LONDON // Pervez Musharraf, the former Pakistani president, vowed yesterday to return to his home country to fight the 2013 election as he unveiled his new political party. The former general, who ruled for eight years following the military coup he led in 1999, mounted his renewed bid for power with the launch of his All Pakistan Muslim League before about 200 supporters at a hotel conference centre in London.
Mr Musharraf said that he was determined to make a political comeback because "there is a sense of despondency spreading in Pakistan". He told the BBC that he was currently involved "in the process of creating an environment" that would allow him to return to Pakistan before the 2013 elections. "The stronger I am politically, the more ground there will be for me to go and protect myself also," Mr Musharraf, 67, said.
At the launch, held amid tight security in Whitehall, Mr Musharraf admitted that he had made political mistakes during his last years in power, which had damaged the country. He promised that his party would "wage jihad against poverty and illiteracy", fight nepotism and corruption, and raise GDP growth to more than six per cent. "Internal and external threats will be dealt with strongly and the fight against terrorism will continue until the elimination of this scourge," he added.
"I believe in freedom of the media and will support it thoroughly - only those who are afraid of media have got dirty laundry to hide." Mr Musharraf reiterated his call for the Pakistani military to be given a constitutional role in the governance of Pakistan at a time when a "dysfunctional" government was facing a growing crisis. "We cannot allow Pakistan to disintegrate. No Pakistani will allow that, no Pakistani wants that. So who's the saviour? The army can do it. Can anyone else do it? No, nobody else can do it," he said.
"So therefore the answer is the army gets involved. As long as the military exists and is strong, nothing will happen to Pakistan". Mr Musharraf did not say exactly when he would return to Pakistan - where he accepted he risked assassination - but said: "I won't wait until 2013. I'll take the risk, but I'll take the risk at the right time." He has been living in London in self-imposed exile since quitting as president in August 2008, after a new government led by the party of the assassinated former premier Benazir Bhutto threatened to impeach him. He was replaced by Asif Ali Zardari, Bhutto's widower.
Last month, Rehman Malik, Pakistan's interior minister, said that Mr Musharraf was free to return to Pakistan but that he would have to face charges, including corruption, that were reinstated by the country's Supreme Court last year. Mr Musharraf says that he is not worried about any court action and is warning that another military coup could be in the offing unless the government in Islamabad raises its game.
A report in The Washington Post this week said that speculation of a coup had heightened after Gen Ashfaq Parvez Kayani , the army chief, had "bluntly told" Mr Zardari that the government must put its house in order by cracking down on corruption and improving its "faltering" response to the devastating floods. In an appeal to supporters worldwide yesterday, Mr Musharraf said: "Today, God has given me the opportunity to set the tone of my political legacy for our future generations.
"Come join me in changing the destiny of Pakistan. It is not an easy task but one we must work for as Pakistan is ours. "All Pakistan Muslim League is our platform from where we must work tirelessly to serve our people and bring back national unity." His pro-American, anti-Taliban stance, however, has attracted widespread criticism and opponents in Britain are planning a protest rally today when he addresses a rally in Birmingham.
Prof Shaun Gregory, director of the Pakistan Security Research Unit based at the University of Bradford, doubts that Mr Musharraf has enough popular support at home to mount a serious political challenge in the immediate future. "He is very much yesterday's man," he said. "He was basically forced out of his army position and the presidency; he was under pressure from several political parties for corruption and the coup in 1999. This is a man with a lot of powerful political enemies in Pakistan.
"The only thing Musharraf's got going for him at the moment is the support of diaspora Pakistanis and, maybe, the army. I cannot see him at the moment generating the necessary power base from the ground." However, according to press reports from Pakistan, Mr Musharraf's aides are making efforts to unite different factions of the Muslim League, not aligned to the former premier Nawaz Sharif's faction, the Pakistan Muslim League-Nawaz.
Security measures are also reported to have been stepped up at the former president's farmhouse home just outside Islamabad. Among the supporters at yesterday's launch were the TV personality Naeem Bukhari, who chaired the proceedings. In a related development, The Guardian newspaper reported this week that Scotland Yard detectives were investigating a possible link between the launch of Mr Musharraf's party and the murder this month of Dr Imran Farooq, a founding member of the Muttahida Qaumi Movement (MQM) who was also living in exile in London.
According to the report, Dr Farooq might have been fatally stabbed outside his home because he was planning to defect from the MQM, which is part of Pakistan's coalition government, and throw his weight behind Mr Musharraf. A police spokesman declined to comment on the report. dsapsted@thenational.ae
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.”
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Brief scores
Day 1
Toss England, chose to bat
England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Harry%20%26%20Meghan
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELiz%20Garbus%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Duke%20and%20Duchess%20of%20Sussex%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5