Mali’s former president Ibrahim Boubacar Keita, who led the West African country from 2013 until his removal in a coup in 2020, died on Sunday. He was 76.
“President IBK died this morning at 0900 GMT in his home” in the capital, Bamako, a relative told AFP, using his initials.
The cause of death was not given.
Looming over most of Keita’s presidency was the extremist insurgency that has plagued Mali since 2012.
His toppling marked the rise of the military junta, which is now under regional sanctions for failing to restore civilian rule.
Keita was forced out of office on August 18, 2020 by young military officers.
They staged an uprising at a base near Bamako before heading into the city, where they seized him and other leaders.
Foreign Minister Abdoulaye Diop said he was “saddened to learn of the death of former president Ibrahim Boubacar Keita”.
“It is with great emotion that I bow before his memory,” he said.
Former Nigerien president Mahamadou Issoufou, who was a comrade of Keita in the Socialist International, hailed him as “a cultured man, a great patriot and a pan-Africanist”.
At Keita’s home, south-west of Bamako, on Sunday afternoon, numerous cars brought politicians and other public figures to offer their condolences. Police guarded the entrances, AFP reported.
Mali’s public television said that funeral plans would be announced later.
In the weeks before the 2020 coup, Keita had struggled with protests fuelled by his handling of the extremist insurgency and his failure to turn around Mali’s floundering economy.
Snail-paced political reform, decrepit public services and schools, and a widely shared perception of government corruption also fed anti-Keita sentiment, driving tens of thousands of protesters on to the streets.
Seized by the putschists, the junta that emerged from the rebellion – under pressure from the West African bloc Ecowas – released Keita weeks later and returned him to his home in Bamako, albeit under surveillance.
He suffered a mini-stroke the following month, and was sent to the UAE for treatment. He had remained in Bamako home since then and stayed out of public life.
The ruling junta staged another coup in May last year, toppling the civilian transitional government.
The junta had vowed to hold elections next month to transition the country back to civilian rule. But at the end of the last year, the junta revised its timetable, saying it it could stay in power for up to five years.
In response, this month Ecowas imposed a trade embargo on Mali and sealed its borders.
The sanctions were backed by the US, EU and former colonial power France.
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Landlocked Mali, one of the world’s poorest countries, is already feeling the effects of the penalties.
Thousands protested in Bamako on Friday after the junta called for demonstrations to oppose the measures.
Keita was born in the southern industrial city of Koutiala, the declining heartland of cotton production.
He was the son of a civil servant, and his great-grandfather was a French colonial soldier who died in the Battle of Verdun in the First World War.
After studying literature in Mali, Senegal and France, Keita became an adviser for the EU’s overseas development fund, then led a development project in northern Mali.
He campaigned against general Moussa Traore, the former Malian president who was removed in 1991 by a military coup.
Keita rose through the ranks under Alpha Oumar Konare, the country’s first democratically elected president.
As a socialist prime minister between 1994 and 2000, he quelled a series of strikes, earning a reputation as a firm leader and helping to set up his landslide election in 2013, in which he at last ascended to the presidency after losing runs in 2002 and 2007.
Keita was re-elected in 2018, beating opposition leader Soumaila Cisse.
Cisse’s kidnapping by extremists in March 2020 demonstrated Keita’s inability to stop the violence, with rising public outrage culminating in the coup months later.
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Favourite country: UAE
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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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