Indian and Chinese army commanders have discussed steps to disengage troops from key areas of friction along their disputed border.
They aim to ease a 17-month stand-off that has sometimes led to deadly clashes.
The commanders met on Sunday after a gap of two months at Moldo on the Chinese side in the Ladakh area, said Col Sudhir Chamoli, an Indian army spokesman.
The Indian side sticks to unreasonable and unrealistic demands, adding difficulties to the negotiations
Chinese Senior Col Long Shaohua
A written statement on Monday from a Chinese military spokesman said “the Indian side sticks to unreasonable and unrealistic demands, adding difficulties to the negotiations".
Since February, both India and China have withdrawn troops from some sites on the northern and southern banks of the Pangong Tso lake, Gogra and the Galwan Valley, but they continue to station soldiers there.
Additional troops have also been sent to Demchok and Depsang Plains, Indian media reports say.
The talks came amid frustration expressed by the Indian army chief at what he called the huge deployment of troops and weaponry by the Chinese side.
It is a matter of concern that the large-scale build-up has occurred and continues to be in place
Gen M M Naravane,
Indian army chief
“Yes, it is a matter of concern that the large-scale build-up has occurred and continues to be in place, and to sustain that kind of a build-up, there has been an equal amount of infrastructure development on the Chinese side,” Gen M M Naravane said on Saturday.
“So, it means that they [China] are there to stay. We are keeping a close watch on all these developments, but if they are there to stay, we are there to stay too,” he said.
The Chinese statement from Senior Col Long Shaohua of the Western Theatre Command said that “China’s determination to safeguard its sovereignty is unwavering, and China hopes India will not misjudge the situation”.
Temperatures in the forward areas in Ladakh drop to minus 30°C around January. Troops from both sides used to retreat to their traditional summer holding positions at around this time, but they remain close to the disputed border since the start of a face-off in May last year.
Both countries have stationed tens of thousands of soldiers backed by artillery, tanks and fighter jets along the de facto border called the Line of Actual Control. Last year, 20 Indian troops were killed in a clash with Chinese soldiers involving clubs, stones and fists along the disputed border. China said it lost four soldiers.
The Line of Actual Control separates Chinese and Indian-held territories from Ladakh to India’s eastern state of Arunachal Pradesh, which China claims in its entirety. India and China fought a deadly war over the border in 1962.
Since the stand-off began last year, China has been building build dozens of large weatherproof structures along the LAC in eastern Ladakh for its troops to stay in during the winter. New helipads, widening of airstrips, new barracks, new surface-to-air missile sites and radar locations have also been reported by Indian media.
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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
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