Smoke billows in Khartoum on Sunday as air strikes continue. AFP
Smoke billows in Khartoum on Sunday as air strikes continue. AFP
Smoke billows in Khartoum on Sunday as air strikes continue. AFP
Smoke billows in Khartoum on Sunday as air strikes continue. AFP

MENA

At least 481 civilians killed in Khartoum since Sudan conflict began, say doctors

More clashes in capital on Monday morning as warring parties hold talks in Saudi Arabia

The National

May 08, 2023

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At least 481 civilians have been killed in Khartoum since violence broke out in mid-April between the Sudanese military and the paramilitary Rapid Support Forces, says Sudan’s Doctors Syndicate.

It said more than 2,560 civilians had been wounded.

The syndicate said at least 100 people were killed in clashes last month between armed fighters Geneina, in Sudan’s Darfur region.

Hospitals are still out of service in Geneina and an accurate count of the wounded was hard to make, the doctors’ union said in a statement posted on its official Facebook page late on Sunday.

Fighting broke out in Darfur a few days after Sudan’s military, led by army chief Gen Abdel Fattah Al Burhan, and Rapid Support Forces, led by his former right-hand man Gen Mohamed Dagalo, took up arms against each other in Khartoum. It is seen as evidence that conflict in the capital could escalate to other parts of the East African country.

People fleeing the fighting in Sudan queue for water at the UN High Commissioner for Refugees transit centre in Renk, near the border with South Sudan. Reuters
People fleeing the fighting in Sudan queue for water at the UN High Commissioner for Refugees transit centre in Renk, near the border with South Sudan. Reuters

Fighting could be heard in south Khartoum on Monday morning as envoys from Sudan's warring parties met in Saudi Arabia for talks that international mediators hope will bring an end to a three-week conflict.

The US-Saudi initiative is the first serious attempt to end fighting that has derailed an internationally backed plan to usher in civilian rule following years of unrest, and created a humanitarian crisis.

“Pre-negotiation” talks began on Saturday and “will continue in the coming days in the expectation of reaching an effective short-term ceasefire to facilitate humanitarian assistance”, the Saudi Foreign Ministry said.

Riyadh was pushing for "a timetable for expanded negotiations to reach a permanent cessation of hostilities", the ministry said.

The United Nations has warned of a widening humanitarian crisis after fighting has already displaced 335,000 people and created 117,000 refugees.

More than 60,000 Sudanese have fled north into Egypt, 30,000 west to Chad, and over 27,000 to South Sudan, according to the UN.

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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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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Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

UAE currency
Updated: May 08, 2023, 2:31 PM
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