ALGIERS // Three grainy photos hanging in an official exhibition in Paris that show French soldiers torturing an Algerian are perhaps the closest France has come to a public acknowledgement of the darkest period of its history.
As Algeria celebrated 50 years of nationhood yesterday, the two countries remain locked in a war of memories that still weighs heavy on both sides.
There have been no apologies from France for the brutal eight-year war that ended 132 years of French rule in the North African country. There is no reconciliation.
"Time is not sufficient" to make the wounds on both sides disappear, said Benjamin Stora, a leading French historian on the era. "We see that the more time passes, the more memory returns, he added. This must be treated" because the problem will not go away "by magic", he warned.
President Abdelaziz Bouteflika kicked off Algeria's commemorations yesterday, laying a wreath at the soaring monument dedicated to the Algerian "martyrs" who lost their lives during the war.
Algeria says 1.5 million people died during the 1954-1962 revolution. That figure is contested by historians who believe 300,000-400,000 lost their lives - which is still more than the number of French killed in World War I. It compares with about 30,000 French soldiers killed in Algeria.
"Colonisation brought the genocide of our identity, of our history, of our language, of our traditions," Mr Bouteflika said on Algerian television in 2006.
As Algeria was winning independence, one million Europeans left for mainland France.
There is also unreconciled tension around the harkis, Algerian peasants who fought on the side of the French and died by the tens of thousands. "There is no equivalent in history," Mr Stora said. "Algeria was a land that disappeared, a land that no longer existed that was called French Algeria."
Hundreds of French troops were deployed but the war, which began with an armed insurrection by Algerians, was unwinnable for France. General Charles de Gaulle, was forced to negotiate Algeria's independence.
As the ceasefire anniversary approached in March, Algeria's powerful National Organisation of Mujaheddin, those who fought in the war, tried to re-energise a parliamentary bill that would condemn France's colonial past.
That bill was an apparent response to a law passed by the French parliament in 2005 requiring textbooks to show the "positive role" France played in its former colonies. The then-president, Jacques Chirac, later rescinded it.
A statement in March by Algeria's National Liberation Front, or FLN, the direct heir of the organisation that fought the French - and Algeria's ruling party for nearly three decades - put forth its "immutable position" that France must acknowledge "its crimes against Algerians".
In an exhibition hall at the French Army Museum in Paris, under the roof of the gold-domed Invalides where Napoleon is buried, there is a quiet effort under way to own up to one rarely spoken truth. Three photos of French soldiers inflicting torture hang in a corner.
One, taken in 1957, shows a naked man strung upside down, hands and feet attached to a wooden plank, and a Frenchman wielding a stick.
Part of an exhibition that is devoted to the French conquest, the war and the evacuation, the photographs depicting French torture are a first.
The photographer, Jean-Philippe Charbon, refused their publication while he was alive.
"We can't recount this history without evoking torture," said Lieut Col Christophe Bertrand, one of three curators of the exhibition. "The army has carried the burden," he added. A video showing ghastly scenes of the torture of a French soldier by FLN fighters is also on display at the exhibition.
Diplomatic ties between France and Algeria have been up and down but a friendship treaty to make the two countries privileged partners, which was to have been signed in 2005, is still on hold.
"This war is still a prisoner of the ideology of the state", making it hard to move forward, or even allow historians to uncover facts, Mr Stora said.
What is needed, he said, is a political gesture from France.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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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RIVER%20SPIRIT
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.