Violence in West Darfur kills 83

Tribal violence in Sudan's restive West Darfur region at the weekend killed at least 83 people and wounded almost 200, authorities in Khartoum said on Sunday.

Clashes broke out in the provincial capital Genena on Saturday after a fist fight between two men, an Arab and an ethnic African, AP reported.

The Arab man was stabbed to death and his family, from the Rizeigat tribe, attacked non-Arab residents in Jabal village in retaliation, it said.

The violence continued on Sunday, authorities said, before it eased later in the day.

The dead included a US citizen, Saeed Baraka from Atlanta, Georgia, who was in Sudan visiting family, his wife Safiya Mohammed told AP.

Baraka was killed when he rushed to the rescue of a neighbour. He was shot in the head.

Local authorities on Saturday imposed a round-the-clock curfew throughout West Darfur.

The local branch of a doctors’ union appealed for medical workers from elsewhere in Sudan to rush to Genena and help to treat the wounded.

They complained that the region’s medical centres were inadequate, with staff overwhelmed by the large number of cases and shortage of supplies. Most of the dead and injured sustained bullet wounds.

The violence came two weeks after the UN Security Council voted to end the mandate of the joint UN-African Union peacekeeping force in Darfur.

The force, established in 2007, was expected to complete its withdrawal by June 30.

The violence underlines the formidable challenges facing the vast nation as it deals with a bumpy transition to democracy after three decades of authoritarian rule under Omar Al Bashir.

It also raises the question of whether the transitional administration in Khartoum is capable of enforcing peace in corners of the impoverished nation of 40 million people.

Darfur in the 2000s experienced a large-scale rebellion by ethnic Africans who demanded equality and a larger share of national resources.

The rebellion left more than 300,000 dead and displaced about 2 million.

And although the violence there has eased, the root causes of that rebellion remain potent, with little hope for the hundreds of thousands of displaced to return to their homes soon.

Displacement camps are often attacked by militias at times of tension between the two ethnic groups.

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Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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UAE currency: the story behind the money in your pockets

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.”