Egypt's minister of defence Sedki Sobhi, right, greets US defence secretary James Mattis, centre, upon his arrival at Cairo International Airport on April 20, 2017 in Cairo, Egypt. Jonathan Ernst - Pool/Getty Images
Egypt's minister of defence Sedki Sobhi, right, greets US defence secretary James Mattis, centre, upon his arrival at Cairo International Airport on April 20, 2017 in Cairo, Egypt. Jonathan Ernst - PoShow more

Pentagon chief pledges support for Egypt's Sisi



CAIRO // US secretary of defence James Mattis met Egyptian president Abdel Fattah El Sisi and top brass in Cairo on Thursday, pledging support for the American ally on his first regional tour.

The brief visit came after Mr El Sisi hit it off with president Donald Trump during a White House meeting earlier this month.

Mr El Sisi’s visit marked a shift in relations after Mr Trump’s predecessor Barack Obama had given the Egyptian leader the cold shoulder for leading the military overthrow of Islamist president Mohamed Morsi in 2013.

Mr Obama temporarily suspended military aid to Egypt following a bloody crackdown on Morsi’s supporters.

Mr Trump, however, has set aside criticism of the Egyptian leader’s human rights record while pledging to maintain support for the key US ally which receives an annual US$1.3 billion (Dh4.77bn) in military aid.

Mr El Sisi told Gen Mattis he wanted to “strengthen the ongoing military cooperation between the two countries”, the president’s office said.

Gen Mattis in turn “reiterated the US’s commitment to reinvigorating these relations and broadening prospects for cooperation”, it added.

In Egypt, the talks touched on the military’s counter-insurgency in the Sinai Peninsula, where an ISIL affiliate has killed hundreds of soldiers and policemen.

The insurgency in the Sinai took off after Morsi was ousted with ISIL increasingly expanding its attacks to other parts of Egypt.

It claimed two church bombings in the cities of Alexandria and Tanta on April 9 that killed 45 people, months after a deadly Cairo church bombing.

On Thursday, the Egyptian military said its air force had killed 19 Islamic extremists including a top ISIL cleric in Sinai.

The strikes in northern and central Sinai on “terrorist strongholds” of the local ISIL affiliate also destroyed four vehicles, it said.

The Pentagon is also concerned with preventing extremists from crossing Libya’s porous border with Egypt and the reported presence of Russian troops in Egypt’s western desert, which Cairo has denied.

Gen Mattis will be in Israel on the next leg of his tour, which started in Saudi Arabia. After Israel, he will return to the Gulf on Saturday for talks in Qatar.

* Agence France-Presse and Associated Press

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What is myofascial pain syndrome?

Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (­connective tissue that covers the muscles, which develops knots, also known as trigger points).

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Releasing these nodules requires a hands-on technique that involves applying gentle ­sustained pressure to release muscular shortness and tightness. This eliminates restrictions in ­connective tissue in orderto restore motion and alleviate pain. ­Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.

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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.

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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.”

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