Crowds pay their respects at a memorial to Tanveer Iqbal, one of the traffic officers killed in the Lahore attack.
Crowds pay their respects at a memorial to Tanveer Iqbal, one of the traffic officers killed in the Lahore attack.

Traffic wardens 'were so brave'



LAHORE // By morning rush hour yesterday, the scene of Tuesday's commando-style attacks on the Sri Lankan national cricket team had been transformed into a mass shrine. Throughout the day, hundreds of people crowded around a massive poster dedicated to Tanveer Iqbal, a 26-year-old traffic warden who was among seven people killed in what Pakistani officials have described as an act of terrorism.

"Long live the traffic warden!" the crowd chanted between recited prayers, many laying flowers only a few metres from where he was fatally shot. The victims, identified by Pakistani authorities as elite force officers Tipu Sultan, Mudassar Kumboh, Faisal Butt, Sultan Farid and "Mahmoud", as well Iqbal and one of the team's drivers, Zafar Khan, were fatally shot when 12 heavily armed gunmen ambushed a convoy carrying Sri Lankan players and coaches to Lahore's Qadafi Stadium. None of the cricketers suffered serious injury.

In the aftermath of the bloodshed that tore through this relatively peaceful Pakistani city, the law enforcement officials who were killed in Tuesday's attack have been hailed as heroes and martyrs. Witnesses described them as human shields that served to protect the widely revered sportsmen. "The terrorists tried to kill the Sri Lankan players but the amazing traffic walas [wardens] saved them - they were so brave," said Ayub Shahid, an engineer who returned to the scene to pay his respects one day after witnessing the onslaught.

However, along with the tribute, there is also a belief circulating among Pakistanis, particularly within the country's law enforcement community, that the deaths could have been prevented had the officers been better equipped to confront such a sophisticated security threat. Traffic wardens said they were no match for the assailants, who were armed with AK-47 rifles, grenades and even rocket launchers.

"We are all empty-handed - this is the policy of the government," said Mohammed Faisal, a traffic warden in Lahore, standing alongside his shaken colleague Mr Shauwkat, who was just a few steps away from Iqbal when he was fatally shot. Pakistan's increasingly apparent security gaps have sparked international criticism about the country's ability to stifle its growing militant problem. Punjab's governor, Salmaan Taseer, said he would hold an inquiry into security lapses that might have paved the way for this broad daylight attack to occur at a major city junction. He denied allegations by the former chief minister Shehbaz Sharif that the security failure was the result of the recently heightened political wrangling in the province.

"We saved the Sri Lankan team," Mr Taseer said, suggesting that the tragedy could have been a lot worse had his government failed to provide the proper security precautions. Still, some law enforcement officers believe that much more could have been done to save their colleagues. "We could have done something about these attacks but none of us has a weapon and the police walas have only sticks. Who can fight the terrorists this way?" said another traffic warden who asked not to be identified for fear of repercussions.

Traffic police in Lahore earn an average of 20,000 Pakistani rupees (Dh920) a month. This low salary comes after a pay increase was approved by the former Punjab chief minister Chaudhry Pervaiz Elahi in 2006 in an effort to curb corruption among low-paid street officers. Traffic police also received new uniforms and greater job opportunities as part of the move by Punjabi officials. Still, they work long hours and receive nothing in the way of health care or social benefits.

Mr Faisal believes these conditions are unacceptable, particularly when faced with circumstances that put their lives at risk. "No weapons and no health care? It is so demoralising for us. How can we do our jobs properly?" he asked. "[Iqbal] is not a hero, he is a victim. It can happen to any of us." vsalama@thenational.ae

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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.”