President Abdel Fattah El Sisi said on Saturday Egypt was on the "right track" to rebuild its economy after years of instability that had nearly brought the country to its knees.
Speaking on the anniversary of 2013 mass protests that helped propel him into power, President Sisi said Egypt had faced challenges, including political instability, armed insurgency and an economic meltdown since 2011 protests forced President Hosni Mubarak from power after more than 30 years in office.
"I tell you in all objectivity, every Egyptian man and woman is entitled to feel proud for what his country has achieved in facing the three challenges, and in record time," President Sisi said in a televised speech.
President Sisi, who was elected for a second term in March, has been pushing ahead with economic reforms required under a three-year, $12 billion IMF loan that have left many of Egypt's 100 million people struggling to make ends meet.
He called on Egyptians to last through the tough measures, which include steep price increases on fuel, drinking water and electricity.
Spurred by the painful reforms, an online campaign calling for Sisi to step down has gathered momentum in recent weeks.
"The results that have been achieved until now indicate we are on the right path," President Sisi said, citing positive economic indicators, including a record $44bn in foreign reserves and economic growth of 5.4 per cent.
Human rights groups accuse President Sisi of presiding over a crackdown on dissent as he pushes ahead with the reforms, that have included raising prices for fuel, electricity and public transportation.
The Egyptian military and security forces, under President Sisi's orders, have been conducting a major operation in Sinai this year, trying to crush militants behind a wave of attacks that had killed hundreds.
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Read more:
Egypt inflation rate eases to 11 per cent in May
IMF to approve $2bn payment to Egypt
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Analysts say the reforms have eroded his once soaring popularity, but to what extent is hard to gauge since scores of websites have been banned in the past year and opponents rounded up, often on charges of spreading fake news.
In an unprecedented show of digital dissent, hundreds of thousands of Egyptians have taken to Twitter in recent weeks, to voice their discontent and call for President Sisi to step down.
The hashtag campaign that translates roughly to #Sisi–leave gathered strength after the government announced the fuel and electricity subsidy cuts.
But in his speech on Saturday, President Sisi said Egypt, the Arab world's most populous country, could not afford to put off implementing the reforms even if they cause pain.
"It is without a doubt that the road to true reform is difficult and cruel and that it causes much suffering, but it is also without a doubt that the suffering which comes from the lack of reform is much greater," President Sisi said.
Despite the criticism, he said that his plans for the Egyptian economy would see it grow by more than seven per cent in the years to come.
said his program will spur economic growth by over seven percent in the coming years.
"This will change the reality of life in all of Egypt," he added.
Without Remorse
Directed by: Stefano Sollima
Starring: Michael B Jordan
4/5
RESULTS
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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.”
BAD%20BOYS%3A%20RIDE%20OR%20DIE
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
COMPANY%20PROFILE
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COMPANY%20PROFILE
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Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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.
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
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Killing of Qassem Suleimani
