Sudan's army chief Abdel Fattah Al Burhan told a UN conference on Monday that he expected the 18-month war in his country to end soon “at the hands of the Sudanese people and their armed forces”.
Addressing the inaugural session in Cairo of the World Urban Forum, Gen Al Burhan said he expected the international community to step in and rebuild Sudan when the war between the army and the powerful paramilitary the Rapid Support Forces ends.
“I hope this [international reconstruction effort] will happen soon during the postwar stage that, as I mentioned before, will be soon, God willing,” he said after he accused the RSF of being a terrorist group that has committed crimes against humanity and war crimes during the war.
Tens of thousands have been killed and more than 10 million displaced, three million of whom fled the country, since the war in Sudan broke out in April 2023. Additionally, the war has created one of the world's worst humanitarian crises, with an estimated 25 million – more than half of Sudan's population – facing acute hunger.
Both the army and the RSF are accused by the UN of committing war crimes.
Gen Al Burhan's visit to Egypt coincides with an army offensive to reverse losses to the RSF in the war's early days, with troops now making battlefield gains in parts of Khartoum, the capital, and Al Jazira region to the south of the capital.
Egypt, Sudan's traditional ally and powerful northern neighbour has repeatedly called for a ceasefire in Sudan, where the army insists the civil war can end only if the RSF surrenders and lays down its arms.
Gen Al Burhan and President Abdel Fattah El Sisi met on Monday on the sidelines of the UN conference, according to a statement by the Egyptian leader's office.
"The President emphasised during the meeting Egypt's continuing support on all levels to brotherly Sudan so that it pulls through the crisis it is experiencing," said the statement.
Gen Al Burhan's visit to Egypt also comes a day after his office announced he had appointed a new acting foreign minister, replacing Hussein Awad Ali with career diplomat Ali Youssef Ahmed.
The army leader has also appointed three acting ministers for the portfolios of information, commerce and Awqaf (Islamic endowments).
Sudan has had no government since Gen Al Burhan and ally-turned-enemy Gen Mohamed Dagalo, the RSF's commander, seized power in a coup in October 2021, toppling a civilian-led administration and derailing the country's democratic transition after the dictator Omar Al Bashir was deposed in April 2019 after 29 years in office.
Sudan has since been run by military-backed caretaker ministers, with Gen Al Burhan as de facto head of state. The war between the army and the RSF broke out in April last year when months of tension over their future mandate in a democratic Sudan boiled over.
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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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