PARIS // Paris vowed on Tuesday that there would be no negotiation with miltants who kidnapped a French hiker in Algeria, as the local army raced against time to find him before his threatened execution.
Algerian military planes were combing the mountainous eastern Tizi Ouzou region backed by elite anti-terrorist troops in a desperate bid to find 55-year-old Herve Pierre Gourdel, a security source said.
The kidnapping was claimed by Jund Al Khilifa (Soldiers of the Caliphate), a group linked to the militant group ISIL, which vowed to kill Mr Gourdel by Tuesday night if Paris did not stop airstrikes in Iraq.
The French government confirmed as authentic a video posted by the group showing the white-haired and bespectacled hostage squatting on the ground flanked by two hooded men clutching Kalashnikov assault rifles.
However, Paris refused to be cowed by the threat against Gourdel and prime minister Manuel Valls insisted the country would press on with airstrikes alongside the United States.
Mr Valls told French radio there would be “no discussion, no negotiation and we will never give in to blackmail. Even if we are of course very worried after the authentication of this video.”
“If we give in, if we retreat an inch, we will be handing them victory,” Mr Valls told Europe 1 radio while on a visit to Germany.
The video surfaced shortly after ISIL issued a statement urging Muslims to kill westerners whose nations have joined a campaign to battle the group, in particular Americans and French.
The United States has built a broad coalition of more than 50 nations to fight ISIL, after the Islamist extremists seized large parts of Syria and Iraq and committed widespread atrocities including beheadings and crucifixions.
On Friday, France conducted its first airstrikes in Iraq.
“These strikes, this engagement, will of course continue,” promised Valls.
The country “cannot be scared of those who threaten it in this way”, he said, but added: “I want to convince our compatriots ... that we have never been up against such a threat, in France and in Europe.”
However, while the United States launched strikes against ISIL in Syria, France has said it will not do so.
Paris had, however, been prepared to strike military targets in Syria after an August 2013 sarin attack, before the US backed off after the regime agreed to turn over its chemical arsenal.
“In Iraq, we are taking part in the aerial operation. In Syria we are helping the opposition. That is our position and it has not changed,” foreign minister Laurent Fabius said in New York on Monday.
In a YouTube video posted on Monday night, Jund Al Khilifa – which has pledged allegiance to ISIL – threatened to kill Mr Gourdel within 24 hours unless Paris halts its airstrikes.
“It is up to Hollande, president of the criminal French state, to halt the attacks on [ISIL] within 24 hours of this statement,” one of his kidnappers says in the video, threatening to kill him otherwise.
Mr Gourdel lives in the southern city of Nice and works as a mountain guide. He arrived in Algeria on Saturday and was seized a day later while hiking with Algerian friends.
The 55-year-old is a passionate photographer who has travelled widely to countries such as Morocco, Jordan and Nepal.
“I have always wanted to capture these incredible landscapes. It was in the Moroccan Atlas mountains that I began to progress. I wanted to bring back images of the people who lived there,” he explains on his professional site.
Mr Gourdel’s 82-year-old mother told reporters the kidnapping was “an ordeal for us”.
She last heard from her son on Sunday.
“Everything was fine, he said he was going for a two-day hike and that it would be hard to reach him,” she said.
Mr Gourdel’s family said in a statement that they had “every confidence” in the French and Algerian authorities’ ability to bring the kidnapping to a “happy conclusion”.
Several French citizens have been targeted by kidnappers in the Sahel in recent years, the base of Al Qaeda in the Islamic Maghreb, or AQIM.
AQIM is currently holding another French citizen, Serge Lazarevic, who was kidnapped in November 2011. Experts say the group has collected over $120 million in ransom payments in the previous eight years.
* Agence France-Press
The specs
AT4 Ultimate, as tested
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Zayed Sustainability Prize
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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.”
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
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The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
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MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)