• The Algerian air force flies in formation over the capital Algiers, as the country celebrates the 60th anniversary of its independence. AFP
    The Algerian air force flies in formation over the capital Algiers, as the country celebrates the 60th anniversary of its independence. AFP
  • The national holiday celebrates independence from France on July 5, 1962. AFP
    The national holiday celebrates independence from France on July 5, 1962. AFP
  • An Algerian tank drives through a street in the capital Algiers on the country's independence day. AFP
    An Algerian tank drives through a street in the capital Algiers on the country's independence day. AFP
  • Algerian soldiers parade down a street in Algiers. AFP
    Algerian soldiers parade down a street in Algiers. AFP
  • The Algerian air force. AFP
    The Algerian air force. AFP
  • Algerian troops with the National Liberation Army parade in front of the Palace of Sports in Oran, in July 1962. AFP
    Algerian troops with the National Liberation Army parade in front of the Palace of Sports in Oran, in July 1962. AFP
  • Youths wave Algerian flags and celebrate in Algiers on July 2, 1962, a day after a referendum on the independence of their country. AFP
    Youths wave Algerian flags and celebrate in Algiers on July 2, 1962, a day after a referendum on the independence of their country. AFP
  • Young Algerians march between the European and Muslim quarters of Algiers in July 1962. AFP
    Young Algerians march between the European and Muslim quarters of Algiers in July 1962. AFP
  • Rival narratives over atrocities committed during over a century of colonial rule continue to cause bitter diplomatic tension. AFP
    Rival narratives over atrocities committed during over a century of colonial rule continue to cause bitter diplomatic tension. AFP
  • A French soldier looks at a shop destroyed by a Molotov cocktail in Algiers in May 1962, after the signing of the Evian Accords. AFP
    A French soldier looks at a shop destroyed by a Molotov cocktail in Algiers in May 1962, after the signing of the Evian Accords. AFP
  • Young Algerians hang a national flag on a wall in Algiers in July 1962. AFP
    Young Algerians hang a national flag on a wall in Algiers in July 1962. AFP
  • A soldier with forces supporting French rule in the North African country stands guard on a roof in Algiers in January 1960, during the Algerian war. AFP
    A soldier with forces supporting French rule in the North African country stands guard on a roof in Algiers in January 1960, during the Algerian war. AFP
  • The Hotel du Parc in Evian-les-Bains in south-easten France in March 1961, where negotiations to end the war in Algeria took place. AFP
    The Hotel du Parc in Evian-les-Bains in south-easten France in March 1961, where negotiations to end the war in Algeria took place. AFP
  • A woman walks next to Algerian flags in the capital, Algiers, on the eve of the country's 60th independence anniversary. EPA
    A woman walks next to Algerian flags in the capital, Algiers, on the eve of the country's 60th independence anniversary. EPA
  • The statue of Emir Abdelkader in Algiers. The military hero resisted French rule and is considered one of the founders of modern-day Algeria. EPA
    The statue of Emir Abdelkader in Algiers. The military hero resisted French rule and is considered one of the founders of modern-day Algeria. EPA

Algeria celebrates 60 years of independence from France


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Algeria will celebrate 60 years of independence from France with a huge military parade on Tuesday.

The North African country earned its independence with the signing of the Evian Accords, following an eight-year war, in March 1962.

But memories of violence during the 132-year occupation continue to harm ties between the two countries.

Algeria broke free from colonial rule on July 5, 1962 — days after 99.72 per cent of Algerians voted for independence.

Algerians gather in the Kasbah of the capital Algiers to celebrate on July 2, 1962, a day after the self-determination referendum on the independence of their country. AFP
Algerians gather in the Kasbah of the capital Algiers to celebrate on July 2, 1962, a day after the self-determination referendum on the independence of their country. AFP

On Friday, a 16-kilometre stretch of a major road in Algiers was closed so the army could carry out final rehearsals for its parade, the first in 33 years.

The closure caused huge tailbacks on roads leading to the eastern suburbs of the capital.

President Abdelmadjid Tebboune is to preside over the parade, hosting several foreign dignitaries including Palestinian President Mahmud Abbas, Tunisia's Kais Saied and Niger's Mohamed Bazoum.

The government has even commissioned a logo, a circle of 60 stars containing military figures and equipment, to mark "a glorious history and a new era".

Algeria's war of independence left hundreds of thousands of people dead.

Sixty years later, despite a string of gestures by French President Emmanuel Macron, France has ruled out any form of apology for the colonial period.

"There's no way we can forget or erase the human genocide, the cultural genocide and the identity genocide of which colonial France remains guilty," said Salah Goudjil, speaker of the Algerian parliament's upper house, in an interview published by newspaper L'Expression on Monday.

French-Algerian ties hit a low late last year after Mr Macron reportedly questioned whether Algeria had existed as a nation before the French invasion and accused its "political-military system" of rewriting history and fomenting "hatred towards France".

Algeria withdrew its ambassador in response, but the two sides appear to have mended ties since.

Mr Macron and Mr Tebboune confirmed in a June 18 phone call their desire to "deepen" relations, and Mr Tebboune invited his French counterpart to visit Algiers.

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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email openminds@cultures.ae or visit www.cultures.ae

 

High profile Al Shabab attacks
  • 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
  • 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
  • 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
  • 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
  • 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
  • 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.

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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Updated: July 05, 2022, 4:12 AM