Omer Faruk Gergerlioglu, a human rights advocate and lawmaker from the People's Democratic Party (HDP) stands in front with his colleagues sitting in support, after the parliament stripped his parliamentary seat, in Ankara, Turkey. AP
Omer Faruk Gergerlioglu, a human rights advocate and lawmaker from the People's Democratic Party (HDP) stands in front with his colleagues sitting in support, after the parliament stripped his parliamentary seat, in Ankara, Turkey. AP
Omer Faruk Gergerlioglu, a human rights advocate and lawmaker from the People's Democratic Party (HDP) stands in front with his colleagues sitting in support, after the parliament stripped his parliamentary seat, in Ankara, Turkey. AP
Omer Faruk Gergerlioglu, a human rights advocate and lawmaker from the People's Democratic Party (HDP) stands in front with his colleagues sitting in support, after the parliament stripped his parliam

US says Turkish moves to close pro-Kurdish party undermines democracy


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A push by Turkish authorities to dissolve the pro-Kurdish Peoples' Democratic Party (HDP) party, if successful, would "further undermine democracy" in Turkey, the US State Department said on Wednesday.

In a statement, the department also called the stripping of HDP deputy and human rights advocate Omer Faruk Gergerlioglu of his seat "troubling."

A Turkish prosecutor on Wednesday asked the Constitutional Court to shut down the pro-Kurdish Peoples' Democratic Party (HDP), parliament's third-largest group.

President Recep Tayyip Erdogan has long portrayed the HDP as the political front of banned Kurdish militants who have been waging an insurgency against the Turkish state that has claimed tens of thousands of lives since 1984.

The party denies formal links to the militants and says it is coming under attack because of its fervent opposition to Erdogan's 18-year rule.

Wednesday's request came from Bekir Sahin – a prosecutor for the Supreme Court which is now investigating the party – who argued that the HDP is trying "to destroy the indivisibility between the state and the people", the Anadolu state news agency reported.

The political and legal assault on the HDP intensified after a truce between the Kurdish militants and Erdogan's government broke down in 2015.

It grew even stronger after Mr Erdogan survived a failed coup attempt in 2016 that was followed by a sweeping political crackdown that saw tens of thousands jailed or stripped of their government jobs.

Those detained include two former HDP co-chairs who were jailed in 2016 and face decades in prison.

Most of the 65 HDP mayors elected in the predominantly Kurdish southeast in 2019 have been replaced by government-appointed trustees.

The HDP's future was thrown into question when Devlet Bahceli, Erdogan's ultranationalist ruling alliance partner, began calling on Turkey's top courts to take action late last year.

The Court of Cassation opened an investigation into the party on March 2, two weeks after Erdogan accused Kurdish militants of killing a group of Turkish captives in Iraq during a failed government rescue operation.

Last month parliament also began examining whether to lift the immunity of 25 lawmakers, including 20 from the HDP.

Omer Faruk Gergerlioglu, a leading HDP member and human rights defender, was stripped of his seat earlier on Wednesday after being controversially convicted of disseminating "terrorism propaganda" in a social media post.

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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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Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

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