Sudan's resistance committees call for anti-deal rallies


Hamza Hendawi
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Sudan’s powerful resistance committees called for mass rallies on Thursday to protest against an agreement reached between the military and Abdalla Hamdok, the prime minister, whose government was overthrown last month.

Under the deal announced on Sunday, Mr Hamdok has been reinstated to form a government of independent technocrats that he later said would freely select.

The proposed government would replace one he had led since August 2019 under a power-sharing deal between the military and a pro-democracy alliance. This was preceded by months of street protests against the rule of Omar Al Bashir that forced the generals to dismiss him in April that year.

Sunday’s deal was swiftly rejected as legitimising the October 25 coup by the country’s main pro-democracy movements, including the Forces of Freedom and Change (FFC), the power base and political patron of Mr Hamdok’s former government.

It was also rejected by the Sudanese Professionals’ Association, another powerful coalition that, together with the FFC, engineered the anti-Al Bashir protests in 2018-19. Both groups are demanding that the military leaves politics completely and army chief and coup leader Abdel Fattah Al Burhan and his associates are tried for toppling a legitimate government and derailing Sudan’s democratic transition.

“Whoever once believed in Hamdok, the man is dead. But those who believe in the revolution should know that it does not die,” declared a statement issued by the resistance committees of the Sudanese capital, Khartoum.

“We in the committees of Khartoum hereby declare that the deal, which was struck does not concern us at all and we are adhering to our position: no negotiations, no partnership and no bargaining,” it said.

“November 25 will be a day of loyalty to the martyrs and to reassert our resolve to bring down the coup leaders, both military and civilians.”

An elderly Sudanese man flashes the victory sign in the capital Khartoum, on November 21, 2021. AFP
An elderly Sudanese man flashes the victory sign in the capital Khartoum, on November 21, 2021. AFP

Opposition to the deal between Mr Hamdok and the military underlines the fragility of Sudan’s democratic transition and leaves the prime minister without a power base to back him as he continues his ambitious economic reforms.

It also does not bode well for the stability of Sudan at a time when its economic woes are deep and most of its 40 million people struggling to make ends meet.

Sudan has been rocked by near daily street protests against the coup and the military over the past four weeks. Security forces have killed at least 41 protesters and injured hundreds since October 25, leaving many Sudanese seething over the excessive use of force by the security forces and resentful of the military.

The coup has also drawn strong international condemnations and led to the suspension of hundreds of millions of dollars’ worth of aid to Sudan.

Mr Hamdok, once seen by many as the only legitimate leader in post-Al Bashir Sudan, has been roundly decried for agreeing to the deal he struck with the military, which will continue to oversee the democratic transition.

Thousands of demonstrators have rejected the deal, chanting "No to military power!" and demanding that the armed forces fully withdraw from government. Protesters also tore up posters of Mr Hamdok and dismissed him as a "traitor" to the 2018-19 “revolution” that led to Al Bashir’s removal.

Ironically, protesters in the weeks after the coup lovingly hoisted posters of Mr Hamdok, who had been under house arrest until Sunday.

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.”

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Granada v Real Betis (9.30pm)

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Saturday

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Sunday

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Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

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5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)

5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
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6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi

6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi

7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi

7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
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Man of the Match: Mohamed Salah (Liverpool)

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Results
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1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21

2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43

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Updated: November 23, 2021, 8:41 AM