Rights groups fear up to 10 people, including children, were killed on Friday as protests rocked a flashpoint province in Iran's south-east.
Security forces opened fire on protesters in various places across Sistan and Baluchestan province, which borders Afghanistan and Pakistan. The region, home to the marginalised Baloch people, has seen some of the bloodiest violence since protests began more than six weeks ago over the death of Mahsa Amini.
More than 90 people were killed in a single day in September — referred to as Zahedan's Bloody Friday — after protesters gathered in the province's main city to condemn the alleged rape of a 15-year-old girl by a local police chief.
Security forces on Friday afternoon began firing live ammunition from the rooftops of the governor's office and other official buildings in the city of Khash, according to Amnesty International.
Videos shared by protest groups showed plumes of smoke rising after protesters set fire to police stations in the province.
The rights group said it was "gravely concerned" there would be further bloodshed amid widespread internet blackouts and reports of additional security forces deployed to the province.
A 14-year-old was among the dead as authorities shot "with the intent to kill", said a Baloch activist group based in London.
Hospitals were overwhelmed with the number of injured, it added.
Footage on social media showed a slain protester who appeared to be in his 20s left on a blood-stained street before being whisked away by authorities. Another video, which could not be verified, showed security forces firing at young schoolboys as they ran away from authorities.
Others shared images of the bloodied corpses of teenagers and young men killed during the protests.
More than 200 people are estimated to have been killed by security forces since protests began, sparked by Amini's death in morality police custody. They quickly spread to every province in the country, with young and old calling for an end to the regime which was ruled since 1979.
Islamic Revolutionary Guard Corps and Basiji forces have led the ruthless crackdown on crowds and bystanders, with some of those killed shot while watching the protests from their homes.
Young protesters have circulated advice online to try and lessen their injuries, calling on others to place yoga mats and life vests under their clothing before taking to the streets. Doctors abroad have said they have received calls from injured protesters pleading for help from inside Iran, fearing arrest if they go to hospital.
A prominent cleric in Zahedan reportedly called on Friday for authorities to hold a referendum on the people's demands, while condemning the violence against protesters.
Molavi Abdolhamid, a top Sunni cleric and leader of Friday prayers in the city, said authorities "cannot beat back a nation" by "killing, beating and arresting".
Some religious leaders, particularly in minority areas, have been vocal in their support of protesters.
Footage shared by protesters in western Kurdish areas has shown mosques and their imams playing Kurdish revolutionary songs as demonstrators gathered in the streets last week.
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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.
“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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Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The specs: 2018 Kia Picanto
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Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
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Rating: 4/5
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