Al Shabab insurgents are working to derail Somalia’s repeatedly delayed elections with a “sinister” campaign of military raids, kidnappings, executions and assassinations, an African Union official said on Thursday.
Francisco Madeira, the AU’s envoy to Somalia, said the Al Qaeda-linked group was attacking the capital, Mogadishu, and elsewhere to halt a vote that was set to take place last month but was pushed back once again amid security fears and political infighting.
The insurgents have, since 2007, been fighting to topple Somalia’s UN-backed federal government, which is still struggles to assert itself and relies on an AU-led force, known as Amisom, to survive.
“Al Shabab has demonstrated continued resilience, employing sinister tactics, both in Mogadishu and beyond,” Mr Madeira told the UN Security Council, describing attacks with modified mortars on military bases effected to achieve “maximum deadly impact”.
“In an attempt to disrupt the elections, we have recorded the group carrying out kidnappings, public executions, assassinations, and are concerned by reports of Al Shabab using intimidation tactics against local elders, urging them to refrain from participating.”
Amisom has improved security for politicians, candidates and other prominent Somalis, and increased patrols and security at field bases while gathering more intelligence, added Mr Madeira, who also heads the force.
The UN’s envoy to Somalia, James Swan, said more than 700 civilians have been killed so far this year, mostly in Al Shabab attacks, in which militants encircle and attack villages in the country's south-west.
Diplomats met in New York against the backdrop of tension in Somalia, which spiralled into a political crisis when President Mohamed Abdullahi Mohamed and the leaders of Somalia's five states declared they were unable to agree on the terms of a vote before his term lapsed in February.
After months of a stalemate that at times turned violent, political leaders finally agreed to a voting timetable in June, but that cycle was postponed last month amid rows over the candidate lists and the balloting process.
In an audio message purportedly recorded last month by Al Shabab leader Ahmed Umar, also known as Abu Ubaidah, politicians were warned against campaigning, underscoring the challenges faced by those organising the indirect parliamentary and presidential elections.
Amisom said on Thursday it had started investigating reports of civilians being killed during a firefight between peacekeepers and Al Shabab fighters following an ambush on a peacekeeping patrol at a base in the Lower Shabelle region on Tuesday.
A witness told Reuters that six farmers and a driver were killed in the clash. The peacekeepers seized firearms, ammunition and mobile phones after the battle, Amisom said.
Somalia has been mired in conflict since 1991, when clan warlords overthrew dictator Siad Barre and then turned on each other. Some four million Somalis depend on aid, the UN says, and recent floods, droughts and food shortages have deepened the crisis.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
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UAE currency: the story behind the money in your pockets
Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
The years Ramadan fell in May
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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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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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
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