KARACHI // Two months into Pakistan's blockade on Nato supplies crossing into Afghanistan, thousands of lorries are crowding the port in Karachi where drivers, fed up with waiting, are starting to desert.
For a month, directors of transport companies, drivers and their helpers hung around patiently, buoyed by rumours of an imminent reopening of the border, shut after US air strikes killed 24 Pakistani soldiers on November 26.
Two months on, Pakistan is still reviewing its relationship with the US and no one knows when the border will reopen, through which passes 25 per cent of the supplies needed by the 130,000 foreign troops under US command in Afghanistan.
Fed up, running out of money and missing their families, many of the drivers have abandoned their lorries and returned home.
"They had no more money in the end so they left one helper with their vehicle for security and care, and went back to their families," said Mohammed Saleh Afridi, vice chairman of the All Pakistan Oil Tankers Association.
He says more than a thousand lorries are stranded in Karachi. In addition, there are containers and military vehicles - about 5,000 according to a count provided by the authorities in early January.
Gul Khan, who has eight oil lorries supplying Nato, confirmed that drivers are leaving Karachi. "We're worried, we can be attacked," he said.
In 2008, attacks on lorries began to rise as Pakistani government forces became increasingly locked in trying to put down a Taliban insurgency and Al Qaeda-linked militants went on bombing rampages across the country.
Some drivers are happy about the blockade.
"If it closes down for good, that's all right. It's not a problem for us. At least we won't get abused," said Rozi Jan.
But other drivers, many of whom come from Pakistan's north-west tribal belt, desperately need the work.
"There are no jobs in our villages. Being a driver is the only solution to feed our families," said Mohammed Ayub, 33.
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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.”
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Mohammed bin Zayed Majlis
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Dust storm
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- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
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