CAIRO // Gangs of armed men attacked at least four jails across Egypt before dawn today, helping to free hundreds of Muslim militants and thousands of other inmates as police vanished from the streets of Cairo and other cities.
The UAE's Ambassador in Egypt requested all Emirati nationals in the country to head to Cairo Airport in order to arrange for their departure, and the US Embassy in Cairo told its citizens in Egypt to consider leaving the country as soon as possible.
The army sent hundreds more troops and armoured vehicles onto the streets of Cairo and other cities but appeared to be taking little action against gangs of young men with guns and large sticks who were smashing cars and robbing people.
At least one Nile-side shopping mall in Cairo was on fire after being looted the previous day.
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EDITORIAL
Egypt speaks but not with one voice
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The Arab world's most populous nation appeared to be swiftly moving closer to a point at which it either dissolves into widespread chaos or the military expands its presence and control of the streets.
A broader and tougher military role could be welcomed by increasingly fearful Egyptians but would run a risk of appearing to place the army on the side of the regime and antagonising protesters.
The demonstrators from all segments of Egyptian society have taken to the streets for nearly a week calling for President Hosni Mubarak to step down. Mr Mubarak named his intelligence chief, Omar Suleiman, to the new role of vice president on Saturday but many protesters said they wanted the complete removal of an administration they blame for poverty, unemployment, widespread corruption and police brutality.
The army appeared to be taking tougher action on some streets by early this afternoon.
At Tahrir Square in the heart of Cairo, two soldiers standing guard next to a tank were working with several young men in civilian clothes to check the IDs and bags of hundreds of arriving protesters.
They found a kitchen knife hidden in a plastic bag carried by a man in his 20s as he attempted to enter the square. The soldiers wrestled the man to the ground, beat him and put him inside their tank.
Some 4,000 protesters chanted slogans against Mr Mubarak in the square, the main gathering point for protesters since anti-government demonstrations began on Tuesday, emboldened by Tunisians' success in driving out their president earlier in the month.
Army helicopters were flying low over Cairo and entire neighbourhoods remained without any troops two days after Mr Mubarak called the army out on the streets. But many Cairo neighbourhoods and other parts of the country remain untouched by looting or street crime.
President Barack Obama met security aides Saturday afternoon and issued a plea for government restraint in Egypt, where Washington has long feared increasing influence by Muslim militants.
Egyptian security officials said that overnight armed men fired at guards in gun battles that lasted hours at the four prisons including one northwest of Cairo that held hundreds of militants. The prisoners escaped after starting fires and clashing with guards.
The Egyptian security officials said several inmates were killed and wounded, but gave no specific figures. T
Looting and arson continued until dawn as the police totally disappeared from the streets of the capital and several major Egyptian cities. There was no explanation for why the police vanished.
The vacuum left by their melting away has prompted residents to form neighbourhood protection groups, armed with firearms, sticks and clubs. The citizens set up checkpoints and barricades and used bricks and metal traffic barriers to block off side streets.
Groups of youths also directed traffic in parts of Cairo, chasing away the gangs of criminals smashing passing cars. Residents said gangs were also stopping people on the streets and robbing them.
In the upscale neighbourhood of Zamalek, long lines formed at shops and grocery stores as Egyptians tried to stock up on food, water and other supplies. Stores appeared to be running short of most items, especially bottled water. At one store, water was selling for three times the normal rate.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE currency: the story behind the money in your pockets
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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
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
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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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.”