Last Thursday, the world was relieved to hear of the release of 344 schoolboys kidnapped in northern Nigeria. Boko Haram, the terrorist group which haunts that area, claimed the attack as one of their own. Although some now believe the incident was carried out by bandits, the kidnapping drew inevitable comparisons to a similar outrage in 2014, when Boko Haram abducted 276 female pupils in the Nigerian town of Chibok.
Why would such a group be so keen to conduct and claim school kidnappings? The very fact the story received so much global media attention is one clue; many terrorist attacks are barely reported, particularly if they take place outside the West.
It is depressing but important to recognise that extremists know an atrocity is more likely to attract the attention of the world if it targets the young. This was also the case in the 2014 Taliban murder of 157 people, most of whom were children, at a school in Peshawar, Pakistan. This horrific attack received more media attention in 2014 than any other terrorist atrocity in the country, in a year when a total of 1,760 Pakistanis were killed by extremists according to the 2015 Global Terrorism Index.
Terrorism is the willingness to give up so many elements of one's humanity, for the single-minded pursuit of a twisted ideology.
Terrorists shock us into paying attention not just by targeting children, but also by exploiting them in propaganda. This was never more true than with ISIS. Alongside the brutality of its crimes, the group was also remarkable in the history of terrorism for its slick media operation, which disseminated its rapid rise to global notoriety. Some of the most shocking images broadcast by the group – and there are many to choose from – depicted toddlers touting pistols and, on one occasion, even a video of a seemingly apathetic young Kazakhstani boy executing two alleged Russian informants. ISIS viewed the children as a crucial pillar in plans to guarantee the future of the organisation. Child soldiers were grotesquely labelled "cubs of the caliphate". It is a perhaps difficult fact to stomach, but one the international community must recognise, that extremists are increasingly prepared to corrupt young people and deny them a childhood, if it suits their ideological ends.Despite what they might say, terrorists rarely operate for ideological reasons alone. Their brazen and violent tactics also reveal a desire for infamy. Brenton Tarrant, the far-right terrorist who killed 51 worshippers in a New Zealand mosque in 2019, was not satisfied with the physical act of his massacre. He also livestreamed the attack, which turned out to be part of his strategy to leave a permanent record of his atrocity in the dark recesses of like-minded message boards. He even announced his intentions on one such forum just before his rampage.
Mohammed Bello, one of the Nigerian students recently rescued from kidnappers, is carried by his father as relatives celebrate his return. Reuters
In the violent extremist narratives that inspire Islamic terrorists today, there is an emphasis on a jihadist's true mission to speed up the inevitable triumph of a misinformed and false brand of Islam, over non-believers. Or, as some British ISIS fighters put it, a desire to raise the ISIS flag over Buckingham Palace, the UK monarch's palace in London.
For others, terrorism is a means of preventing what is perceived to be the impending doom of their cause. In 2011 Anders Breivik, a far-right Norwegian terrorist, massacred 77 people, 69 of whom were at a summer gathering for children. Breivik believed in a future where white Europeans and their culture – he thought both superior to others – would be overrun by Muslim migrants. He targeted the summer camp because it was organised by the Workers' Youth League, a Norwegian political association for young people interested in the country's Labour Party. Breivik described the atrocity as "cruel but necessary", believing that by targeting the next generation of Norwegian social democrats – in his words, "state traitors" – he was ridding his country of those supposedly committed to erasing the national culture.
At one point during his subsequent trial, Breivik broke down in tears. His display of emotion was not a result of being confronted with the many families devastated by his actions. It was because the court played a 12-minute, anti-Muslim propaganda video he had posted online the day of the attack and which he apparently still found to be very moving. This unshakeable commitment to hate and death over human decency gives us an idea of how insidious the descent into terrorism is. It is not just an extreme shift of political beliefs. It is the willingness to give up so many elements of one's humanity, for the single-minded pursuit of a twisted ideology.
During recent years, it has felt as if terrorists are trying to outdo one another's brutality, whether by joking over footage of massacres, or by filming the immolation of people in cages. Targeting children, who by their nature are innocent and entirely vulnerable, could be one of the last badges of baleful honour on an extremist's road to total nihilism.
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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PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
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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