KHARTOUM // Sudanese president Omar Al Bashir said yesterday that he will release all political detainees, a move welcomed by the opposition as tensions ease with South Sudan.
"Today, we announce a decision to free all the political prisoners and renew our commitment to all political powers about dialogue," Mr Al Bashir said in a speech opening a new session of parliament.
"We confirm we will continue our communication with all political and social powers without excluding anyone, including those who are armed, for a national dialogue which will bring a solution to all the issues," the president said.
Farouk Abu Issa, who heads the opposition alliance of more than 20 parties, said the announcement was "a step toward genuine dialogue".
He said the rebel Sudan People's Liberation Movement-North (SPLM-N), which has been fighting government forces for almost two years in South Kordofan and Blue Nile states, had been demanding a prisoner release.
"Very good news," said Farouk Mohammed Ibrahim, of the Sudanese Organisation for Defence of Rights and Freedoms, a group of activists. He said there are "a large number" of detainees in South Kordofan and Blue Nile. These include 118 SPLM-N prisoners whose cases are being handled by his organisation in southern Blue Nile alone. "It's a step forward," Mr Ibrahim said.
But SPLM-N chairman Malik Agar declined comment on Mr Al Bashir's announcement, saying he was "not sure which political prisoners he is referring to".
Mr Al Bashir's statement elaborated on an offer made last week by Vice President Ali Osman Taha, who reached out to the SPLM-N and opposition political parties, whom he invited to join a constitutional dialogue. Sudan needs a new constitution to replace the 2005 document based on a peace agreement that ended a 23-year civil war and led to South Sudan's separation in July 2011.
Mr Al Bashir's regime had long rejected negotiations with the insurgents.
In a statement yesterday, Agar reiterated that the rebels want talks on the basis of UN Security Council Resolution 2046, "full stop".
The resolution, passed in May last year, called for an end to fighting between Sudan and South Sudan along their disputed frontier and demanded talks to settle outstanding issues including the war between Khartoum and the SPLM-N.
Negotiations should occur on the basis of a deal which the SPLM-N signed in June 2011 with Bashir's assistant Nafie Ali Nafie, the UN said.
That agreement, which was not implemented, recognised the SPLM-N as a legal political party.
It committed the SPLM-N and the Islamist government to a "political partnership" in the two states and a national vision that recognised the country's diversity.
Last week Mr Agar said the government had been misleading by mooting negotiations under the 2005 Comprehensive Peace Agreement which ended Sudan's civil war.
The CPA led to South Sudan's independence after an overwhelming vote in a referendum.
South Kordofan and Blue Nile both have large non-Arab communities and were accorded special status under the CPA, which said they would have "popular consultations" as well.
"The popular consultation got buried with the end of the CPA," Mr Agar said.
South Sudan armed and trained SPLM-N when it was part of the south's rebel force but says it cut military ties before the South's independence.
Khartoum's accusation that the South continued to back SPLM-N in South Kordofan and Blue Nile was the major impediment to improved bilateral relations with the government in Juba.
In early March the two countries finally settled on detailed timetables to ease tensions, after months of intermittent border clashes, by resuming economically vital oil flows and implementing other key pacts including a demilitarised border zone designed to cut cross-border rebel support.
An estimated one million people have been affected by the fighting inside South Kordofan and Blue Nile.
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May 9, v Malaysia
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May 18 and 19, semi-finals
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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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