Niger's President Mohamed Bazoum pictured during the US-Africa Leaders Summit 2022 in Washington. Reuters
Niger's President Mohamed Bazoum pictured during the US-Africa Leaders Summit 2022 in Washington. Reuters
Niger's President Mohamed Bazoum pictured during the US-Africa Leaders Summit 2022 in Washington. Reuters
Niger's President Mohamed Bazoum pictured during the US-Africa Leaders Summit 2022 in Washington. Reuters

UN chief 'very concerned' for detained Niger President Mohamed Bazoum


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UN Secretary General Antonio Guterres has expressed deep concern over the “deplorable” conditions Niger's ousted President Mohamed Bazoum and his family are being held in by the ruling junta.

Mr Guterres “reiterates his concern over the health and safety of the President and his family and once again calls for his immediate, unconditional release and his reinstatement as head of state,” his spokesman said on Wednesday.

In text messages to a friend, Mr Bazoum said he was being held in isolation and forced to eat dry rice and pasta, CNN reported.

The President said he had been “deprived of all human contact since Friday”, with no one supplying him with food or medicine.

He was confined to his presidential residence on July 26, two days before Gen Abdourahmane Tchiani, commander of the presidential guard, declared himself ruler.

The coup has left the impoverished nation even more isolated, with foreign aid slashed and regional powers threatening to put troops on the ground.

The US has also said it is “greatly worried” about Mr Bazoum's health and the safety of his family, with the president reported to be held with no water or electricity.

Secretary of State Antony Blinken has spoken with the detained leader over the phone, Washington confirmed on Wednesday, following unsuccessful attempts from State Department officials to meet him during an unannounced visit on Monday.

“As time goes on, as he's held in isolation, it's a situation that is of growing concern to us,” said spokesman Matthew Miller.

Representatives of the 15-member Ecowas bloc are expected to favour diplomacy over troops on the ground – which regional chiefs have described as a “last resort” but not ruled out completely.

The bloc has already met in Nigeria, which is leading dialogue on Niger, to discuss the crisis, initially issuing sanctions following the coup after their deadline to reinstate President Bazoum expired on Sunday.

Niger's junta met with Nigerian envoys on Wednesday but accused France of allegedly violating its airspace and releasing jailed militants, claims dismissed by Paris as “unfounded.”

France, a traditional ally of Niger, has worked closely with the government on counterterror efforts in the Sahel alongside several other western powers.

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Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Results

6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m 

Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer) 

6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m 

Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor 

7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m 

Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer 

7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m 

Winner: Desert Fire, Hector Crouch, Saeed bin Suroor 

8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m 

Winner: Naval Crown, William Buick, Charlie Appleby 

8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m 

Winner: Al Tariq, Pat Dobbs, Doug Watsons 

9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m 

Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor  

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Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
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  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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Name: Airev
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Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
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Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
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1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman

Rocketman

Director: Dexter Fletcher

Starring: Taron Egerton, Richard Madden, Jamie Bell

Rating: 3 out of 5 stars 

Updated: September 05, 2023, 1:38 PM