Kashmiri residents throw stones towards Indian security forces during restrictions after the scrapping of the special constitutional status for Kashmir by the government. Reuters
Kashmiri residents throw stones towards Indian security forces during restrictions after the scrapping of the special constitutional status for Kashmir by the government. Reuters
Kashmiri residents throw stones towards Indian security forces during restrictions after the scrapping of the special constitutional status for Kashmir by the government. Reuters
Kashmiri residents throw stones towards Indian security forces during restrictions after the scrapping of the special constitutional status for Kashmir by the government. Reuters

India to truck supplies in to Kashmir for Eid


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Authorities enforcing a strict curfew in Indian-administered Kashmir will bring in trucks of essential supplies for an Eid Al Adha, as the divided Himalayan region remains in a lockdown.

Pakistan said that with the support of China, it will take up India’s unilateral actions in Kashmir with the United Nations Security Council and may approach the UN Human Rights Commission over what it says is the “genocide” of the Kashmiri people.

Kashmir is claimed in its entirety by both India and Pakistan and is divided between the archrivals. Rebels have been fighting New Delhi’s rule for decades in the Indian-controlled portion, and most Kashmiri residents want either independence or a merger with Pakistan.

The indefinite 24-hour curfew was briefly eased on Friday for weekly Muslim prayers in some parts of Srinagar, the region’s main city, but thousands of residents are still forced to stay indoors with shops and most health clinics closed. All communications and the internet remain cut off.

On Thursday, Prime Minister Narendra Modi assured the people of Jammu and Kashmir, as the state is known, that normalcy would gradually return and that the government was ensuring that the current restrictions do not dampen Eid.

New Delhi rushed tens of thousands of additional soldiers to one of the world’s most militarised regions to prevent unrest and protests after Modi’s Hindu nationalist-led government said Monday that it was revoking Kashmir’s special constitutional status and downgrading its statehood. Modi said the move was necessary to free the region of “terrorism and separatism.”

The relaxing of the curfew in Srinagar was temporary, officials said. Friday prayers began at 12.37pm and lasted for about 20 minutes, followed by protests in some parts of the city. Police used tear gas and pellets to fight back the protesters who gathered in their largest numbers since authorities clamped down and detained more than 500 political and separatist leaders.

Other stone-throwing incidents were reported from the northern and southern parts of Kashmir.

Authorities were closely watching for any anti-India protests, which will determine a further easing of restrictions for the Eid holiday.

The region’s top administrative official, Baseer Khan, said that essential commodities including food, grains and meat will be delivered to different parts of the region by Sunday.

In the meantime, most residents have been waking up before dawn to get food and other supplies stockpiled by neighbourhood shopkeepers and pharmacists inside their homes. Shortly after dawn, police and paramilitary soldiers swiftly occupy the roads and streets as part of the restrictions on movement.

While some easing on the movement and opening of shops is expected around Eid, officials still held reservations about restoring mobile and internet services. Some relaxation of curbs on landline communication, however, could be considered, they said.

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.”

Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. 
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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Wolves 2 (Traore 80', 90 4')

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Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

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