ALGIERS // Algerian security forces have found a large cache of weapons, including shoulder-fired missiles, which they believe were smuggled in from Libya, a security source said on Saturday.
The find follows warnings from governments in the region that instability in Libya after the end of Muammar Qaddafi's rule was allowing weapons taken from Qaddafi's arsenal to fall into the hands of Al Qaeda's north African branch and other insurgent groups across the Sahara desert.
The weapons cache was discovered in the desert about 60 kilometres south of In Amenas, an energy-producing Algerian region near the border with Libya, said the source.
The source said the cache was located after a tip-off from a smuggler who had been arrested. He said it contained a "large quantity" of arms including the shoulder-launched missiles - a weapon which, in some variations, could be used to bring down an aircraft.
"This weapons seizure shows that the chaos in Libya is dangerous for the whole region," the source said.
There was no official confirmation of the discovery from the Algerian government and there was no way of independently verifying the source's account.
Western security experts tracking arms which have disappeared from Qaddafi's looted arms depots say the shoulder-fired missiles - also known as man-portable air defence systems, or Manpads - are one of their biggest concerns because they could be used with relative ease by insurgent groups.
Qaddafi's forces had about 20,000 of the missiles, according to a US government task force which is trying to locate the missiles. The task force said most of the missiles were still inside Libya, in the hands of militias loosely allied to the interim leadership that took over after Qaddafi's rule was overthrown last year.
Security officials in North Africa say the worst-case scenario was that Al Qaeda's north African wing, Al Qaeda in the Islamic Maghreb, could use one of the missiles to bring down a commercial airliner coming in to land or taking off at an airport somewhere in North Africa.
The group is waging a long-running insurgency against Algeria's government. It also carries out kidnappings, ambushes and bomb attacks on western targets in the Sahel, a large volatile band that straddles the borders of Algeria, Libya, Mali, Mauritania and Niger.
Speaking in Geneva last week, a UN panel of experts on Libya said the lack of strong central government control in Libya was making it difficult to track down the missing Manpads.
"People are concerned and they are right," said one panel member. "There is certainly weapons traffic into the Sahel. It is a large desert area with limited [border] controls."
Algeria has been one of the region's most vocal states in warning of the security impact of Qaddafi's fall. The revolt has left large quantities of weapons unsecured and a fragile interim government that is struggling to impose its authority and control the country's borders.
However, Libyan officials said they were working to secure the missing weapons and have accused Algeria of exaggerating the threat.
They said its neighbour was against the revolt in Libya and was now using the security issue to undermine the new leadership in Tripoli, allegations that Algerian officials have denied.
Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.
As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.
Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.
Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.
Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."
The%20Emperor%20and%20the%20Elephant
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ESam%20Ottewill-Soulsby%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPrinceton%20University%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E392%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3EJuly%2011%3C%2Fp%3E%0A
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.”
The Cockroach
(Vintage)
Ian McEwan