JOHANNESBURG // South Africa's president yesterday said a critically ill Nelson Mandela was "asleep" when he visited the 94-year-old at the hospital, and urged the country to pray for Mr Mandela, describing him as the "father of democracy" who made extraordinary sacrifices on behalf of his people.
President Jacob Zuma said doctors were doing everything possible to help the former president feel comfortable on his 17th day in a Pretoria hospital, but refused to give details of his condition, saying: "I'm not a doctor."
The president's press briefing came a day after the government said Mr Mandela's condition had deteriorated and was now critical.
Mr Zuma also said the US president Barack Obama's visit to South Africa would go ahead despite concerns about Mr Mandela's health.
"President Obama is visiting South Africa," he said. "I don't think you stop a visit because somebody's sick."
Mr Obama, who arrives in Africa this week, will visit Senegal, South Africa and Tanzania.
Mr Zuma, who in the past has given an overly sunny view of Mr Mandela's health, briefly spoke of his visit on Sunday night to Mr Mandela in a hospital in the capital. The visit was mentioned in a presidential statement on the same night that said Mr Mandela, previously described as being in serious but stable condition, had lapsed into critical condition within the previous 24 hours.
"It was late, he was already asleep," Mr Zuma said. "And we then had a bit of a discussion with the doctors as well as his wife, Graca Machel, and we left."
The president said South Africans should accept that Mandela is old, and he urged people to pray for their former leader.
"Madiba is critical in the hospital, and this is the father of democracy. This is the man who fought and sacrificed his life to stay in prison, the longest-serving prisoner in South Africa," Mr Zuma said, using Mandela's clan name.
Mr Mandela, who became South Africa's first black president after the end of apartheid in 1994, was hospitalised for what the government said was a recurring lung infection. This is his fourth hospitalisation since December.
Mr Mandela was jailed for 27 years under white racist rule and was released 23 years ago, in 1990. He then played a leading role in steering the divided country from the apartheid era to an all-race democracy. As a result of his sacrifice and peacemaking efforts, he is seen by many around the world as a symbol of reconciliation.
Yesterday also marked the 18th anniversary of Mr Mandela's appearance at the 1995 Rugby World Cup final in Johannesburg, a day still enshrined as a hugely significant moment for South Africa.
In a move crucial in unifying sections of a previously fractured society, Mr Mandela wore a green and gold Springboks rugby jersey at the final in Johannesburg and brought all South Africans together in support of their national team - once an all-white bastion of the apartheid regime and hated by blacks - which defeated New Zealand in the match.
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
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.”
