guarantee stability.
That may have been true 11 days ago. But the latest round of protests against the army has changed the political calculus of a nation still searching for its footing. Rather than guarantors of stability, the army command is now seen as a continuation of the past. Since they have lost the support of the people, the time has now come for Egypt's aging generals to fade away.
The Arab Spring is now entering its second phase. With the old regime toppled, elections have taken place in Tunisia, and more will be coming soon in Libya and Yemen. What should happen now in those countries is not more days of protests and revolution, but a long road of politics and coalitions and constitutional rewriting. Historic days, but hardly headlines.
In Egypt, there are still protests. This vote, part of a cycle of parliamentary elections that will elect a lower and upper house by March, has been boycotted by several parties in the wake of protests. The men and women on the streets of Cairo feel that military rule - which will continue for at least another year, while a new constitution is written - should end now.
The trouble is, in these messy, complicated times in Egypt, the old soldiers just don't get it. Egypt's prime minister is 78. The head of the Supreme Council of the Armed Force (SCAF), the de facto leader of the country, is 76. What can they say to the young men and women who are once again occupying Tahrir Square?
Nor is age the only barrier. The SCAF does not understand that the revolution wasn't about one man, but about a system.
In the months since Mr Mubarak was forced out and the military command took over, SCAF has not reflected what might be called the "spirit" of the revolution. It is true that the millions who toppled the ousted president want change, but not merely cosmetic change. They want a genuine change to the system. SCAF's use of military tribunals against civilian protestors, and the continuation of the emergency laws that served Mr Mubarak so well for decades, suggest the generals don't appreciate the depth of the change demanded.
Egypt's revolution is still on-going - this is the way of all politics - but too many have died facing the bullets of the police and the army for business as usual to continue.
Before this latest round of violence, the army could probably have held on beyond the elections with the support of the country. Its role in protecting civilians during the uprising that toppled Mr Mubarak earned it considerable goodwill among the population. Now that must be in doubt. The longer the Supreme Council stays in power, the worse will be its legacy to the Egyptian army.
The military has been part of the fabric of Egyptian society for decades - and has been part of the ruling elite of the country since the overthrow of the monarchy.
Doubly important than that, as an institution that the youth protesters looked to for protection in the early days of the revolution, the army must remain on the side of the people, in spirit if not in letter.
If SCAF cannot do that, it should move out of the way, for the sake of the country.
It is true - as the generals have said - that Egypt is not Tahrir Square alone. And all of Egypt is not necessarily represented in that square: many will see the election of Islamist parties as a better reflection of their political opinions.
But the time of the generals appears to be coming to an end. SCAF should recognise this and, when a new parliament has been elected in March, should cede power to a civilian government and have it lead the transition towards a new constitution and presidential elections. Then, like the old soldiers of the ballad, having done their duty to the country, they should fade away.
falyafai@thenational.ae
Follow him on Twitter: @FaisalAlYafai
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
KYLIAN MBAPPE 2016/17 STATS
Ligue 1: Appearances - 29, Goals - 15, Assists - 8
UCL: Appearances - 9, Goals - 6
French Cup: Appearances - 3, Goals - 3
France U19: Appearances - 5, Goals - 5, Assists - 1
COMPANY%20PROFILE
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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.”
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Kibsons%20Cares
%3Cp%3E%3Cstrong%3ERecycling%3Cbr%3E%3C%2Fstrong%3EAny%20time%20you%20receive%20a%20Kibsons%20order%2C%20you%20can%20return%20your%20cardboard%20box%20to%20the%20drivers.%20They%E2%80%99ll%20be%20happy%20to%20take%20it%20off%20your%20hands%20and%20ensure%20it%20gets%20reused%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKind%20to%20health%20and%20planet%3C%2Fstrong%3E%3Cbr%3ESolar%20%E2%80%93%2025-50%25%20of%20electricity%20saved%3Cbr%3EWater%20%E2%80%93%2075%25%20of%20water%20reused%3Cbr%3EBiofuel%20%E2%80%93%20Kibsons%20fleet%20to%20get%2020%25%20more%20mileage%20per%20litre%20with%20biofuel%20additives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESustainable%20grocery%20shopping%3C%2Fstrong%3E%3Cbr%3ENo%20antibiotics%3Cbr%3ENo%20added%20hormones%3Cbr%3ENo%20GMO%3Cbr%3ENo%20preservatives%3Cbr%3EMSG%20free%3Cbr%3E100%25%20natural%3C%2Fp%3E%0A
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
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
