Pakistani security officials stand guard outside the Marriott hotel in Islamabad after a security alert. EPA
Pakistani security officials stand guard outside the Marriott hotel in Islamabad after a security alert. EPA
Pakistani security officials stand guard outside the Marriott hotel in Islamabad after a security alert. EPA
Pakistani security officials stand guard outside the Marriott hotel in Islamabad after a security alert. EPA

Pakistan: Police killed in Baluchistan attack after army raids Taliban stronghold


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Pakistan’s army has killed six suspected militants in two raids on the rugged Afghan-Pakistani border, it said on Saturday, amid ongoing military operations against an array of militant groups in the region.

Meanwhile on Sunday, officials said three Pakistani police were killed and another paramilitary soldier died when their position was attacked in Baluchistan province. Two of the attackers were killed and authorities said surviving militants may have fled to nearby North Waziristan.

Baluchistan has suffered from separatist violence at the hands of Baloch insurgents, but the concurrent struggle with the Pakistani Taliban underscores the mounting challenges facing the army in the region.

Meanwhile, the army mounted successful raids on Friday after “credible intelligence” pointed to militant hideouts in Tank and North Waziristan, both districts of the restive, mountainous Khyber Pakhtunkhwa province.

The province has been the scene of intense violence in recent years between the government and Tehreek-e-Taliban-Pakistan, the local branch of the militant movement that emerged in the 1980s from factions of Islamist resistance fighters against the Soviet Union.

Pakistan was a major base of operations for the Afghan resistance, and militant networks have endured for decades in the area despite multiple military operations to oust them, starting in 2007 when the Pakistani Taliban came into existence.

Violence has worsened since November, when a ceasefire between the TTP and the government ended.

Security forces also seized weapons and ammunition from the hideouts on Friday and were carrying out a clearance operation of the area, the military said.

While sharing ideology and strong ties with its Afghan counterpart, TTP is a separate group to the rulers of Kabul, who seized power in the neighbouring country in August 2021 as US and Nato troops were in the final stages of their pullout.

The Taliban takeover of Afghanistan has emboldened the Pakistani militants, who have stepped up attacks on police and troops in recent months.

Footprints of ISIS activity are also found in the region. Earlier in the week, security force killed an ISIS commander identified as Shafi Ullah in an intelligence-based operation in the Bajur district, another area in northwestern Khyber Pakhtunkhwa province bordering Afghanistan. He was among three militants killed on Wednesday.

Pakistan’s military has carried out major operations in recent years in the tribal belt along the Afghan border, which served as a safe haven for local and foreign militants for decades. However, militants still carry out attacks in the region.

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- Abdullah Ishnaneh, Partner, BSA Law 

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Man of the Match: Djibril Sidibe (Everton)

Men's football draw

Group A: UAE, Spain, South Africa, Jamaica

Group B: Bangladesh, Serbia, Korea

Group C: Bharat, Denmark, Kenya, USA

Group D: Oman, Austria, Rwanda

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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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The biog

Prefers vegetables and fish to meat and would choose salad over pizza

Walks daily as part of regular exercise routine 

France is her favourite country to visit

Has written books and manuals on women’s education, first aid and health for the family

Family: Husband, three sons and a daughter

Fathiya Nadhari's instructions to her children was to give back to the country

The children worked as young volunteers in social, education and health campaigns

Her motto is to never stop working for the country

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

UAE currency: the story behind the money in your pockets
The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Warlight,
Michael Ondaatje, Knopf 

Indian origin executives leading top technology firms

Sundar Pichai

Chief executive, Google and Alphabet

Satya Nadella

Chief executive, Microsoft

Ajaypal Singh Banga

President and chief executive, Mastercard

Shantanu Narayen

Chief executive, chairman, and president, Adobe

Indra Nooyi  

Board of directors, Amazon and former chief executive, PepsiCo

 

 

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Updated: July 02, 2023, 11:14 AM