Will Ranil Wickremesinghe move into palace stormed by Sri Lankan protesters?


Taylor Heyman
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Ranil Wickremesinghe was sworn in as Sri Lanka's new president on Thursday — less than two weeks after protesters stormed the presidential residence in Colombo.

He will serve in the position until the end of his predecessor Gotabaya Rajapaksa's term in 2024.

This means the President's House, a building that has become a symbol of the protest movement raging in the country for more than 100 days, could now become Mr Wickremesinghe's home.

On July 9, hundreds of demonstrators stormed the palace, rooting through drawers containing Mr Rajapaksa's belongings, exploring bedrooms, eating picnics in the vast gardens and swimming in the presidential pool.

  • Police examine damage at a conference hall during an investigation at the President's Palace in Colombo, Sri Lanka. Bloomberg
    Police examine damage at a conference hall during an investigation at the President's Palace in Colombo, Sri Lanka. Bloomberg
  • Police officers during the investigation at the palace in Colombo. Bloomberg
    Police officers during the investigation at the palace in Colombo. Bloomberg
  • Crime investigation officers at the palace after protesters on July 14 left the premises, ending a five-day occupation of several official buildings. The parliament of Sri Lanka on July 15 accepted the resignation of Gotabaya Rajapaksa, who fled to Singapore after months of anti-government protests. Prime Minister Ranil Wickremesinghe was sworn in as interim president on July 15. EPA
    Crime investigation officers at the palace after protesters on July 14 left the premises, ending a five-day occupation of several official buildings. The parliament of Sri Lanka on July 15 accepted the resignation of Gotabaya Rajapaksa, who fled to Singapore after months of anti-government protests. Prime Minister Ranil Wickremesinghe was sworn in as interim president on July 15. EPA
  • One of the bedrooms at the President's Palace after protesters vacated the site. EPA
    One of the bedrooms at the President's Palace after protesters vacated the site. EPA
  • Crime investigation officers in the palace after the protesters' occupation. EPA
    Crime investigation officers in the palace after the protesters' occupation. EPA
  • Officers inspect the palace for damage. EPA
    Officers inspect the palace for damage. EPA
  • Sri Lankan special task force soldiers on duty in the palace. EPA
    Sri Lankan special task force soldiers on duty in the palace. EPA
  • Crime investigation officers in one of the bedrooms at the palace. EPA
    Crime investigation officers in one of the bedrooms at the palace. EPA
  • The occupation of the palace followed months of anti-government protests fuelled by the economic crisis in Sri Lanka. EPA
    The occupation of the palace followed months of anti-government protests fuelled by the economic crisis in Sri Lanka. EPA

Millions of Sri Lankan rupees found in the property by protesters were handed over to a court on Monday.

Demonstrators said they would occupy the site until the country's leaders resigned, but it turned into something of a tourist destination.

Ordinary Sri Lankans came to look at the opulence of the presidential palace, in contrast to the hardship faced by much of the population during the country's economic crisis.

Mr Rajapaksa fled the country to Singapore last week.

Now the clean-up has begun. Photos released last week showed police dusting surfaces for fingerprints, staff hanging paintings that had been torn off the wall and broken furniture being repaired.

The pool has been returned to its blue hue, after hundreds of people frolicked there last week.

Mr Wickremesinghe, who was serving as prime minister — his sixth term in the job — before he became president, has not yet confirmed if he intends to move into the sprawling complex.

But he will need a base, after his home in Colombo was burnt to the ground by protesters on July 9.

The protest movement that pushed out Mr Rajapaksa — the first sitting Sri Lankan president to quit office — remained largely muted, following Mr Wickremesinghe's election as president. He secured the votes of 134 MPs from the country's 225-member Parliament.

Mr Wickremesinghe is unpopular with some Sri Lankans due to his close ties to the powerful Rajapaksa family, that has dominated politics in the country for decades.

Only a handful of people were present outside the Presidential Secretariat on Thursday. The president's office, dating from the British colonial era, was stormed by a sea of protesters earlier this month along with the president and prime minister's official residences.

But some members of the protest movement have vowed to oppose Mr Wickremesinghe.

“We won't give up because what the country needs is a total system change,” said Pratibha Fernando, a protester at the secretariat. “We want to get rid of these corrupted politicians, so that's what we are doing.”

Hours after winning the parliamentary vote, Mr Wickremesinghe appeared to distance himself from the Rajapaksa family.

“I am not a friend of the Rajapaksas. I am a friend of the people,” he said, after praying at a Buddhist temple in Colombo.

Mr Wickremesinghe, who served as prime minister and finance minister under Mr Rajapaksa, has been involved in negotiations with the International Monetary Fund for a bail out package worth up to $3 billion.

Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

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If you go

Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.

Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com

A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

BIG SPENDERS

Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.

Match info

Arsenal 0

Manchester City 2
Sterling (14'), Bernardo Silva (64')

Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

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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.

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“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.”

UAE v Gibraltar

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When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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Transmission: 9-speed auto

Fuel consumption: 8.6L/100km

On sale: October to December

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Updated: July 21, 2022, 12:28 PM