Ethiopian Prime Minister Abiy Ahmed said his soldiers would "destroy" rebels from the northern Tigray region in the latest instalment of state media footage purported to show him at the war front.
"You are comprehensively destroying the enemy. There is no going back without winning," Mr Abiy, winner of the 2019 Nobel Peace Prize, said in a 34-minute clip posted to his office's Twitter page on Saturday.
"We will win, the enemy is dispersing, there are areas we have to control," he said.
"Until we destroy the enemy. There is no rest."
On Saturday, the US State Department said Secretary of State Antony Blinken was concerned about escalating violence in Ethiopia and called for negotiations to address the crisis there.
Mr Abiy announced last week he would start leading operations against the Tigray People's Liberation Front (TPLF), which once dominated national politics but has been locked in a war with his government for the past year.
The announcement has spurred recruitment in Addis Ababa.
The country's most famous distance runner, Haile Gebreselassie, told AFP he was determined to "sacrifice and stand for Ethiopia".
Secretary Blinken expressed grave concern about worrying signs of military escalation in Ethiopia
State Department spokesman Ned Price
The TPLF, he said, "is destabilising our country beyond its region".
On Wednesday, state-affiliated media announced that Mr Abiy had delegated regular duties to his deputy.
His decision came after the TPLF reported major territorial gains, claiming to have seized a town 220 kilometres from the capital, Addis Ababa.
The TPLF has aligned itself with other armed groups, including the Oromo Liberation Army, which is active in the Oromia region surrounding the city.
Mr Abiy also said the military had secured control of Kassagita and planned to recapture Chifra district and Burka town in Afar region, which neighbours Tigray, the TPLF's stronghold.
In recent weeks, independent media have largely been denied access to regions where fighting has taken place.
On Saturday, officials in Addis Ababa held a ceremony for athletes and artists heading north to visit troops.
Among those saying they will fight is Feyisa Lilesa, a distance runner and Olympic silver medallist.
The war started in November 2020, when Mr Abiy sent troops into Tigray to topple the TPLF in response, he said, to TPLF attacks on army camps.
Although he promised a swift victory, by late June the TPLF had regrouped and retaken most of Tigray, and it has since pushed into the neighbouring Amhara and Afar regions.
Olusegun Obasanjo, the African Union's special envoy for the Horn of Africa, is leading a diplomatic effort for a ceasefire, but there have been few signs of progress.
International alarm is growing over a possible rebel assault on the capital, with the US, the UK, Germany and Italy all urging their citizens to leave Ethiopia.
France joined the group this week, and on Sunday plans to ferry citizens out on a charter flight.
The Ethiopian government said rebel gains were overstated, blaming what it describes as sensational media coverage and alarmist security advice from embassies for creating panic.
Blinken appeals for peace
On Saturday, US Secretary of State Antony Blinken said he was greatly concerned about the escalation and called for urgent negotiations over the crisis, a US State Department spokesman said.
"Secretary Blinken expressed grave concern about worrying signs of military escalation in Ethiopia and emphasised the need to urgently move to negotiations," Ned Price said in a statement late on Friday.
Mr Price released the statement after a phone call between Kenya's President Uhuru Kenyatta and Mr Blinken.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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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.”