Governance and security priorities go hand-in-hand



Yesterday Britain hosted a major international conference on Somalia, attended by heads of government and senior representatives from more than 50 countries and organisations, including UN Secretary General Ban Ki-moon, Arab League Secretary General Nabil Al Araby, UAE Foreign Minister Sheikh Abdullah bin Zayed and a large delegation of Somali leaders.

Together we agreed that the time was right to work on a series of practical measures aimed at helping Somalia get back on its feet.

First, we affirmed that the transitional government in Somalia must end in August and that there must be no further extensions. The Somali people must determine the shape of their future political institutions - so we emphasised that the political process must be inclusive and representative. We also agreed that the political process should be open to all those who are prepared to reject violence, including those in areas currently under Al Shabab control.

We also acted on the decision of African heads of state to establish a joint financial management board to improve public financial management. Our aim is to have a mechanisms in place for reducing corruption, rebuilding trust and ensuring that Somali and donor funds are properly and transparently spent on providing services to the Somali people.

Establishing security is essential for making political progress. That's why on Wednesday the international community agreed to help Amisom (the African Union force) extend beyond Mogadishu, to further counter the challenge currently posed by Al Shabab. A new UN resolution has endorsed an increase in troops from 12,000 to 17,731, along with a new equipment package.

We also moved to support Somalia's regions of relative stability, agreeing principles for aid and establishing a new fund to resolve disputes at the local level, provide jobs and basic services that local people need and support the development of the local authorities. The British government announced a contribution of £15 million (Dh86 million) and several countries followed suit.

The conference also addressed the challenge of terrorism - a threat shared by the Somali people, the region and the wider world - prioritising the need to disrupt terrorists' travel to and from Somalia and to disrupt their finances. We will also be supporting the Somali criminal justice system.

On piracy, the British government and the Seychelles will establish a new regional antipiracy centre with support from other partners, which will look to prosecute the kingpins, ransom negotiators and middle men to break the piracy business cycle. There were also a number of agreements between nations to make it easier for suspected pirates to be tried in the region, and then transferred to Somali prisons.

Somalia has suffered from a terrible famine in the past year. The conference also highlighted the need for donors from across the world to continue to respond generously to the crisis - and provide aid on the basis of need alone. Despite the welcome announcement by the UN that famine conditions in Somalia have now ended, the humanitarian situation remains gravely concerning. More than 2.3 million people are still affected.

Together these measures represent an attempt to change the dynamic in Somalia from one of inexorable decline to one of gradually increasing stability and security. We must be under no illusions about how long it will take to achieve it and our approach must be realistic and sober. We cannot turn Somalia around with one conference and the future is ultimately in the hands of Somalis themselves.

However, Somalis cannot do it on their own; that is why we called this conference - to galvanise international support for Somalia and to send a signal to the people of Somalia that we will stand by them. And to remind all those who wilfully import and perpetuate violence and terrorism there that they should not underestimate our resolve.

William Hague is the UK Foreign Secretary

Results

1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47

2. David Dekker (NED) Jumbo-Visma - same time

3. Michael Morkov (DEN) Deceuninck-QuickStep   

4. Emils Liepins (LAT) Trek-Segafredo

5. Elia Viviani (ITA) Cofidis

6. Tadej Pogacar (SLO UAE Team Emirates

7. Anthony Roux (FRA) Groupama-FDJ

8. Chris Harper (AUS) Jumbo-Visma - 0:00:03

9. Joao Almeida (POR) Deceuninck-QuickStep         

10. Fausto Masnada (ITA) Deceuninck-QuickStep

The Bio

Favourite place in UAE: Al Rams pearling village

What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft

Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans

Best time to swim in the sea: When there is enough light to see beneath the surface

If you go:

 

Getting there:

Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.

 

Getting around:

Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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FIGHT CARD

Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)

Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)

Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)

Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)

Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)

Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)

Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)

Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)

Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)

Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)

Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)

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.”

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
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