A supporter of Pakistan's former prime minister Imran Khan guards Mr Khan's residence in Lahore on March 17, 2023. AFP
A supporter of Pakistan's former prime minister Imran Khan guards Mr Khan's residence in Lahore on March 17, 2023. AFP
A supporter of Pakistan's former prime minister Imran Khan guards Mr Khan's residence in Lahore on March 17, 2023. AFP
A supporter of Pakistan's former prime minister Imran Khan guards Mr Khan's residence in Lahore on March 17, 2023. AFP

Imran Khan arrest warrant suspended by court


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A Pakistani court on Friday suspended an arrest warrant for former prime minister Imran Khan to give him a reprieve to travel to Islamabad and face charges in a corruption case without being detained.

On Friday, the court granted bail for Mr Khan in eight terrorism cases, a senior member of his party told AFP.

Mr Khan has been at his home in the eastern city of Lahore since Tuesday, after failing to appear at an earlier hearing in the case. His supporters hurled stones and clashed with baton-wielding police for two days to protect him from arrest.

Mr Khan, now in opposition, was removed from office in a no-confidence vote in Parliament last April. He is accused of selling state gifts while in office and concealing assets. The case is one of several the former cricket star turned Islamist politician is facing.

He is now due in court on Saturday, after Aamer Farooq, the chief justice at the Islamabad High Court, suspended the warrant in the corruption case. The court on Friday also warned Mr Khan that he could face contempt proceedings if he again fails to show up before the judge.

Mr Khan has avoided court appearances since November when he was wounded in a gun attack at a protest rally in eastern Punjab province. He still enjoys a huge grassroots following and has campaigned for early elections.

The 70-year-old opposition leader has also claimed that his removal from power was part of a conspiracy by his successor, Prime Minister Shahbaz Sharif, and the United States. Both Washington and Mr Sharif’s government have denied the allegations.

Friday's suspension of the warrant was welcomed by Mr Khan's Pakistan Tehreek-e-Insaf party.

“Imran Khan will come to Islamabad to appear before the court," said Shibli Faraz, a party leader.

Supporters of former Pakistani prime minister Imran Khan escort vehicles as Mr Khan leaves to appear before the Lahore High Court. March 17, 2023. Reuters
Supporters of former Pakistani prime minister Imran Khan escort vehicles as Mr Khan leaves to appear before the Lahore High Court. March 17, 2023. Reuters

After the suspension, a jubilant Mr Khan and an entourage of cheering supporters marched into a court in Lahore, where they are expected to seek reprieves from possible warrants related to other cases Mr Khan is embroiled in. Most of them involve charges of incitement to violence.

Tensions have been high in Lahore since Tuesday when the clashes first erupted outside Mr Khan's residence in the upmarket Zaman Park neighbourhood. Mr Khan's supporters threw petrol bombs at the officers, who fired tear gas and water cannon.

Maryam Sharif, a leader in Mr Sharif's ruling Pakistan Muslim League party, criticised Mr Khan on Friday for resisting arrest and lauded the security forces for their restraint.

“The state can arrest him in five minutes, but it exercised restraint to avoid bloodshed,” she said.

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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.”

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.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Results

Stage three:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Tom Dumoulin (NED) Jumbo-Visma, at 14s

4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

5. Joao Almeida (POR) UAE-Team Emirates, at 22s

6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s

General Classification:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s

4. Tom Dumoulin (NED) Jumbo-Visma, at 14s

5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

6. Joao Almeida (POR) UAE-Team Emirates, at 22s

Updated: March 18, 2023, 5:16 PM