Malian Foreign Minister Abdoulaye Diop said that the UN had failed to provide 'appropriate responses' to the issues faced by his country. EPA
Malian Foreign Minister Abdoulaye Diop said that the UN had failed to provide 'appropriate responses' to the issues faced by his country. EPA
Malian Foreign Minister Abdoulaye Diop said that the UN had failed to provide 'appropriate responses' to the issues faced by his country. EPA
Malian Foreign Minister Abdoulaye Diop said that the UN had failed to provide 'appropriate responses' to the issues faced by his country. EPA

Mali calls for withdrawal of UN mission 'without delay'


Adla Massoud
  • English
  • Arabic

Mali’s Foreign Minister on Friday called for the withdrawal of the country's UN mission “without delay”.

“The Malian government asks for the withdrawal without delay of Minusma [UN Multidimensional Integrated Stabilisation Mission in Mali],” Abdoulaye Diop told the Security Council.

“However the government does stand ready to co-operate with the United Nations in that regard.”

He added that both Secretary General Antonio Guterres and the Security Council had failed to provide “appropriate responses” to the issues faced by Malians.

Mr Diop stressed that Minusma has not achieved its primary objective and that Malians prefer to see their own defence and security forces independently undertaking missions.

The Foreign Minister accused France, which holds the file on Mali, of displaying a “hostile” attitude towards his country.

The country has been grappling with a security crisis since 2012 due to extremist and separatist uprisings in the north.

Since August 2020, Mali has been governed by a junta that has severed ties with France and other western allies that had previously worked with Bamako on countering terrorism.

It has also been seeking support from Russia for political and military aid, including asking the paramilitary Wagner Group to help secure parts of the country.

US ambassador to the UN Jeff DeLaurentis highlighted this collaboration between Mali's armed forces and the Kremlin-backed Wagner Group, and urged council members to acknowledge the detrimental impact of military operations on civilians.

“Never has it been more evident the destabilising role of Wagner forces and direct threat they pose to the Malian people and the country's sovereignty,” he said.

Malians are set to vote in a referendum on Sunday to decide whether to endorse or reject constitutional changes aimed at strengthening presidential authority.

The amendments are part of a planned transition from military rule to democracy.

The referendum marks the beginning of a series of scheduled elections leading up to the presidential polls in February 2024, a commitment made by the junta following pressure from regional powers.

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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Updated: June 16, 2023, 6:33 PM