France strongly defended its military intervention in northern Mali yesterday, dismissing any suggestion of a long-term commitment comparable to the West's operation in Afghanistan launched in response to the attacks of September 11, 2001.
Supporters of the socialist president, Francois Hollande, hailed the mission as proof of his capacity to act decisively despite repeated criticism that his first year in office has been marked by dithering.
Mr Hollande's certainty that the use of force had become unavoidable was underpinned by yesterday's comments from his foreign minister, Laurent Fabius.
Mr Fabius told French radio that recent advances by Islamist rebels had threatened to reach the capital, Bamako, with what could have been "appalling consequences" for its residents, including 6,000 French nationals among a population of two million.
But in an effort to reassure public opinion, which broadly welcomed France's final withdrawal of its last combat troops from Afghanistan at the end of last year, Mr Fabius rejected any parallel with French participation in the United States-led operation in Afghanistan.
He said French strikes in Mali had succeeded in halting the insurgents' progress towards the south of the country but that the operation was designed to last only for a few weeks. "Later on, we can come as backup but we have no intention of staying forever," he said.
No one in France will have been shocked by France's entry into the conflict.
Mr Hollande had called for action by the international community to combat the northern rebellion, which had been described as a "messy" insurgency involving Tuareg fighters from the Azawad National Liberation Movement (MNLA), Ansar Dine (meaning defenders of the faith) and the Movement for Oneness and Jihad in West Africa (Mojwa), a breakaway group from Al Qaeda in the Islamic Maghreb (Aqim). There had been fierce rivalry between the different groups and the MNLA is reportedly offering to aid the French attack.
In December, the United Nations Security Council approved military action against the militants. The aim is to restore democracy 10 months after the Tuareg rebels drove Amadou Toumani Toure from power as president a month before elections were due.
So it was always a matter of when, not whether, military action would begin. The only surprise was that events forced France to lead the way without waiting for a multi-nation West African force to translate UN and regional words into action.
Concern about developments in Mali has grown rapidly since the coup, with reports of amputations and floggings carried out under a strict interpretation of Sharia law and the destruction of shrines in Timbuktu. France has been especially vocal in warning of a terrorist threat to Europe from groups basing themselves in Mali.
The fate of eight other French hostages held by the Aqim militants in Mali and neighbouring countries weighs heavily on the president's mind. Mr Hollande knows that their prospects for survival may have been damaged by the military action but it is equally clear that there was already a grave risk that their captors would kill them in any case.
What happens to French citizens held captive could affect public opinion, already shocked by the failure of a hostage rescue operation in Somalia.
Yesterday, the French Embassy in Bamako sent an email ordering the immediate evacuation of all French nationals living in the town of Segou. Paris is also concerned by the threat from rebel leaders to "strike at the heart" of France by carrying out attacks on French territory and interests, although this was considered a risk even before the military action began.
Another factor that makes intervention in Mali a high-risk strategy for Mr Hollande is the risk of military casualties. A helicopter pilot was killed in the early clashes and an Elysee official has been quoted as saying the French armed forces had not expected the rebels to be as well trained and equipped as they appeared to be.
If that raises question marks about French intelligence and preparedness, the response so far to Mr Hollande's first taste of conflict is overwhelmingly positive.
Western allies have supported his action. British endorsement has already stretched to the provision of transporter aircraft, the US government is offering drones and the European Union is bringing forward a troop training programme.
To these and other promises of western assistance must be added the likelihood of differing levels of commitment from West African nations alarmed by the Islamists' growing strength in Mali. In France, most of Mr Hollande's domestic political opponents have seen the need for national unity.
After a torrid early spell as president, Mr Hollande - a man who had never known government office before defeating Nicolas Sarkozy in the last May's presidential elections - suddenly appears strong and statesmanlike. The goodwill he has fostered in Algeria, as a leader intent on healing old wounds dating from the war of independence, was repaid when the president, Abdelaziz Bouteflika, agreed that French warplanes could fly over his country's territory on their way to confront the rebels in northern Mali.
Mr Hollande also took care to reassure France's former African colonies that his intentions do not extend to a return to the controversial years of Francafrique, a foreign policy that linked the country's interests in the continent.
He would naturally deny that political considerations influence decisions he has felt obliged to take. But he may be hoping that if his Mali strategy works, he will reverse the Sarkozy theory that while the French electorate blames heads of state for foreign failures, it gives no credit for successes.
foreign.desk@thenational.ae
* Additional reporting by the Associated Press
Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
Kandahar%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ric%20Roman%20Waugh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EGerard%20Butler%2C%20Navid%20Negahban%2C%20Ali%20Fazal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%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.”
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
More from Aya Iskandarani
UAE currency: the story behind the money in your pockets
The%20Crown%20season%205
%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EImelda%20Staunton%2C%20Jonathan%20Pryce%2C%20Lesley%20Manville%2C%20Jonny%20Lee%20Miller%2C%20Dominic%20West%2C%20Elizabeth%20Debicki%2C%20Salim%20Daw%20and%20Khalid%20Abdalla%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWritten%20by%3A%20%3C%2Fstrong%3EPeter%20Morgan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%20stars%3C%2Fp%3E%0A