BORDER OF BENI ENZAR, MOROCCO and MELILLA, SPAIN // Rachid Ezzyachi parked his truck, with a load of gravel, on a bridge at the centre of a diplomatic row between Spain and Morocco.
In the glare of the lights at the Spanish border post at Melilla stood about 20 Moroccan demonstrators threatening to block goods from entering the city, a coastal Spanish enclave. It was yet another protest by Moroccans who say that Spanish border guards in Melilla have beaten Moroccan visitors.
"I'm with them in principle," said Mr Ezzyachi, from the nearby Moroccan city of Nador. "But tonight, I just want to make my delivery and get home to my kids."
Spain's interior minister, Alfredo Pérez Rubalcaba, is due in Morocco today for talks with his counterpart, Taieb Cherkaoui, aimed at resolving the dispute. But analysts say that tensions go deeper than the recent trouble at the Melilla border.
Tempers have flared since mid-July as Morocco has accused Spanish police of beating Moroccans entering the enclave and of abandoning sub-Saharan migrants in the Mediterranean Sea.
Spain has denied the claims and scrambled to contain the crisis. King Juan Carlos has called Morocco's King Mohamed VI to discuss the tensions and Spain's top police official, Francisco Javier Velázquez, has travelled to Morocco for meetings. Both countries have pledged to maintain good relations.
"Ultimately this is about more than the behaviour of the Spanish police," said Mohamed Darif, a politics professor at Morocco's Mohammedia University. "Tension has been building silently since last year."
Mr Darif said problems began festering in December when Morocco expelled Aminatou Haidar, an activist from Moroccan-held Western Sahara. Morocco sent her to Spain but allowed her back after a 32-day hunger strike.
Spain has since frowned on Morocco's appointment of a defector from Western Sahara's Algerian-backed independence movement as ambassador to Madrid. Morocco has restated claims to Melilla and Ceuta, Spanish cities on Morocco's Mediterranean coast.
The countries co-operate on fighting terrorism, drug trafficking and illegal migration. But Morocco sometimes uses the enclaves to pressure Spain on other issues, said Michael Willis, a professor of Moroccan and Mediterranean studies at Oxford University. "The Moroccans know that the Spanish are sensitive about it."
A surprise visit to Melilla last week by José Maria Aznar, a former Spanish prime minister, provoked cries of disloyalty from Spain's government. Mr Aznar's opposition Partido Popular, in turn, has accused the government of forsaking Melilla's police when they most need government support.
For two weeks, Moroccan activists have posted banners denouncing Spanish police on the bridge that links the Moroccan town of Beni Enzar with Melilla. They have twice blocked trucks carrying food and building materials into the enclave.
While the blockade's effect has been minimal, such agitation "sends a belligerent message", said Irene Flores, director of El Faro de Melilla, a local newspaper.
In some quarters, that message meets with approval. "The blockade should have happened a long time ago," said Ahmed, a fruit vendor in Melilla's central market who asked that his surname not be printed.
Born in Melilla but denied citizenship as a Muslim under the dictatorship of Francisco Franco, Ahmed resettled in Morocco. Today he enters the enclave daily with a special permit.
"My grandfathers fought for Franco in the Spanish civil war," he said. "I'm third-generation Melillense, but what has it gotten me?"
In the market cafe, another third-generation Melillense, Jesus Justo Martinez, was finishing tea and toast with his wife and son.
"If a blockade hits the construction sector, I'll have an even harder time finding work," said Mr Martinez, an unemployed metalworker.
"But here's my answer to those who say Melilla isn't Spanish," he said, rising to display a T-shirt reading "YO SOY ESPANOL, ESPANOL, ESPANOL."
Spain captured Melilla in 1497 and spent centuries fending off attempts on the city by Moroccan rulers and Berber tribes.
Today red and gold Spanish flags flutter atop a town centre largely designed by Enrique Nieto, a disciple of Gaudí, and packed with employees of the Spanish state. However, Melilla is also a target for sub-Saharan migrants and an economic lifeline for its Moroccan neighbours.
More than one-third of the city's 77,000 inhabitants are Muslim with family ties in Morocco, said Driss Amar, president of the Badr Islamic Association, a federation of Melilla mosques.
"There's a coming and going, a common interest," he said.
Every morning thousands of Moroccans come up from Nador, along the lagoon of Mar Chica. They turn down a long dusty boulevard haunted by beggars and jammed with traffic to enter Melilla to work and buy goods from Europe.
Last Wednesday, the protesters said they would suspend the blockade until at least after Ramadan.
But at the border crossing last Tuesday, Mr Ezzyachi, the truck driver, waited to see whether the protesters would let him pass. For an hour the trucks stood immobile as sheet lightening flickered blue above. Finally, the protesters drew aside.
As the first drops of a summer storm pelted down, Mr Ezzyachi breathed a sigh of relief and started his engine.
@Email:jthorne@thenational.ae
This article has been altered to reflect an inference in the original summary that Melilla's Muslim citizens had been protesting against alleged police abuses. The allegations of abuse came from Morrocans.
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THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
RESULT
Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')
Man of the match: Diogo Jota (Liverpool)
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
UAE currency: the story behind the money in your pockets
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
Honeymoonish
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Diriyah%20project%20at%20a%20glance
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The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
COMPANY%20PROFILE
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The%20specs
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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COMPANY%20PROFILE
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Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
We Weren’t Supposed to Survive But We Did
We weren’t supposed to survive but we did.
We weren’t supposed to remember but we did.
We weren’t supposed to write but we did.
We weren’t supposed to fight but we did.
We weren’t supposed to organise but we did.
We weren’t supposed to rap but we did.
We weren’t supposed to find allies but we did.
We weren’t supposed to grow communities but we did.
We weren’t supposed to return but WE ARE.
Amira Sakalla
India squad
Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.
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.”
COMPANY%20PROFILE
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Schedule
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Company%20profile
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