A busy street in Freetown, Sierra Leone. Alasdair Soussi for The National
A busy street in Freetown, Sierra Leone. Alasdair Soussi for The National
A busy street in Freetown, Sierra Leone. Alasdair Soussi for The National
A busy street in Freetown, Sierra Leone. Alasdair Soussi for The National

Undiscovered Africa: a short foray into Sierra Leone


  • English
  • Arabic

When my Scottish-born grandfather, John Archibald Mackenzie Rillie, heard that he was being posted to Sierra Leone in West Africa, it was August 6, 1940, and the Second World War had been raging for almost a year. A member of the Royal Army Medical Corps (RAMC), Jack - as he was more commonly known - recorded the moment in his diary with great unease.

"We … were on 'stand-by' on the gun and heard for the first-time our destination. He was an Aberdonian and in the broad lilting highland dialect he gave us to understand that Hell was a pleasure resort in comparison with Sierra Leone … We all knew and were shocked. Sierra Leone was our destination."

Some seven decades after Jack's own 18-month military "sojourn" in the country's capital, with his diary in hand, I too was making my way to this coastal Atlantic nation of just 5.7 million. Excited about the prospect of following in Jack's footsteps, I was, nevertheless, only privy to a few known facts about the country: that Jack and his comrades were sent to protect this nation which then served as a British dominion; that the brutal civil war of 1991-2002 between the notorious Revolutionary United Front (RUF) and the government claimed tens of thousands of lives, fracturing its once-thriving tourist scene. In 2008, for instance, only a paltry 3,842 overseas visitors vacationed in the country.

When I touch down at Lungi International Airport, it is hot and humid, and a 10-minute helicopter ride later I arrive in the city (a helicopter, water taxi or ferry is required to get from the airport to Freetown, the capital, both of which are separated by the Sierra Leone River).

The country is in the last throes of the rainy season and, when I finally arrive in the city itelf, I'm immediately struck by the greenery of my surroundings. The air is heavy from the previous night's downpour, but from my vantage point on Wilberforce in the city's west-end - one of Jack's old military haunts, where I am staying with two expat friends - I have a sweeping view of the coastal reaches of the city below. A gentle mist hangs over the capital, crowning an undoubtedly beautiful scene.

To make inroads into Freetown, a city of 1.2 million, I secure the services of Mohammed, a taxi driver arranged through one of my expat hosts. He agrees to charter out his vehicle as and when I require. In Freetown, taxis are used on a route basis - where people hop on and off like buses - but unfamiliar with the city and eager to get to particular landmarks, I agree to a rate of 15,000 leones an hour (US$3.50, Dh13), the standard rate for chartering out a driver in the capital.

From Wilberforce, and with Jack's diary acting as a partial city guide, Mohammed's bashed-up Toyota struggles to negotiate the atrocious network of roads which, narrow and pot-holed, wind down towards the city itself. Wild dogs, many hobbling from past run-ins with the city's sprawling number of cars, motorbikes and minibuses, roam the streets with harmless familiarity as local women carry wares on their heads and wash in small street-side waterfalls.

The city's east end is one of my first ports of call and, as we make our approach, Freetown's town centre opens up into a frantic jumble of sights, sounds and smells that appall and delight in equal measure. Street names - gloriously titled Kissy Road, Newcastle Street, Regent Street and the like - scream at Sierra Leone's past as a former British colony (it gained its independence in 1961) as young men - many proudly decked out in Manchester United, Chelsea and Barcelona shirts - peddle a bizarre array of goods (tins of roast beef, giant padlocks and games of Monopoly) to passing motorists, mind small shopping outlets or aimlessly wander around the city's chaotic network of thoroughfares, lanes and avenues.

Looking around, there are Arab faces and voices in abundance. Indeed, the country's not insignificant Lebanese population (Lebanese migration to Sierra Leone began around 1895) has made a real mark in the business community. Today, they run a number of the better-known restaurants, not least Mamba Point on Regent Road, a quality eatery and hotel that regularly attracts the city's expat community and does everything from pizza to sushi. Indeed, restaurants are plentiful here, and a visit to the Bamboo Hut on Wilkinson Road is worth it if only for a taste of its home-brewed (and exceedingly spicy) ginger beer.

With my tour of the capital over, I spend much of the time mulling over my trip as I head for home, not least as I make my way back towards Lungi on the 40-minute water taxi. Freetown - its beauty aside - is hard going. Your arrival at the airport where you are almost set upon is unwelcome (as is the prospect of having to get another mode of transport to get to the other side) and, once you've made several tours of the city itself, its claustrophobic-like atmosphere begins to grate. Freetown is almost more big town than city. While the people are friendly and, despite largely living hand-to-mouth, optimistic and approachable, they are quite clearly not used to the sight of many foreign visitors. Sierra Leone may have come a long way since the war ended in 2002 - unlike Beirut's many bullet-ridden districts, for instance, you would hardly know that any such upheaval occurred. But, as far as its capital is concerned, it is, for now at least, one of the world's still undiscovered destinations.

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

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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