For husband and wife Chokri and Saadia, the fear their four young children will wake up crying for food lingers as Tunisia undergoes another shortage of wheat products including semolina and flour.
It has been six months since the couple built a tiny shop selling mlawi – a thin flatbread made of very fine semolina – outside their home in a popular neighbourhood on the outskirts of El Aouina suburb in Tunis.
“We barely managed to get two 10kg semolina bags yesterday," Chokri told The National from behind the counter of his shop.
"They [the provider] refused to give us more, not only because of the shortage, but also because we do not have a business licence yet.”
Chokri said the lack of licence was not a problem when semolina was widely stocked but now there is a shortage providers are under pressure and they need to abide by the law due to government scrutiny.
“You have no idea the time and effort I need to put in order to turn the semolina we got to a fine one that we could use to work,” Saadia said, showing blisters on her hand caused by kneading bread for an entire day.
Their job became harder as they were only able to get their hands on thick semolina, which is not easy to work with when making mlawi.
“A friend of mine told me that he had to resort to soaking couscous in water overnight and adding the small amount of semolina they got in the morning to keep his business going,” Chokri said.
Tunisian President Kais Saied on Monday accused certain “known parties”, which he did not identify, of provoking a bread shortage crisis in the country.
He urged officials to find a speedy solution to the issue for fear of a domino effect on other products.
“Honestly, if the President cannot find a solution to the situation, who else is supposed to?” Saadia said.
“They [officials] need to understand that the citizen is their responsibility … we are tired of their empty words.”
Regular bakery owners share the same concerns.
“There is certainly a delay in providing us with what we need,” Kais Menejja, owner of a bakery in the Taeib Mhiri neighbourhood in El Aouina, told The National.
Mr Menejja said despite attempts to use the designated quota he receives from the Tunisian cereal office evenly, working conditions became stressful due to the continuing shortage.
Businesses at risk of closure
Ridha Touil, who owns bakeries in El Aouina and Ben Arous, told The National one of his bakeries would shut down within two days because of the lack of reserves.
“I know at least three bakeries that have already closed down since they ran out of flour," he said. "That creates pressure on the ones that are still working, leading them to close as well."
He said he notified the Ministry of Commerce that his business could close within a day or two but no solution was provided.
Minister of Commerce Kalthoum Ben Rjeb this week said semolina was available after the importation of vital quantities of durum wheat.
She said last week's dearth was now resolved.
However, finding bread remains an ordeal, many citizens say.
“There is no way you could find bread after 3pm,” Saliha, 53, told The National outside a bakery in Taeib Mhiri.
“It’s frustrating. What are families supposed to do? They [the state] have kept increasing prices and now we keep having back-to-back shortages,” she added.
“It is as if they are taking turns, whoever leaves makes sure that his successor does the same.”
For months, Tunisians have suffered from shortages of foodstuffs such as sugar, cooking oil, coffee, milk and butter.
Cereal-based products disappear more often because of the disruption to the global market caused by the conflict in Ukraine.
The shortages, which have affected subsidised products, are more visible because of a crisis in public finances, which stalled Tunisia’s food import payments, leading to a dearth of many products in local shops and markets.
The Tunisian government continues to seek a bailout from the International Monetary Fund to alleviate the economic crisis.
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.”
TOUR RESULTS AND FIXTURES
June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
June 17: Maori All Blacks 10 Lions 32
June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15 (First Test)
June 27: Hurricanes 31 Lions 31
July 1: New Zealand 21 Lions 24 (Second Test)
July 8: New Zealand v Lions (Third Test) - kick-off 11.30am (UAE)
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
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The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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