The attack on Tunisia’s Bardo National Museum showed that the country has been targeted because it has achieved what no other Arab country has, Taoufik Bouachrine argued in the Moroccan newspaper Akhbar Al Youm.
The promising democratic progress, the attempts to narrow the gap between secular and Islamist factions, signs of the Arab Spring being ultimately beneficial instead of disruptive and a constitution that laid the foundation for a unique parliamentary system are some of the achievements that have made Tunisia the subject of attack, he wrote.
Terror flourished in the tyranny, corruption and despair that occurred during the decades-long reign of former president Zine Al Abidine Ben Ali.
The attackers’ main goal is to destroy the country’s economy and sow mistrust and fear between Islamist and secular factions in an effort to push them to an open conflict, he contended.
ISIL is nothing but a killing machine, an organisation without a future or a platform, but its barbarity benefits those willing to put an end to the Arab democratic dream.
Many forces want for Tunisia a fate similar to that of Libya, Yemen, Iraq and Syria to persuade the public of the futility of the struggle for freedom, dignity and democratic pluralism, he wrote.
Major powers are seeking to instil fear in people who rose up against dictatorship, corruption and subservience to the West. These forces cannot directly oppose democracy so they create instability and sow fear.
It is known that the nucleus of ISIL was formed from former prisoners who the Assad regime deliberately let out of jail to help form extremist, armed groups with the goal of deviating the Syrians’ demands for freedom.
The Syrian regime knew that the extremists would fight the war along sectarian, not political, lines, which would help plunge the wider region into a sectarian, civil war. It did not attack the ISIL-controlled areas and let the group sell oil, which is why ISIL tried from the beginning to seize the areas controlled by the Syrian opposition. Bloody clashes killed many more of them than the regime’s fighters.
As ISIL grew stronger, some powers in the region and beyond used the group to fight president Assad, Iran, Hizbollah and Iraqi prime minister Nouri Al Maliki. This emulated tactics used against the Soviet Union in Afghanistan in the 1980s, but what they did not anticipate was that ISIL would grow so powerful that it would revolt against everyone including Al Qaeda, its parent organisation. ISIL became a monster many helped create but could not control, he concluded.
Algerian novelist Waciny Laredj, writing for the pan-Arab daily Al Quds Al Arabi, said the real target of the museum attack was Tunisia’s nascent democracy.
Tunisia’s historic feat was to show the Arab world’s democrats it was possible to create a new republic beyond the primitive and hereditary dictatorships that have wrought havoc on Arab countries since independence.
This is why murderers lurk in the shadows to prevent Tunisia becoming a model democracy. A successful role model is easy to inspire and spread, he noted.
“We want this democracy to succeed.”
The bloody scenes unfolding elsewhere in the region makes Tunisia the most relevant example for Arabs of a revolution that avoided mayhem and disintegration.
Thus the Tunisian process must survive as an “existential Arabian necessity”, not just a local, transient experience, he said.
Signs of the successful Tunisian example include a committed civil society, women’s rights, a creative political elite and innovative religious entities.
In the past, France and the UK served as role models for the rest of Europe and helped countries such as Spain and Portugal get out of dictatorship.
In Asia, Japan, India and Korea showed the way, while South America took cues from Brazil and Argentina. The US became a distinguished model and even Africans found a model in post-Apartheid South Africa.
The Arab world has traditionally lacked a positive example that could lead to the entrenching of democracy. All previous models failed the test of separation of powers. Whoever attacked Tunisia was targeting its democratic process and political pluralism to prevent the experience from spreading to other places, he concluded.
Translated by Abdelhafid Ezzouitni
aezzouitni@thenational.ae
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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.”
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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