TOPSHOT - Zimbabwe's incoming president Emmerson Mnangagwa (L) speaks to supporters flanked by his wife Auxilia at Zimbabwe's ruling Zanu-PF party headquarters in Harare on November 22, 2017.
Zimbabwe's former vice president Emmerson Mnangagwa flew home on November 22 to take power after the resignation of Robert Mugabe put an end to 37 years of authoritarian rule. Mnangagwa will be sworn in as president at an inauguration ceremony on November 24, officials said.
 / AFP PHOTO / MARCO LONGARI
TOPSHOT - Zimbabwe's incoming president Emmerson Mnangagwa is promising " a new age of democracy" for Zimbabwe after he is sworn in as president on Friday, November 24, 2017. Marco Longari / AFP

Mugabe granted immunity and assured of safety in Zimbabwe



Zimbabwe's former president Robert Mugabe was granted immunity from prosecution and assured of protection  in his home country as part of a deal that led to his resignation, sources close to the negotiations said on Thursday.

Mr Mugabe, who had led Zimbabwe from independence in 1980, stepped down on Tuesday after the army seized power and his own ruling party turned against him. Emmerson Mnangagwa, the former vice president sacked by Mr Mugabe earlier this month, is set to be sworn in as president on Friday.

A government source said 93-year-old Mr Mugabe told negotiators he wanted to die in Zimbabwe and had no plans to live in exile.

"It was very emotional for him and he was forceful about it," said the source. "For him it was very important that he be guaranteed security to stay in the country … although that will not stop him from travelling abroad when he wants to or has to."

Mr Mugabe resigned on Tuesday as parliament began a process to impeach him, sparking wild celebrations in the streets. His rapid downfall after 37 years in power was triggered by a battle to succeed him that pitted Mr Mnangagwa against Mr Mugabe's wife Grace, who is 40 years his junior.

"The outgoing president is obviously aware of the public hostility to his wife, the anger in some circles about the manner in which she conducted herself and approached ZANU-PF party politics," a second source said. "In that regard, it became necessary to also assure him that his whole family, including the wife, would be safe and secure."

Mr Mugabe had clung on to power precariously for a week after the military intervened. He angered many Zimbabweans when he did not resign in a televised national address on Sunday as many had anticipated. But the tipping point for him was the realisation that he would be impeached and ousted in an undignified way.

"When the process started, he then realised he had lost the party," the source said.

Mr Mugabe will receive a retirement package that includes a pension, housing, holiday and transport allowance, health insurance, limited air travel and security in accordance with Zimbabwean law.

The source said the ageing former president was "rugged and drained" by events of the past week and may travel to Singapore for medical checks in the coming week. He had been due to leave for Singapore in mid-November before the military put him under house arrest.

MEET THE NEW BOSS

Meanwhile, the new leader has promised a new age of democracy. Emmerson Mnangagwa returned to the country on Wednesday, having fled for his safety when Mr Mugabe sacked him as vice president two weeks ago to smooth a path to the succession for Grace.

"The people have spoken. The voice of the people is the voice of God," Mr Mnangagwa told thousands of supporters gathered outside the offices of the ruling ZANU-PF party in the capital, Harare.

The army appears to have engineered a trouble-free path to power for Mr Mnangagwa, who was for decades a faithful lieutenant of Mr Mugabe and member of his elite. His own human rights record also stirs hostility in many Zimbabweans. He was in charge of internal security at a time when 20,000 civilians were killed in the 1980, according to human rights groups.

Restoring the country's fortunes and international standing will be a challenge. Human rights abuses and flawed elections prompted many Western countries to impose sanctions in the early 2000s that further hurt the economy, even with Chinese investment to soften the blow. Staging clean elections next year will be key to winning  new cash injections.

Zimbabwe was once one of Africa's most promising economies but suffered decades of decline as Mr Mugabe pursued policies that included the violent seizure of white-owned commercial farms and money-printing that led to hyperinflation. Most of the country's 16 million people remain poor and face currency shortages and sky-high unemployment — which Mr Mnangagwa promised to address.

A senior International Monetary Fund official said Zimbabwe's economic situation remained "very difficult" as sustainable growth is threatened by high government spending, an untenable foreign exchange regime and inadequate reforms

"Immediate action is critical to reduce the deficit to a sustainable level, accelerate structural reforms, and re-engage with the international community to access much needed financial support," said Gene Leon, IMF's mission chief for Zimbabwe.

The military is reporting "no violation of constitutional processes" in an update on its operation  that led the resignation of Robert Mugabe, and has praised Zimbabweans for behaving well in their demonstrations calling for Mr Mugabe's departure and welcoming incoming leader Mr Mnangagwa.

In a statement, the military said it looks forward to "another massive gathering" for the inauguration, which the ruling party has announced will be at the 60,000-seater National Sports Stadium in the capital, Harare.

Zimbabwe's opposition party MDC-T, which supported Mr Mugabe's removal from office, says it is "cautiously optimistic" that the incoming leader "will not mimic and replicate the evil, corrupt, decadent and incompetent Mugabe regime." But the opposition will be watching Mr Mnangagwa's next moves closely,  "particularly regarding the dismantling of all the oppressive pillars of repression and oppression that had been put in place by the outgoing Mugabe regime," said spokesman Obert Gutu.

By the time elections are held next year, "the electoral playing field should have been completely evened up, " he added.

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap​​​​​​​
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal​​​​​​​
Rating: 3.5/5

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

If you go

The flights
Return flights from Dubai to Santiago, via Sao Paolo cost from Dh5,295 with Emirates


The trip
A five-day trip (not including two days of flight travel) was split between Santiago and in Puerto Varas, with more time spent in the later where excursions were organised by TurisTour.
 

When to go
The summer months, from December to February are best though there is beauty in each season

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

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.”

UAE medallists at Asian Games 2023

Gold
Magomedomar Magomedomarov – Judo – Men’s +100kg
Khaled Al Shehi – Jiu-jitsu – Men’s -62kg
Faisal Al Ketbi – Jiu-jitsu – Men’s -85kg
Asma Al Hosani – Jiu-jitsu – Women’s -52kg
Shamma Al Kalbani – Jiu-jitsu – Women’s -63kg
Silver
Omar Al Marzooqi – Equestrian – Individual showjumping
Bishrelt Khorloodoi – Judo – Women’s -52kg
Khalid Al Blooshi – Jiu-jitsu – Men’s -62kg
Mohamed Al Suwaidi – Jiu-jitsu – Men’s -69kg
Balqees Abdulla – Jiu-jitsu – Women’s -48kg
Bronze
Hawraa Alajmi – Karate – Women’s kumite -50kg
Ahmed Al Mansoori – Cycling – Men’s omnium
Abdullah Al Marri – Equestrian – Individual showjumping
Team UAE – Equestrian – Team showjumping
Dzhafar Kostoev – Judo – Men’s -100kg
Narmandakh Bayanmunkh – Judo – Men’s -66kg
Grigorian Aram – Judo – Men’s -90kg
Mahdi Al Awlaqi – Jiu-jitsu – Men’s -77kg
Saeed Al Kubaisi – Jiu-jitsu – Men’s -85kg
Shamsa Al Ameri – Jiu-jitsu – Women’s -57kg

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

The Roundup : No Way Out

Director: Lee Sang-yong
Stars: Don Lee, Lee Jun-hyuk, Munetaka Aoki
Rating: 3/5

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Top 10 most competitive economies

1. Singapore
2. Switzerland
3. Denmark
4. Ireland
5. Hong Kong
6. Sweden
7. UAE
8. Taiwan
9. Netherlands
10. Norway

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

UAE currency: the story behind the money in your pockets
Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

No_One Ever Really Dies

N*E*R*D

(I Am Other/Columbia)

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying

Sui Dhaaga: Made in India

Director: Sharat Katariya

Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav

3.5/5

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.