DIABALY, MALI // Sitting beneath the charred mango tree in the courtyard of his mud house, Barnaby Dakouo, 63, remembers the moment the French planes came to destroy the jihadist fighters who took over his town.
In the very early hours of January 15, the day after this strategically located town had been taken over by extremist militants, there was a huge explosion. Shrapnel came flying through his bedroom wall, hitting him in the shoulder and his adult son in the leg.
Peering though their window they saw that an air raid had hit two pickup trucks mounted with heavy guns, killing two fighters. A fire was raging in their courtyard.
The family of 12 cowered together all night and fled to a nearby village the next morning, but when asked if they would rather the French had not conducted the air campaign, they broke into cries of demurral.
"If we were not bombed, they would have stayed here," said Mr Dakouo, referring to the extremists. "God save them, we thank God for saving our lives."
Just more than a week ago, this lakeside farming town in the lush, fertile countryside of central Mali, went abruptly from being a settlement of mud buildings, with a brick church and cinder-block mosque, to a front line of the battle for the control of this West African country between French-backed Malian troops and the ferocious fighters who pushed south from their northern strongholds.
Now with its football pitch draped in French and Malian flags and lined with armoured vehicles full of French and Malian soldiers, people in Diabaly are visibly relieved that their occupation by the radicals lasted less than a week.
But its sleepy streets bear scars, and some fear that their assailants could yet be hiding in the leafy expanses of the countryside.
"On Monday morning, we heard the rifles shooting, and then later saw three Land Cruisers," said Raphael Dembele, a Christian tailor who was in his shop at the time. Terrified of the reputation of the Al Qaeda-linked groups who imposed a harsh version of Sharia in the north, he tore off his shirt, which depicted Jesus Christ, borrowed another from a friend, and hurried home to his wife and children.
Just after he arrived, seven of the fighters entered his house, carrying a box of ammunition. Some were from the Tuareg people of the north, others were Arabs. He was petrified, but they had come to reassure him. "They told me not to be afraid, they only want white guys and soldiers," he said.
The fighters quickly overpowered Malian troops, who suffered many casualties, fled the town and did not return in force for days.
About five kilometres out of town, an armoured personnel carrier still holds the rotting bodies of three soldiers shot in the battle, with ransacked ammunition boxes scattered nearby.
Working fast, with dozens of pickup trucks mounted with heavy weapons, residents said that the groups took control and set up checkpoints on street corners.
While not imposing strict Sharia - some men said they were still allowed to smoke while others said women were told to cover up - they lectured people on Islamic law.
They also beat up a number of Christians, who residents said make up about 15 per cent of the population. A church was vandalised, the stone cross from the roof now lying chipped on the ground, and, inside, icons and paintings were damaged.
The rebels hid vehicles and ammunition caches under big trees in gardens and took over houses to sleep in.
Rokia Diallo said she fled her house when she heard the fighters had taken over her home and headed to a nearby village.
"I was afraid," she said. "I hope they don't come back."
On Friday, after five days of French air strikes - described as surgically precise - that incinerated vehicles and weapons stashes, the rebels left, heading to the border with Mauritania.
But both French and Malian soldiers advanced only tentatively into the town, fearing that rebels could be hiding among the local population.
Now, with French forces patrolling the streets, people say they feel safe for the first time.
"We don't want them to leave," said Muhammed Daouo, a farmer. "We are not at all at ease. They can easily come back."
afordham@thenational.ae
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
%3Cp%3E%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20card%3Cbr%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ERobert%20Whittaker%20defeated%20Ikram%20Aliskerov%20via%20knockout%20(Round%201)%0D%3Cbr%3E%3Cstrong%3EHeavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EAlexander%20Volkov%20def%20Sergei%20Pavlovich%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EKelvin%20Gastelum%20def%20Daniel%20Rodriguez%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EShara%20Magomedov%20def%20Antonio%20Trocoli%20via%20knockout%20(Round%203)%0D%3Cbr%3E%3Cstrong%3ELight%20heavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EVolkan%20Oezdemir%20def%20Johnny%20Walker%20via%20knockout%20(Round%201)%0D%3Cbr%3E%3Cstrong%3EPreliminary%20Card%0D%3Cbr%3ELightweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ENasrat%20Haqparast%20def%20Jared%20Gordon%20via%20split%20decision%0D%3Cbr%3E%3Cstrong%3EFeatherweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EFelipe%20Lima%20def%20Muhammad%20Naimov%20via%20submission%20(Round%203)%0D%3Cbr%3E%3Cstrong%3EWelterweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ERinat%20Fakhretdinov%20defeats%20Nicolas%20Dalby%20via%20split%20decision%0D%3Cbr%3E%3Cstrong%3EBantamweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EMuin%20Gafurov%20def%20Kang%20Kyung-ho%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3ELight%20heavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EMagomed%20Gadzhiyasulov%20def%20Brendson%20Ribeiro%20via%20majority%20decision%0D%3Cbr%3E%3Cstrong%3EBantamweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EChang%20Ho%20Lee%20def%20Xiao%20Long%20via%20split%20decision%3C%2Fp%3E%0A
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.”
Mohammed bin Zayed Majlis
The%20US%20Congress%20explained
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INDIA SQUADS
India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
The specs: 2018 Jaguar F-Type Convertible
Price, base / as tested: Dh283,080 / Dh318,465
Engine: 2.0-litre inline four-cylinder
Transmission: Eight-speed automatic
Power: 295hp @ 5,500rpm
Torque: 400Nm @ 1,500rpm
Fuel economy, combined: 7.2L / 100km