A Sudanese demonstrator chants slogans during an anti-coup demonstration in the capital Khartoum. (Photo: AFP)
A Sudanese demonstrator chants slogans during an anti-coup demonstration in the capital Khartoum. (Photo: AFP)
A Sudanese demonstrator chants slogans during an anti-coup demonstration in the capital Khartoum. (Photo: AFP)
A Sudanese demonstrator chants slogans during an anti-coup demonstration in the capital Khartoum. (Photo: AFP)

Protests resume in Sudan as moves for political deal falter


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Security forces fired tear gas and stun grenades at protesters who rallied against Sudan's military rulers, as diplomatic moves to broker a political solution to a post-coup crisis showed little sign of progress.

Thousands marched towards the presidential palace in Khartoum on Thursday amid high temperatures and a heavy security presence, in the first major demonstration since Ramadan and the biggest turnout for several weeks.

Crowds in the capital — and others filmed in other cities on social media — could be heard chanting “Kill us, we're not afraid,” and “The people's government is civilian.”

Sudan has been in political flux since months of mass demonstrations pushed the military into overthrowing former president Omar Al Bashir in April 2019.

Sudanese protesters at an anti-coup demonstration in the capital Khartoum on Thursday. (Photo: AFP)
Sudanese protesters at an anti-coup demonstration in the capital Khartoum on Thursday. (Photo: AFP)

After more rallies, the army agreed to share power with civilian groups, but then took over again in a coup in October 2021.

Since then, civilian parties including resistance committees organising the protests, have rejected negotiations with the military. Military leaders have looked to factions that were close to Bashir to try to build a political base.

Talks organised by the United Nations and the African Union that were expected to launch this week have stumbled, prompting criticism from parts of the military and civil society.

Khartoum resistance committees on Wednesday signed a charter setting out their vision for ending military rule, inviting political parties to join.

“After the signing of the charter, we are more optimistic,” 38-year-old protester Ahmed Fathalrahman said.

At the start of the protest, Reuters reported a witness as saying there was a heavy deployment of army, police and the Central Reserve Forces — which the US imposed sanctions against in March — along the protest route and in residential areas.

At least 95 people have been killed in protests since the coup, and thousands injured, according to medics. Lawyers say dozens of political prisoners remain in detention.

Military leaders say the deaths will be investigated, that those detained face criminal charges and that the coup was a corrective to political infighting.

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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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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.

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“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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Courtesy: Crystal Intelligence

Updated: May 13, 2022, 9:28 AM