Africa-led force could be deployed in Mali within weeks



TUNIS // An African-led force could deploy in Mali within weeks as a consensus emerges among regional states and the international community on the need for military intervention in the West African nation.

After Mali was destabilised by a coup in March, a loose alliance of Tuareg and Islamist groups took over the vast northern part of the country. Since then, Islamist groups including Al Qaeda in the Islamic Maghreb (Aquim) have gained the upper hand and imposed a harsh form of Islamic law, while violence has persisted and refugees have flooded out of the area.

Military and political experts from the United Nations and the European Union began a four-day meeting in the Malian capital of Bamako yesterday, joined by representatives of the African Union, a shaky Malian national unity government and the Economic Union of West African states (Ecowas), which has proposed a draft plan for military operations to resolve the crisis.

The meeting will refine the plans, said Abdel Fatau Musah, the director of external relations at Ecowas, which aims to deploy at least the 3,200 troops the group has at its disposal with, he hoped, financial, logistical and technical support from the UN, EU and international partners.

"It is very, very important that we get the agreement of the neighbouring countries for peace in Mali and they have long-term experience in fighting terror cells," Mr Musah said.

Algeria, which shares a troubled border with Mali and, like Mali, has a difficult relationship with its ethnic Tuareg population, has shown signs of softening its anti-intervention stance, according to analysts.

A visit by the US secretary of state, Hillary Clinton, to Algiers on Monday was seen as the latest in a series of signals that Algeria is prepared to back military operations in Mali.

A state department official said that most of the meeting focused on counter-terrorism and Mali.

"The Algerians are finally coming to terms with the fact that the situation is really very dangerous," said Anouar Boukhars, an assistant professor of international relations at McDaniel College in the US.

The coup against the president, Amadou Toumani Touré, earlier this year has caused extensive unrest in the country, with extremist groups including Aqim and Ansar Dine now in control of the north.

"In addition to the humanitarian situation, there are fears that these are zones that extremists could flourish in," said Mr Boukhars.

This has been the focus of attention of the international community, particularly France, many of whose citizens have been kidnapped in recent years by Islamist groups in the Sahel region, which appear to have grown stronger as ransom money has flowed in.

Some fear that as intervention is delayed, foreign fighters pouring into the northern region from African nations could present a more difficult adversary.

Oumar Ould Hamaha, of the Movement for Tawhid and Jihad in West Africa, told The Guardian newspaper earlier this week that "if an international or Malian force attacks us, we will take Bamako in 24 hours".

The growth of Islamist militancy in the north also appears to have been aided by the conflict and fragile rebuilding in Libya, a fear that was heightened when US state department officials said that Libyan militants placed a call to members of Aqim after the September 11 attack in Benghazi that killed four Americans, including the ambassador.

The wartime failure of security on Libya's vast southern borders allowed the free movement of weapons, criminal and militant groups from all over the Sahel region of Africa into and out of the country, say Libyan border officials.

"These already fragile borders broke down and didn't leave any institutions," said Sadiq Mabrouk Al Obaidi, Libya's deputy defence minister in charge of borders. "Certainly, in North Africa, they already have a lot of problems, and the weapons made the situation deteriorate and these groups activate."

A UN Security Council resolution on October 12 stressed concerns about entrenchment of Aqim and other groups in the northern area and responded to a request from transitional authorities in Bamako for military assistance, by calling for the use of international military force in the country.

Mr Musah said that this would likely be submitted after November 4, following which he hoped for a UN mandate for intervention.

However, Mr Boukhars said that "a rushed intervention would be a disaster, you have got to stabilise Bamako first" but he added that military action did now seem inevitable. "It is not a question of if, it is when."

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7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

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.”

COMPANY PROFILE

Name: Qureos
Based: UAE
Launch year: 2021
Number of employees: 33
Sector: Software and technology
Funding: $3 million

The biog

Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.

His advice to anyone starting out in business is to have no fear as life is about taking on challenges.

“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.

"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”

Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.

He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.