epa06536041 Ethiopian Defense Minister Siraj Fegessa speaks during a news conference in Addis Ababa, Ethiopia, 17 February 2018. Ethiopia declared a state of emergency on 16 February after a surprise resignation of the Prime Minister Hailemariam Desalegn. Ruling out a military takeover, Fegessa said the state of emergency will last for six months. Desalegn's resignation followed waves of protests in restive Oromia region urging government to release political prisoners and implement reforms. EPA/STR
Ethiopian Defence Minister Siraj Fegessa speaks during a news conference in the capital, Addis Ababa, on February 17, 2018. EPA

Africa

'No Ethiopia military takeover' despite state of emergency

Defence Minister Siraj Fegessa said the state of emergency — declared on Friday — will last for six months with a possible four-month extension

Associated Press

17 February, 2018

Ethiopia's defence minister ruled out a military takeover on Saturday, a day after the country declared a new state of emergency amid the worst anti-government protests in 25 years.

Siraj Fegessa also ruled out a transitional government. Prime Minister Hailemariam Desalegn remains in the post for now after making the surprise announcement on Thursday that he had submitted a resignation letter to help planned political reforms in one of Africa's best-performing economies succeed.

The state of emergency will last for six months with a possible four-month extension, similar to one lifted in August, the defence minister said.

The new state of emergency, which effectively bans protests, will be presented for MPs' approval within 15 days. Mr Siraj said security forces had been instructed to take "measures" against those disturbing the country, with a new special court established to try them.

Ethiopia's cabinet on Friday cited deaths, ethnic attacks and mass displacement as reasons for the latest state of emergency. The announcement followed crippling protests in towns across the restive Oromia region on Monday and Tuesday that called for the release of political prisoners and urged the government to carry out rapid reforms.

Similar protests have taken place across Ethiopia since late 2015, leading the government to declare a state of emergency in October 2016 after hundreds of people were reportedly killed. A stampede at a religious event south-east of the capital that month killed several dozen people.

That state of emergency led to the arrest of more than 22,000 people and severely affected business.

Rights groups alleged that people were also beaten and subjected to arbitrary detentions. The government said those arrested by mistake were released and those who unwillingly took part in the unrest were released after what it described as "trainings".

The United States has responded to the latest unrest by warning its embassy personnel to suspend all travel outside of the capital. And Ethiopia's state-affiliated Fana Broadcasting corporate reported that US Ambassador to the United Nations Nikki Haley met and discussed current political issues with Foreign Minister Workneh Gebeyehu in New York.

Befekadu Hailu, a prominent blogger who has been jailed for his writings, urged Ethiopia's government to "carry out genuine reforms, negotiate with legitimate opposition groups and prepare the country for a free and fair election" to solve the unrest.

The new state of emergency will create a group of people with conflicting interests, Befekadu said. "The state of emergency was tested a year ago. It brings temporary silence but not normalcy."

Fixture and table

UAE finals day: Friday, April 13 at Rugby Park, Dubai Sports City

  • 3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
  • 6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins

 

UAE Premiership – final standings

  1. Dubai Exiles
  2. Abu Dhabi Harlequins
  3. Jebel Ali Dragons
  4. Dubai Hurricanes
  5. Dubai Sports City Eagles
  6. Abu Dhabi Saracens

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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If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

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