PHNOM PENH // Norodom Sihanouk, the revered former king who was a towering figure in Cambodian politics through a half-century of war, genocide and upheaval, died today. He was 89.
Sihanouk abdicated the throne in 2004, citing his poor health. He had been getting medical treatment in China since January and had suffered a variety of illnesses, including colon cancer, diabetes and hypertension.
Prince Sisowath Thomico, a royal family member who also was Sihanouk's assistant, said the former king suffered a heart attack at a Beijing hospital.
Sihanouk's successor, Norodom Sihamoni, is expected to fly to Beijing to retrieve his father's body.
In January, Sihanouk requested that he be cremated in the Cambodian and Buddhist tradition, asking that his ashes be put in an urn, preferably made of gold, and placed in a stupa at the country's Royal Palace.
Sihanouk saw Cambodia transform from colony to kingdom, US-backed regime to Khmer Rouge killing field and foreign-occupied land to guerrilla war zone - and finally to a fragile experiment with democracy.
He was beloved by his people but was seldom able to deliver the stability they craved through decades of violence.
Born on Oct. 31, 1922, Sihanouk enjoyed a pampered childhood in French colonial Indochina.
In 1941, the French crowned 19-year-old Sihanouk rather than relatives closer in line to the throne, thinking the pudgy, giggling prince would be easy to control. They were the first of many to underestimate him, and by 1953 the French were out.
Sihanouk steered Cambodia toward uneasy neutrality at the height of the Cold War.
He was a ruthless politician, talented dilettante and tireless playboy, caught up in endless, almost childlike enthusiasms.
He made movies, painted, composed music, fielded a palace football team and led his own jazz band. His large appetite extended to fast cars, food and women. He married at least five times - some say six - and fathered 14 children.
After 1960, Sihanouk drifted toward the communist camp, seeking assurances from his powerful neighbours, China and Vietnam, that his country's neutrality would be respected.
By 1969, worried about increasing Vietnamese communist use of Cambodian soil, he made new overtures to the United States and turned against China.
Sihanouk's top priority was to keep Cambodia out of the war, but he could not. US aircraft bombed Vietnamese communist sanctuaries in Cambodia with increasing regularity.
In 1970, a US-backed coup sent the prince to Beijing for years of exile. Within weeks, war broke out, beginning a systematic destruction of Cambodia that killed millions and impoverished the survivors.
Sihanouk, seeking to regain the throne, joined the Khmer Rouge-dominated rebels after his overthrow. The alliance left Sihanouk open to subsequent criticism that he opened the way for the Khmer Rouge holocaust.
"The Khmer Rouge do not like me at all, and I know that," he said. "When they no longer need me, they will spit me out like a cherry pit."
When the Khmer Rouge seized power in 1975 and Sihanouk returned home, they detained him and ordered his execution. Only the personal intervention of Chinese leader Zhou Enlai saved him.
With Sihanouk under house arrest, the Khmer Rouge ran an ultraradical Maoist regime from 1975 to 1979. An estimated 1.7 million Cambodians were executed or died of disease and hunger under their rule.
Vietnam invaded Cambodia in December 1978 and toppled the Khmer Rouge a few weeks later. Freed as the Vietnamese advanced on Phnom Penh, Sihanouk found exile in Beijing and North Korea.
From there, he headed an unlikely coalition of three guerrilla groups fighting the Vietnamese-installed puppet government. The war lasted a decade.
Sihanouk headed the UN-supported interim structure that ran Cambodia until the 1993 elections.
The election was won by the royalist party of Sihanouk's son Prince Norodom Ranariddh.
But the bright promise of the elections soon faded. A violent coup shattered the results of the election, then a constitutional crisis.
During his last years, Sihanouk's profile and influence receded. While old people in the countryside still held him in reverence, the young generation regarded him as a figure of the past and one partly responsible for Cambodia's tragedy.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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.”
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Install an air filter in your home.
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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports