Soldiers in Baga, Nigeria, which has the largest army in West Africa and is expected to play a key role if Ecowas intervenes in Niger. AFP
Soldiers in Baga, Nigeria, which has the largest army in West Africa and is expected to play a key role if Ecowas intervenes in Niger. AFP
Soldiers in Baga, Nigeria, which has the largest army in West Africa and is expected to play a key role if Ecowas intervenes in Niger. AFP
Soldiers in Baga, Nigeria, which has the largest army in West Africa and is expected to play a key role if Ecowas intervenes in Niger. AFP

Niger closes airspace as military rulers refuse to reinstate president


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Niger's military rulers announced on Sunday that they had closed the country's airspace, warning that any attempt to breach it would meet with an "energetic and immediate response".

"Faced with the threat of intervention, which is becoming clearer through the preparation of neighbouring countries, Niger's airspace is closed from this day on Sunday … for all aircraft until further notice," the country's new rulers said in a statement.

Niger edged closer to conflict on Sunday as the deadline threatening military intervention set by the Economic Community of West African States expired.

Ecowas wants the commanders of the coup, which removed the democratically elected president Mohamed Bazoum and installed Gen Abdourahamane Tchiani on July 30, to step down.

It is also demanding the release of Mr Bazoum, who said in an opinion piece in The Washington Post last week that he was being held hostage.

Ecowas countries on July 30 closed borders with Niger and later set August 6 as a deadline to restore democracy.

The bloc has also backed imposing sanctions and Nigeria, which holds the rotating presidency, has cut off electricity exports to the country.

Niger evacuation flights land in Europe - in pictures

Worsening the risk of wider violence in the impoverished West African state – one of the world’s poorest – Mali and Burkina Faso said they would confront any intervention against their neighbour.

France, which has about 1,500 troops in Niger who were helping the former government fight extremists, has also said it would back force if the generals do not relinquish power.

"We want diplomacy to work and we want this message clearly transmitted to the leaders of the junta in Niger that we are giving them every opportunity to reverse what they have done," said Abdel Fatau Musah, Ecowas Commissioner for Political Affairs, Peace and Security.

The bloc previously staged a military intervention in The Gambia in 2017, sending a force of 7,000 to remove president Yahya Jammeh, who was holding on to power illegally after losing an election.

Operation Restore Democracy was a success for Ecowas, although some of its previous interventions, in Guinea-Bissau and Mali, ended in failure.

"All the elements that will go into any eventual intervention have been worked out, including how and when force would be deployed,” an Ecowas statement said, after a three-day meeting between heads of armed forces.

France said it would "firmly" back whatever course of action Ecowas took after the deadline expired.

Mr Bazoum won an election in 2021 that ushered in Niger's first transfer of power from one civilian government to another.

In Senegal, Foreign Minister Aissata Tall Sall told journalists in the capital Dakar that "Senegalese soldiers have to go, these coups d'etat must be stopped”.

But not all politicians in Ecowas countries are convinced.

Senior Nigerian politicians have urged President Bola Tinubu to reconsider the threatened military intervention.

Senators on Saturday urged regional leaders to give prioritity to diplomacy over a military operation, at least for now.

The junta that seized power in Niger on July 26 has rejected all calls to restore democracy and warned against any foreign interference.

Mr Tinubu is current head of Ecowas, where Nigeria has long been the most influential member and has the largest army.

Any military action lasting longer than one week would have to be approved by the senate of the country, which shares a long, porous border and cultural ties with Niger.

While condemning the coup, Nigeria's Senate called on Ecowas leaders “to strengthen their political and diplomatic options and other means with a view to resolving the political impasse”, its President Godswill Akpabio said.

Senegal’s government also faced opposition at the weekend after it said last week it would contribute troops to an Ecowas force.

A military intervention on top of the already harsh sanctions imposed on Niger – which have sent prices soaring in the impoverished country – weakens its ability to respond to extremist groups, putting the whole region at risk, opposition parliamentarian Thierno Alassane Sall told politicians in Dakar on Saturday.

“We’re an Ecowas member but that doesn’t mean we should give a syndicate of heads of state a carte blanche to start a war that’s likely to be the deadliest ever in our region, and risks dividing West Africa in two,” Mr Sall said.

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

Results

5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

The Baghdad Clock

Shahad Al Rawi, Oneworld

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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.”

'Ashkal'
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F1 2020 calendar

March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.

500 People from Gaza enter France

115 Special programme for artists

25   Evacuation of injured and sick

UAE currency: the story behind the money in your pockets
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Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

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UAE currency: the story behind the money in your pockets
SERIE A FIXTURES

Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)

Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)

Monday Fiorentina v Genoa (11.45pm)

While you're here
Updated: August 07, 2023, 6:15 AM