A 2015 peace deal signed by Mali’s government and separatist groups failed to end violence in the West African country. EPA
A 2015 peace deal signed by Mali’s government and separatist groups failed to end violence in the West African country. EPA

Ten UN peacekeepers killed in attack in northern Mali



Gunmen killed 10 Chadian peacekeepers and wounded at least 25 more in an attack on a UN camp in northern Mali on Sunday.

An Al Qaeda-linked group called Jamat Nusrat Al Islam wal Muslimeen claimed responsibility for the attack, saying it was in response to Chadian President Idriss Deby's resumption of diplomatic relations with Israel.

French forces and UN peacekeepers are stationed in northern Mali to fight well-armed militant groups that roam across Africa's barren sub-Sahara region.

The gunmen attacked the base near Aguelhok in the Kidal region near the Algerian border early on Sunday, the UN peacekeeping mission in Mali said.

"Minusma [The United Nations Multidimensional Integrated Stabilisation Mission in Mali] forces responded robustly and a number of assailants were killed,"  UN spokesman Stephane Dujarric said.

UN Secretary General Antonio Guterres strongly condemned what he described as a "complex attack" and called for the perpetrators to be brought to justice.

An attack at the same base last April killed two peacekeepers and left several others wounded.

In October 2014, nine troops from a Nigerian peacekeeping contingent were killed in the north-east.

French forces intervened in Mali in 2013 to drive back fighters who had hijacked a Tuareg uprising a year earlier. About 4,000 French troops remain in the country.

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About 13,000 peacekeepers are in Mali and have been the target of a concerted guerrilla campaign.

A 2015 peace deal signed by Mali’s government and separatist groups failed to end the violence. Extremists have attacked high-profile targets in the capital, Bamako, and in neighbouring Burkina Faso and Ivory Coast.

On Sunday, France's Defence Minister Florence Parly said the G5 sub-Saharan counter-terrorist force in the region was resuming its operations.

These were suspended after an attack on its headquarters in mid-2018. The G5 force has contingents from Mali, Mauritania, Niger, Burkina Faso and Chad.

This month, France and the US criticised the authorities in Mali for their failure to stop the worsening violence.

On January 16, France threatened to push for more sanctions on Mali after hearing a UN official report on worsening violence in the West African country.

Washington renewed its warning that it would lobby for changes to the peacekeeping mission in Mali, possibly a major reduction, if there was no progress.

In August, a panel of experts told the UN Security Council that inter-communal conflicts in the region were exacerbating existing tensions from clashes between extremist groups and international and Malian forces.

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

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.”

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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