Despite Morsi's mistakes, holding a referendum is a big step towards democracy for Egyptians
As people lined up in 10 provinces yesterday in first-round voting on Egypt's new constitution, the whole population should be reminded, well before the results are announced, that the outcome - whether it's a yes or a no - is a victory for the democratic practice, commented Abdel Bari Atwan, editor of the pan-Arab newspaper Al Quds Al Arabi.
The political tensions and violence of the past three weeks have mostly subsided since the main opposition coalition, the National Salvation Front, backed down on its decision to boycott the vote and instead called upon its supporters to vote no.
Amr Moussa, the head of the Congress Party and a prominent figure in the NSF, told Al Jazeera recently that President Mohammed Morsi is Egypt's legitimate leader and that the country cannot endure another presidential election, given its high political and financial toll, the editor reported.
Indeed, the opposition's move to take part in the constitution vote is "laudable" and is by no means an embarrassing concession - quite the contrary.
"Participation, even with the intent of casting a 'no' ballot, is a civilised, appropriate, democratic decision. On the other hand, rejecting the draft constitution in its entirety, due to reservations about non-essential articles, would only have widened existing rifts and led the country into a dark tunnel," the editor said.
Sure, the opposition is worried about the integrity of the process and the results of the referendum, given that the voting is split into two rounds after Egypt's judges' association refused to oversee the process.
But it appears that the 7,000-plus judges who have agreed to monitor polling stations will be enough to guarantee transparency, after it was decided that the voting will be conducted in two phases, with the second round next week.
"The success of the referendum - which is likely - should not be received as a defeat for the opposition or a victory for the president," the editor argued.
"It would rather be a victory for the Egyptian people, a victory of reason and good judgement, a victory of a strong-willed majority determined to avert … the spectres of a civil war that loomed over Egypt in recent weeks."
Undeniably, Mr Morsi has made some big mistakes, as when he issued a now-infamous decree making his decisions unchallengeable. But he has consistently tried to make amends, the editor said.
For their part, the opposition forces, through a combination of resolve and goodwill, have taught the Egyptian presidency that the Muslim Brotherhood cannot, and must not, lead the country alone, without involving other political and social segments in the process.
This is a workable middle ground, the editor noted in conclusion.
Deaf Palestinian teen killed on his birthday
"Last Wednesday was not just a random day in the life of Mohammed Salaymeh. It was the 17th birthday of this deaf young Palestinian," columnist Mohamed Obeid wrote in yesterday's edition of the UAE-based newspaper Al Khaleej.
"The young man wanted to celebrate with friends in his native Hebron, a city that sits under the bruising weight of occupation," the writer went on.
"It was actually quite a special day for him, one that will never repeat itself for him, a day when his birthday fell on 12/12/12," the columnist continued.
"But he couldn't have known that the steps he was taking on his way to buy a cake for the party were going to be his last … His day of birth would become his day of martyrdom."
Six bullets fired by an Israeli border policewoman penetrated the 17-year-old's body.
Immediately afterwards, the usual deluge of false pretexts and lies came down crashing, with the Israeli side claiming that the Palestinian teenager was trying to attack Israeli soldiers in one of the city's streets.
"As if he could have if he had wanted to," the writer said. "As if he were the one armed to the teeth, and they were the proverbial peace doves."
Israelis soldiers claimed they were acting in self-defence.
Sure, and certainly one needs six gunshots to neutralise a suspected attacker.
Compromise is only way forward in Kuwait
The results of Kuwaiti elections were announced earlier this month, yet the political scene remains almost as blurry as before the elections, wrote Dr Ali Al Tarrah, Kuwait's permanent delegate to the Unesco, in the Abu Dhabi-based newspaper Al Ittihad yesterday.
"No one in Kuwait disagrees about the fact that the country is going through an enduring crisis, with the government, the parliament and the political forces admitting that the situation is escalating," he wrote.
While everyone is looking for a way out of the impasse, compromise is proving to be a rare currency, he added. "Each camp wants to make gains without consideration for the losses of the other camp."
As Saudi commentator Abdullah Al Oteibi noted in a column last October, the chronic political malfunction in Kuwait lies in the following Catch 22: when Kuwaitis vote for a parliamentary block that is aligned with the ruling elite, a cabinet is formed and projects are passed without a hitch - and often without due process. When voters elect the opposition, the Emir simply issues a decree forming an independent cabinet, leaving out the opposition.
Dr Al Tarrah notes that without concessions from both sides, the country will not go forward.
* Digest compiled by Achraf El Bahi
aelbahi@thenational.ae
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UAE currency: the story behind the money in your pockets
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.”
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution