• A man buys a national flag at a market in Peshawar, Pakistan, in preparation for Independence Day on August 14. EPA
    A man buys a national flag at a market in Peshawar, Pakistan, in preparation for Independence Day on August 14. EPA
  • A trader in Karachi sells masks in the national colours as the nation prepares to celebrate 75 years since it gained independence from British rule in 1947. EPA
    A trader in Karachi sells masks in the national colours as the nation prepares to celebrate 75 years since it gained independence from British rule in 1947. EPA
  • Patriotic headgear for sale in Karachi. EPA
    Patriotic headgear for sale in Karachi. EPA
  • Pakistani flags large and small for sale in Karachi. AFP
    Pakistani flags large and small for sale in Karachi. AFP
  • Students carry a giant flag of Pakistan during a march as the celebrations begin early in Karachi. AFP
    Students carry a giant flag of Pakistan during a march as the celebrations begin early in Karachi. AFP
  • The giant flag procession makes its way through the streets of Karachi. AFP
    The giant flag procession makes its way through the streets of Karachi. AFP
  • Items for sale in Peshawar in the green and white colours of Pakistan's flag. EPA
    Items for sale in Peshawar in the green and white colours of Pakistan's flag. EPA
  • The cutting of a cake to mark the anniversary. EPA
    The cutting of a cake to mark the anniversary. EPA
  • A poster in Lahore depicts Pakistan's first leader Muhammad Ali Jinnah and his sister Fatima Jinnah. AFP
    A poster in Lahore depicts Pakistan's first leader Muhammad Ali Jinnah and his sister Fatima Jinnah. AFP
  • Motorbike riders take part in an independence rally in Lahore. AFP
    Motorbike riders take part in an independence rally in Lahore. AFP
  • Customers buy memorabilia at a market stall in Quetta, Balochistan. AFP
    Customers buy memorabilia at a market stall in Quetta, Balochistan. AFP
  • A roadside trader sells flags in Lahore. AFP
    A roadside trader sells flags in Lahore. AFP
  • A large Pakistani flag on display in Islamabad. AFP
    A large Pakistani flag on display in Islamabad. AFP
  • A trader sells national flags in Lahore. AFP
    A trader sells national flags in Lahore. AFP
  • Patriotic clothing and items for sale at a market in Peshawar. EPA
    Patriotic clothing and items for sale at a market in Peshawar. EPA
  • Pakistan flag pin badges for sale at a market in Peshawar. EPA
    Pakistan flag pin badges for sale at a market in Peshawar. EPA

Pakistanis dance, gather and wave flags on 75th independence day


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Pakistan marked its 75th independence day with a weekend of celebrations to commemorate the end of British rule in 1947.

Celebrations began on Saturday evening, as thousands of people flocked on to the streets in the country's largest city Karachi, dancing, waving flags and beeping car horns.

The colourful sight provided respite from the country's continuing economic woes. Celebrations in Islamabad also saw national flags raised at government buildings.

Memorabilia commemorating the day is also being widely sold in the form of flags, badges, shirts, headgear and wrist bands, while buildings in the country were also illuminated for the occasion.

On August 14, 1947, power was transferred to the man now recognised as the country's founding father, Muhammad Ali Jinnah. Firework displays were scheduled to take place at the weekend near Jinnah's mausoleum.

A trader sells Pakistani national flags along a roadside in Lahore. AFP
A trader sells Pakistani national flags along a roadside in Lahore. AFP

Former Karachi mayor Dr Farooq Sattar said the country needed “unity and young leadership”.

“The senior leadership should be united on a national agenda. And those aged less than 35 years of age should be brought forward,” he said.

Under the 1947 Mountbatten Plan, Pakistan was born out of the north-western and eastern parts of the British-ruled Indian subcontinent.

The division sparked tension and violence between Hindus, Muslims and Sikhs as they migrated to different regions based on their faiths.

At the time of independence, Jinnah said: “We are starting in the days where there is no discrimination, no distinction between one community and another, no discrimination between one caste or creed and another.”

In Lahore, thousands of supporters of former prime minister Imran Khan's Tehreek-e-Insaf party took part in a rally on Saturday.

Mr Khan vowed that a “fight for real freedom will continue until we get rid of this imported government and elections are held. We will struggle together.”

He has pledged to hold anti-government rallies across the country. The former prime minister was ousted from power in April this year following a no-confidence vote. He has since alleged his political opponents unseated him as part of a US plot.

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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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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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Updated: August 14, 2022, 1:02 PM