Up to 600,000 people may have been killed in two years of conflict in Ethiopia's Tigray region, an African Union official said on Sunday.
The conflict came to an end officially on November 2 with the signing of a peace agreement between the Ethiopian government and Tigray People's Liberation Front after two years of war.
“The number of people killed was about 600,000,” Olusegun Obasanjo, the African Union's lead mediator in the peace talks and former president of Nigeria, told the Financial Times. Around 1,000 lives per day were being saved by the peace deal, he added.
Mr Obasanjo's figures align with those of a study conducted by Belgium's Ghent university, which concluded in March 2022 that up to 500,000 people may have died as a result of the conflict. Researchers said between 50,000 and 100,000 died in direct fighting, more than 100,000 from lack of access to medical care and between 150,000 to 200,000 from starvation.
The war created famine-like conditions for hundreds of thousands and displaced millions across northern Ethiopia and across the border into Sudan.
The death toll is disputed. Some Ethiopian officials say under 100,000 were killed.
“We will probably not be able to know the full number of casualties,” Daniel Bekele, Ethiopia's Human Rights Chief told the Financial Times.
“We need to be cautious about overly exaggerated death toll estimates by all sides.”
Under the peace deal, disarmament for the northern region should take place “concurrently” with the withdrawal of foreign forces that are not part of the Ethiopian national army.
The regional Amhara special forces began leaving the area last week, Ethiopia's army said. But a humanitarian worker in the city of Shire told Reuters that Amhara forces were still there in “significant numbers”. It was not immediately possible to verify the situation on the ground.
Flights between Addis Ababa and Tigray have already begun reuniting families torn apart by the war.
French and German foreign ministers cautioned Prime Minister Abiy Ahmed last week that the ceasefire needed to be accompanied with a robust accountability for alleged atrocities on both sides.
“We, Germans and French, know from our own experience that reconciliation does not happen overnight. But without the prospect of justice for the victims of crimes, reconciliation and lasting peace are not possible,” said German Foreign Minister Annalena Baerbock.
“The question of accountability is important for us with a view to Ethiopia's future and peace process, but also towards strengthening international law,” she said following talks with the Ethiopian leader.
The ministers did not visit Tigray itself.
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Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
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Dust and sand storms compared
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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.”
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
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